There’s an interesting story at the Wall Street Journal about how taxes and regulations drove a budding entrepeneur from the United States to Switzerland to Austria and, finally, to Hong Kong, looking for a home for his fledgling business. It’s a cautionary tale.
I’m sure that the governments of the United States, Switzerland, and Austria all had very good reasons for harassing the man as they did. Ultimately, it doesn’t matter. The bottom line is that we’re making it harder to start businesses. Mr. Pirker’s experience isn’t an isolated one. I’ve heard dozens of similar stories.
As the rate of formation of new businesses declines, I certainly hope that those who favor higher taxes and regulations have an alternative. Those new businesses they’re turning away are precisely the ones most likely to create new jobs.