shuaitudo

Econ enthusiast

[shuaitudo @jy247]

@conksresearch Coreweave

[shuaitudo @jy247]

@ajwillshire @mr_james_c This is wrong. If you spent it like that, you would be paying VAT and the person receiving it would be paying income tax / corporation tax etc. The person receiving it would take the post tax amount in both cases.

[shuaitudo @jy247]

@matt_teeixeira The challenge has always been, being better than the competition, and every bit of progress makes the market more competitive.

Ruthless efficiency maximization does not make people happy.

[shuaitudo @jy247]

@FT So generous welfare benefits are unsustainable for society if you give them to anyone who jumps off a boat?

[shuaitudo @jy247]

@Skint_Eastwood1 There is no path to citizenship for non-Chinese in China unless you have Chinese ancestry. Ironic that he should choose that example as they actually have a racial citizenship. That child would never be entitled to a Chinese passport if they were born, lived and died in China.

[shuaitudo @jy247]

@WalkerMarcus @anthonyboutall Or butter

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@JohnSimpsonNews Orwell was supposed to be a warning, not an instruction manual 🫣

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@Miss_Snuffy Sure the last thing that people with ADHD want is to be sitting in exams for even longer?

[shuaitudo @jy247]

@TheStalwart The cantillon effect of agentic ai

[shuaitudo @jy247]

@TheMindScourge This is the Cantillon effect, well described.

[shuaitudo @jy247]

@matthewsyed @WilliamClouston What about Starmer? What about the freedom of speech abuses in the UK, the authoritarianism? The prison releases, the lack of migration control, the Chagos corruption? People need to recognise these guys are not centrist, just because they try and pretend to be.

[shuaitudo @jy247]

@Steven_Swinford @benclatworthy This will be a great policy if the goal is to discourage people in London from improving their homes.

[shuaitudo @jy247]

@mr_james_c Why do you have a different emotional response to taxing gifts over taxing money paid for goods and services?

Plumber fixes granny’s heating, granny gives him money, tax it.

[shuaitudo @jy247]

@Clavdivs1 We don’t have a choice but the politicians do. Not to zero income tax, obviously, but where to allocate tax cuts when there is the opportunity to do so.

[shuaitudo @jy247]

@PeterMcCormack @lewis_goodall What if they haven’t paid tax on it, what if they inherit it at zero taxation? How many generations before someone in a family needs to work again for a living?

[shuaitudo @jy247]

Paying a lot of tax into a generally benign system, where you don’t get value for money is fine.

Paying a lot of tax into a system, which you feel is consistently, ideologically opposed to you and your interests… is just not very appealing.

[Daniel Priestley @DanielPriestley]

For years I've been saying the UK tax system is out of control and very wealthy people who pay disproportionately more taxes will leave. When someone like Chris Rokos leaves the UK the money he was paying in taxes (£330M last year) falls on the shoulders of ordinary tax payers.

Here's a few interesting points about this story:

1. Rokos is one of the world's best bond traders. His business is to understand how government policy impacts the economy. The fact that he's leaving the UK is a massive signal - he sees a negative outlook in the UK. He sees that we will go down the disastrous path of wealth taxes, exit taxes and become even more anti-wealth and anti-success than we already are.

2. A move like this has a lot to do with his senior team. Chris would have a dozen senior partners in his organisation that are fed up with the UK too. Each of them worth £100M+ or making £10M+ income. They would also be driving this decision. When the Greek authorities rolled out the red carpet, the London office would have talked it through as a team and decided where they wanted to be.

3. Big Whales make the headlines but this isn't one guy leaving. The news isn't covering the thousands of people leaving the UK who make £1M per year or who are taking their £10M of capital somewhere else. It certainly isn't covering the complete stop we've seen in entrepreneurs coming to the UK to invest.

4. Your idealistic feelings don't matter. Many people say "good riddance" and this is utterly foolish. We live in the real world and gleefully celebrating wealth creators leaving the economy is akin to a business celebrating their top customers taking their business elsewhere. The people leaving were not avoiding tax - if you could stay here and avoid tax then they wouldn't leave. The people leaving were paying MASSIVE amounts of tax but they got pushed too far. No one wants to pay 5-star prices for a 3-star service. You can call him "greedy" but until I see you happily paying a million a day I'll assume that all people are self interested.

5. The UK Government is genuinely broken and needs fixing. We pay more in welfare than the entire income tax collected. We let government pay 10x more for things than the private sector would allow. We have a revolving door between government and the contracting class who extract money from government. If you ran your business like the UK Government, you'd be broke in no time.

Like it or not, we live in a competitive world with a hyper-mobile class of wealthy people. Each country must choose to become a destination or it will be a departure gate. Greece has shown its cards - it's playing to win and rolling out the red carpet for wealth creators. The UK is deliberately playing a strategy that is proven to lose and shouldn't act surprised when it unfolds the way it always has.

https://t.co/wa5jfLIwwj

[shuaitudo @jy247]

@DavidMcNab17 @michaelxpettis You can buy things from abroad with dollars. This is not controversial.

[shuaitudo @jy247]

@tomhfh @AllisonPearson Wow, that’s 3 bat tunnels we’ll have to do without!