As we've been saying for months, and as Gubernatorial candidate to-be John Kasich has been practically yelling: Ohio needs to cut taxes.
Why? Ask the Swiss.
In a country with scant crude oil production of its own, the virtual energy boom has changed the canton or state of Zug, about 30 minutes' drive from Zurich, beyond all recognition. Its economy was based on farming until it slashed tax rates to attract commerce after World War Two.With the Buckeye State's awful tax environment relative to the rest of the country, businesses are leaving the State and new businesses aren't coming to Ohio. We are losing jobs. We are losing tax revenue.
Over the past six months companies including offshore drilling contractors Noble Corp and Transocean, energy-focused engineering group Foster Wheeler and oilfield services company Weatherfield International have all announced plans to shift domicile to Switzerland.
As Ace of Spades so wisely says: "Switzerland's winning strategy seems to be that they recognize 20% of something is still more than 40% of bupkis."