wealth tax tagged posts

France Eases Back From Exit Tax

September 17, 2018 Taxation in France

France Exit TaxPARIS – France is watering down its punitive tax on the assets of wealthy individuals who leave the country.

The government of France is altering the conditions of its infamous “exit tax” and limiting the conditions under which ex-taxpayers of France are liable to pay a tax on the capital appreciation of their assets.

Previously, individuals who left France, and subsequently transferred their domicile for tax purposes, were liable to face an effective tax rate of 30 per cent on their capital gains for a period of 15 years.

The time limit for the tax has now been shifted to a mere 2 years.

The tax is applicable to individuals who have previously lived in France for 6 consecutive years, and have either a 50 per cent shareholding in a company moved to France or at least EUR 800 000 in ...

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Canada’s Wealthiest Find Ways Around Top-Tax Hike

August 28, 2018 Taxation in Canada

Canada tax revenuesOTTAWA – Canada’s richest taxpayers were given ample warning of an impending tax hike, and they used the time to find ways to dodge the increase.

Canada has seen a drop in tax revenues being collected from the country’s wealthiest taxpayers, according to new information released by the Canadian Revenue Agency (CRA).

In 2016 Canada introduced a new top tax rate for personal incomes, set at a rate of 29 per cent for all incomes exceeding CAD 200 000.

The threshold has since risen to CAD 202 800, as Canada’s tax thresholds are pegged to increase with incomes.

The introduction of a new tax bracket for the highest income earners was expected to result in a tax revenue increase of as much as CAD 3 billion, with the funds being set to drop the tax rate in the salaries of middle-income earne...

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Tax the Rich, Says IMF

October 12, 2017 International Tax Cooperation

IMF wealth taxWASHINGTON D.C – Even the IMF has now come forward to say that income inequality is a problem and that taxing wealthy individuals is one of the solutions.

On October 12th the International Monetary Fund issued the results of new research, calling for taxes to be raised on the incomes and assets of wealthy taxpayers.

It was claimed that since 1981, the average top tax rates on income in the OECD have fallen from approximately 62 percent to a new low of 35 percent.

However, over the same period of time, the accumulated wealth of the top 5 percent of earners have steadily increased.

The Fund claimed that income inequality around the world is increasing, and a significant shift of taxes towards the wealth and incomes of wealthy individuals will be a key to reducing inequality in the OECD.

Fu...

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France Replaces Wealth Tax with Luxury Tax

October 9, 2017 Taxation in Japan

Tax on luxury yachtsPARIS – France will soon tax luxury goods and vehicles, as taxing them will not be detrimental to the economy.

Over the weekend the ruling political party of France indicated that in the near future it will propose the implementation of a tax on non-productive luxury items, such as gold, luxury yachts, and supercars.

The leading party campaigned on a promise of removing the long-standing wealth tax, which is levied on all French taxpayers with assets exceeding EUR 1.3 million in value.

The party leader, Emmanuel Macron, has come to be criticised as a “president of the rich”.

The party has now said that while the wealth tax will be dropped, it will be replaced with the tax on luxury items.

It is expected that the new tax will result in greater levels of tax revenues for the governme...

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Seeing Poverty Doesn’t Lead to Sympathy

January 18, 2017 Taxation in USA

Poverty and taxesWASHINGTON D.C. – Seeing poverty does not make people more sympathetic or willing to support taxes on the rich.

A new study published in the journal Proceedings of the National Academy of Sciences of the United States of America has shown that exposure to poverty makes individuals less willing to support taxes on wealthy taxpayers.

The study was based on a set of controlled experiments where participants were asked to sign a petition calling for extra taxes on extremely wealthy individuals.

In the study the environment was controlled to vary the levels of poverty seen at the time that the participants were asked to sign the petition.

It was found that exposure to poverty resulted in a decreased willingness by participants to support increased taxes on the incomes and wealth of well-off ...

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