Argentinian Industrialists Threaten to Go Galt

The idea of a tax strike by the titans of industry — a la Atlas Shrugged — is mostly a thing of fiction, but there have been some exceptions. Here’s an example from the Milwaukee Journal:

Industries Refuse to Pay Pension Tax

By cable to the United Press

Efforts of the government to work out a plan to make effective the national pensions law, which would grant a life pension to all persons who have labored in the country 25 years, met with new difficulties as leading industrialists announced they will refuse any payments to the pensions fund.

The industrialists adopted a resolution denouncing the pensions law as economically and financially unsound and pledged themselves to close down their factories before paying the pensions tax. More than 1,500 leading firms were represented at the meeting.

The action of the industrialists came in the face of a statement by President Alvear that the government does not intend to abandon the law, but that its enforcement will be postponed 15 days, during which time congress will be asked to reform the measure.

Meantime the country was gradually returning to normal after the week’s general strike and lockout called by labor and employers as a protest against the law.