wealth tax tagged posts

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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Wealth Tax Evaluated for Ireland

November 25, 2016 Taxation in Ireland

Tax on Wealth in IrelandDUBLIN – A wealth tax in Ireland, as applied elsewhere in the EU, could raise as little as EUR 22 million per year, or as much as EUR 1.3 billion per year.

In a report released earlier this week researchers from the Economic and Social Research Institute of Ireland attempted to ascertain the potential revenues which may be raised from the imposition of a tax on household wealth in the country.

The researchers did not propose any particular set of parameters for the wealth tax, and, instead, opted to examine the impact that already implemented taxes from around Europe would have in Ireland.

It was found that if the French wealth tax system was transferred to Ireland, it would only result in tax collections of EUR 22 million per year, as it is only applied in cases where an individual has as...

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Think-Tank Calls For Wealth Tax in UK

June 13, 2016 Taxation in UK

LONDON – The UK should tax its wealthiest taxpayers, with the richest and riskiest individuals to face more taxes and closer scrutiny, according to a think-tank.

Late last week the UK-based think tank the Fabian Society issued a new report proposing that the UK levy a once-off tax on the assets of the country’s richest taxpayers.

In its report the Fabian Society called on the tax to be applied to all taxpayers with assets cumulatively valued at more than GBP 10 million, with a higher tax to be levied on the assets of taxpayers with assets valued at more than GBP 20 million.

It was also proposed that “low risk” taxpayers should be eligible to undergo a simple assessment of their assets’ value, via information in their previous tax returns, while “high risk” taxpayers should be subject to ...

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