Three years ago China quietly released their secret weapon on the world. Until this point this "secret weapon" was only used internally with the Chinese people. When it proved to be so valuable the communist government could not resist offering it to the world.
China is not the only country that uses this. Hong Kong has used it for years and so do Indonesia, Singapore, Sri Lanka and The Philippines. So… apparently, this is not as secret as we think. In fact if you go to the Organization for Economic Cooperation and Development in France you will find all the details on which countries have it and which ones don’t.
The United States does NOT have it.
No, we don’t have this economic weapon even though it could transform our economy. If Obama knew about it, he could become a hero overnight. The economy would turn on a dime and capital would come rocketing back to the United States.
For now, however we will just have to hope for change while other countries use this to their advantage.
Until the Capital Gains Tax in the United States goes to zero like it is in China and many other countries, I will continue to keep my money in Singapore.
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GREAT point Mark. Too bad our "leaders" don't grasp the obvious.
ReplyDeleteDon't want to pay capital gains tax? Move to China. Simple.
ReplyDelete"Don't want to pay capital gains tax? Move to China. Simple."
ReplyDeleteWhat good does a Capital Gains tax do? The name itself implies that it taxes any advances on capital.........think about that for it is profound. We are going to tax productivity. A tax on something typically inhibits more of that action.
The reason I highlighted you Anonymous is that this tax is pointless and simply stifles American Economic power. It's kind of like tying two shoe laces together on opposite shoes of an olympic runner. You'll never reach your true potential.
The point being we shouldn't have to move to China to benefit from less tax. We as a capitalistic country should easily recognize the benefits of pro-business policy and should streamline the economy and tax system to reflect that to better the lives of all people.