Raising Millionaires’ Taxes Will Drive Them Away

"If New Jersey and Massachusetts approve new millionaires’ taxes, it is difficult to predict how much will be raised and where these funds will ultimately wind up. But if New York and California are any guide, income surtaxes will be destructive. When it comes to higher taxation, interstate migration is just the tip of the iceberg. Higher-tax states, for instance, see less innovative activity and scientific research according to an analysis by economists at the Federal Reserve and UC Berkeley. Any benefits of millionaires’ taxes do not make up for the economic and social toll caused by fewer innovative activities and correspondingly lower job creation."

Continue ReadingRaising Millionaires’ Taxes Will Drive Them Away

Losing Faith in the State, Some Mexican Towns Quietly Break Away

"Tancítaro represents a quiet but telling trend in Mexico, where a handful of towns and cities are effectively seceding, partly or in whole. These are acts of desperation, revealing the degree to which Mexico’s police and politicians are seen as part of the threat."

Continue ReadingLosing Faith in the State, Some Mexican Towns Quietly Break Away

New California declares “independence” from rest of state

"The state of New California would incorporate most of the state's rural counties, leaving the urban coastal counties to the current state of California. But unlike other separation movements in the past, the state of New California wants to do things by the book, citing Article 4, Section 3 of the U.S. Constitution and working with the state legislature to get it done, similar to the way West Virginia was formed."

Continue ReadingNew California declares “independence” from rest of state

Alfred McCoy: Tweeting While Rome Burns

"In just one extraordinary year, Trump has destabilized the delicate duality that has long been the foundation for U.S. foreign policy: favoring war over diplomacy, the Pentagon over the State Department, and narrow national interest over international leadership. But in a globalizing world interconnected by trade, the Internet, and the rapid proliferation of nuclear-armed missiles, walls won’t work. There can be no Fortress America."

Continue ReadingAlfred McCoy: Tweeting While Rome Burns

Swiss government announces launch of blockchain taskforce

"The Swiss government has created a blockchain taskforce to begin regulatory framework on startups and initial coin offerings. Switzerland has long been accepting toward blockchain startups and cryptocurrency organisations, and is home to 'Crypto Valley,' a region in the country known for the number of companies developing projects based on the technology."

Continue ReadingSwiss government announces launch of blockchain taskforce

Tencent licenced to sell mutual funds to WeChat’s 1 billion users in China

"China’s market for reliable wealth management products is expected to explode in coming years, through the sales of funds and banking products, and traditional finance houses are now being seriously challenged in the market by emerging internet financial companies. Tencent has already teamed up with Howbuy, an online distributor of mutual funds, and a number of fund houses to line up nearly 100 mutual funds products via WeChat."

Continue ReadingTencent licenced to sell mutual funds to WeChat’s 1 billion users in China

Chinese Workers Abandon Silicon Valley for Riches Back Home

"Its tech giants hold three drawcards: faster growth in salaries, opportunity and a sense of home. China’s internet space is enjoying bubbly times, with compensation sometimes exceeding American peers’. One startup was said to have hired an AI engineer for cash and shares worth as much as $30 million over four years."

Continue ReadingChinese Workers Abandon Silicon Valley for Riches Back Home