Spain already does that and it’s enough to be regular rich - you get taxed on assets over 3 million euro.
I know this is super lazy but if possible can you explain how this works in a sentence or two? Let’s say I have 5 million invested in stocks.
5-3=2 then whatever is the percentage. Let’s say 1%. That’s 20k. You do your annual tax report and it will conclude you need to send 20k€ to the tax office. This in addition to any taxes you owe due to your earnings.
Thank you. I have more questions now but I should probably just
googlewebsearch it at this point.
Both? Both. Both is good.
This is the best summary I could come up with:
The shell companies also fall outside the most effective tools that have so far been used to combat tax avoidance, including the automatic exchange of banking information, which is followed by more than 100 countries.
“To date no serious attempt has been made to address this situation, which risks undermining the social acceptability of existing tax systems,” the report said.
The idea is based on the 2021 agreement between 140 countries and territories to impose a global minimum tax rate of 15% on the biggest multinational companies.
He explained that a billionaire’s tax would help governments fund important services such as education, infrastructure and technology, and soften the blow of oncoming crises, including future pandemics, and those linked to extreme weather events as a result of the climate crisis.
While it has the potential to accelerate a country’s transition to zero-carbon emissions, the Observatory said it raises some of the same issues as standard tax competition.
“It depletes government revenues, and if not accompanied by egalitarian measures, it risks increasing inequality by boosting the after-tax profits of shareholders, who tend to be towards the top of the income distribution.”
The original article contains 713 words, the summary contains 189 words. Saved 73%. I’m a bot and I’m open source!
And actions have no consequences according to people this dumb.
And this comment is supposed to tell us what ?
That grayman is a doofus
Lemmy seems to be worse than reddit with basic economics.
It’s pretty bad. I doubt anyone downvoting you even knows what the Laffer curve is.
That’s just a right wing theory to them. Despite the claim otherwise, they do not follow the data.
You’re a doofus
What happens to money when you tax it at a high rate? It moves to another country.
You can’t tax a country into prosperity.
Guess we’ll just have to trust good ol trickle down economics!
Yeah we should totally just tax everyone making over 500k at 100%. That will solve all govt funding problems and finally allow the govt to socialize everything. I’m sure the utopia is just around the corner. Just gotta get those rich assholes that don’t pay their share. Modern slavery is in voluntary contracts, not involuntary debt to the state!
Idc? That money isn’t getting taxed anyway so they aren’t participating in society so these people might as well gtfo.
Stop. Protecting. Billionaires.
Stop pretending that killing them all off in your country will make them disappear or solve the root problems in your society.
I’m not protecting them. I’m pointing out the flawed reasoning.
Do you have a solution you would propose in stead of a tax that would begin to reverse the growing wealth inequality issue?
Incentives, other regulation. Break up monopolies. Companies pay stupid amounts because they have that kind of money. If they are essentially forced to use money for other things, there won’t be enough to keep the company black and pay the CEO stupid money.
