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Re: Crypto & Taxes [WAS Re: Cybersecurity]
On Sun, 15 Oct 1995, Duncan Frissell wrote:
> On Sun, 15 Oct 1995, Black Unicorn wrote:
> > Were I an overseas employer, I would be quite happy to work in a
> > "disinterested" jurisdiction and hire American workers to telecommute and
> > issue their pay blindly to the number only or crypto bank account of their
> > choice and promptly encrypt or lose the records.
> Thanks for responding, Black (if I may call you Black), it means I don't
> have to.
'uni' sounds a lot less charged, but it doesn't matter much to me.
> > Remember, there is an incentive for employERS as well as employees to
> > flee the tax system of a nation that is manipulative of it. Employers
> Also an incentive for jurisdictions to engage in a beneficial "Dutch
> Auction" in which they offer lower and lower tax rates to attract
> employers and employees.
"Race to the bottom" this is usually called by statists who dislike the
effect. It's also applied to things like environmental regulation,
where (for example) many businesses in Illinois moved to Indiana when it
became clear that Indiana was much more corporate friendly because their
'office paper' disposal "tax" was zero, and Illinois was significant
enough to make small business feel the pressure. (No, I'm not kidding)
Of course, losing the business, Illinois uped the ante and eliminated
the tax all together and coupled it with some kind of incentive.
Indiana countered and so forth. Everyone won, of course, in that the
total number of small businesses in both states outgrew economic growth over
the period, but the leftists had a fit. Wealth maximization is not a
concept that is easily understoof by greedy statists who want MORE and
want it NOW. I am amused that this strata of market forces is
never recognized as market forces, but just dirty nasty states shooting
important regulation down.
"In fact, had Bancroft not existed, potestas scientiae in usu est
Franklin might have had to invent him." in nihilum nil posse reverti
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