Aren't Billionaires are above the law anyways?

That's the way I see it... Though.. ON the very opposite side of the spectrum... this could be interpreted very differently and they could establish a slave culture (also like we did >.< ) And take a much less positive turn..

 

I like the concept I think it is a wonderful risk mitigation plan if anything.

If businesses are struggling in their home countries by being over-burdened by tax and regulation, they can take their business elsewhere for a little TLC assuming they are up for the challenge of doing international business which can be a big hurdle. I think it's getting better however - my fiance's company is all over the place and they've got very little overhead - just a few busy bee workers willing to do a lot of travel and are incredibly good at networking within the country to utilize local talent. It could be something like that.

I'm very interested in seeing how it works

 

I hear what your saying. However, there are some differences, although, it's unclear what effect they would have on the outcome. For example, the US had land and therefore resources to sustain itself. Also, we didn't have a truly global economy to sink. Lack of regulations now effects more than just the host country, it effects the world. This seems especially true for a country founded for the purpose of making rich people richer by avoiding the regulations of the global economy. I don't know if it's good or bad, or what the outcome will be. The article is probably biased, however, on the surface, it certainly seems like rich people trying to buy their way out of regulation, in an attempt to pillage the resources of others more efficiently. Based on recent events, that certainly seems like a fair assumption.

 

I don't blame them. The amount of money they get taxed is absurd. I'm not saying poor rich people, they have it so bad...They don't. They have it great. That is a different discussion though. I think the island is a great idea. If I was loaded I would be into something like that. Not to avoid regulations but to get away from the craziness that is this country

 

Well, I don't blame them, I think if I had the money to start my own country, it would definitely be tempting LOL.

I'm not sure if I agree on the taxation though, at least the very few billionaires I've known, seem to see taxes as a game to see how much they can write off. One I knew had a nice Gulfstream Jet and whenever he traveled to visit relatives, for example, would make sure to spend a few days on business to keep it as a write off. I pay taxes I get receipt, they pay taxes and get a 50 million dollar jet LOL.

 

Well yeah they find every way possible to write off. They have to though. I guess I was meaning more of the not filthy rich people. People that have some money that work hard and don't have the extensive write offs

 

They won't / can't have too much effect on the global economy.. If they are a sovereign nation they will still pay the host countries tarrifs and import taxes when they try to perform any business in other countries.

Even without there own laws/regulations while performing business in other countries they are subject to there laws. So they will pay less in taxes (probably not.. I can't imagine waterworld will maintain it's self for less than they are paying now.) I think they are going to realize being alone isn't all it's cracked up to be..

When your country is the size of a city and you have no formal defense... You join back into the U.N. and pretty soon beg for some structure... Let some of those somolian pirates find out a bunch of millionaires have a boat country with no allies and no military...

I can't imagine they would have less rules than China in terms of caring about there effect on the global economy and other countries rules. If you want to rip off anything in the world... head to China!

 

In the top percentage of earners a vast majority of annual income is in capital gains. Capital gains are taxed at a lower % than someone making $60,000. The problem with increasing taxation on this form of income is that it's also nearly every retirement persons only form of income as well. So by increasing the taxes on the top 1% you are also increasing taxes on those who need to pay more the least.

I'm no billionaire, but I do find it sad the things I can write off. I paid less in taxes last year than quite a few of my employees who weren't near my bracket of earning. That's not right.

 

I'm all for it.

 

Yeah, if that's really their goal sure, it wouldn't work. Billionaires are usually pretty calculated though, so, that seems unlikely. If their goal is to find unique niche where they can be more profitable, then we'd have to ask, what could that niche be? Is it to shelter something for example? I could see it easily becoming a hub for transaction that countries and corporations would prefer to keep away from the peering eyes of the international community, at a premium. That would also quickly buy them a lot of alies...


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