Peter mentions that Hong Kong had no income tax and has stated he stands corrected that Hong Kong first imposes and income tax in 1947. It has a top rate of 16%, a high personal exemption, and capital gains, dividends, and interest income are not taxed! Certainly not as good as no income tax at all, but a much better system then the one we have here!
Now if anyone thinks Peter does not know what he is talking about when you have a bit of time to watch this speech before the Mortgage Bankers Conference in Las Vegas in 2006. This was ample warning as to what was about to happen. If you don't have time to watch the entire hour (It is totally worth investing the time) at least watch the last 15 minutes or so when the economist with the opposing view and Peter are asked questions. Bare in mind these are mortgage bankers. Some smugly ask Peter if they should "just silt their wrist" after hearing his forecast. But Dr. Barry Whatzizname is probably some where in hiding about now.
looks like it was a rough 4 years for the guy. He's all white haired now...
ReplyDeleteHe has been very busy. Speaking engagements all over the map and he is now running for Senate seat in Conn. I hope he wins he will cause a stir in the Senate because he will not back down when he knows he is right no matter what.
ReplyDelete