{"id":190193,"date":"2009-12-22T22:32:00","date_gmt":"2009-12-23T03:32:00","guid":{"rendered":"https:\/\/www.panix.com\/~msaroff\/40years\/2009\/12\/22\/london-bankers-discover-taxes-in-switzerland-too\/"},"modified":"2009-12-22T22:32:00","modified_gmt":"2009-12-23T03:32:00","slug":"london-bankers-discover-taxes-in-switzerland-too","status":"publish","type":"post","link":"https:\/\/www.panix.com\/~msaroff\/40years\/2009\/12\/22\/london-bankers-discover-taxes-in-switzerland-too\/","title":{"rendered":"London Bankers Discover Taxes in Switzerland Too"},"content":{"rendered":"<p>Yes, all those bankers who are trying to move to Geneva to avoid the UK Bonus tax have discovered that <a href=\"http:\/\/bloomberg.com\/apps\/news?pid=20601109&amp;sid=awNIE35abSFY&amp;pos=10\">Switzerland has a 44% tax rate, and that the posh private schools for their kids are already full<\/a>:<\/p>\n<blockquote style=\"color: rgb(0, 0, 153);\"><p>Geneva, touted as a haven for London bankers facing heavier U.K. taxes, may lure fewer than predicted thanks to a housing shortage, crowded schools and a 44 percent income-tax rate.<\/p>\n<p>Barclays Plc President Robert Diamond this month joined a chorus of financial leaders in arguing that the U.K.\u2019s 50 percent tax on bonuses would drive bankers away from London. The Swiss Private Bankers Association said the \u201carbitrary\u201d tax will boost the allure of Geneva, whose bankers oversee about 10 percent of the world\u2019s foreign-held private wealth.<\/p>\n<p>\u201cIt\u2019s a joke, it\u2019s lobbying,\u201d said Tim Dawson, an analyst at Geneva-based brokerage Helvea AG. \u201cPeople are dreaming if they think the London investment banking world is going to move. There is more office space in Canary Wharf than in the whole of Switzerland,\u201d he said, referring to London\u2019s second financial district.<\/p><\/blockquote>\n<p>I also think that the bankers &#8220;misunderestimate&#8221; the degree to which people actually want them there, making city centers prohibitively expensive for ordinary people while they make demands for subsidies from lawmakers.<\/p>\n<p>If there is a lesson from the <a href=\"http:\/\/40yrs.blogspot.com\/2009\/11\/swiss-referendum-bans-minarets.html\">Minaret fiasco<\/a> in Switzerland, it&#8217;s that they don&#8217;t like foreigners there, whether they are hard working immigrants from the Middle East, or parasites from London.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Yes, all those bankers who are trying to move to Geneva to avoid the UK Bonus tax have discovered that Switzerland has a 44% tax rate, and that the posh private schools for their kids are already full: Geneva, touted as a haven for London bankers facing heavier U.K. taxes, may lure fewer than predicted &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[970,969,1004,1019],"tags":[],"class_list":["post-190193","post","type-post","status-publish","format-standard","hentry","category-corruption","category-evil","category-finance","category-schadenfreude"],"_links":{"self":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/190193"}],"collection":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/comments?post=190193"}],"version-history":[{"count":0,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/190193\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/media?parent=190193"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/categories?post=190193"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/tags?post=190193"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}