Which Country Punishes Productive People the Most?

Discussion in 'Taxes and Accounting' started by Banjo, Feb 25, 2017.

  1. lovethetrade

    lovethetrade Guest

    North Korea - it punishes the unproductive the most also.
     
    #11     Feb 25, 2017
    comagnum likes this.
  2. java

    java

    Tried to read the link but the stupid facebook twitter banner on the left hand margin makes it impossible unless I just want to guess at the words or scroll. But I have thought about a wealth tax many times. Details get iffy, but it sure would create a lot of activity. If the cutoff is $10 million there would be a lot of $9,999,999 aires around all of a sudden. Where did they come from?
     
    #12     Feb 26, 2017
  3. Every form of tax has people saying it can be dodged. It is not like income tax has a 100% compliance rate. 10 million is just a figure, I think it doesn't have to be that high -- it can be a blanket 3% wealth tax across all sectors of society with exceptions for residential property. It would barely harm most middle class people honestly because most people barely have any assets beyond their homes and it is hardly worth the effort to dodge it for richer people.
     
    #13     Feb 26, 2017
  4. java

    java

    Well for somebody like Trump, it means selling real estate or borrowing against it to pay the taxes on it. That's why I say it creates activity. Not sure if selling to pay taxes is productive activity. You are correct, very few have a positive net worth. My idea went something like you are assessed on Dec31 and have until the following dec 31 or a whole year to pay the tax. Liquid assets no problem, but for large land owners especially farmers it could be a nightmare. Even in a losing year income wise you would still have to pay based on the value of your land and that could mean selling the farm off 40 acres at a time and it's not always possible these days to sell small plots of farmland because modern farming usually requires about 600 acres to make it worthwhile to move machinery to the location. Stock portfolios would have to be sold off every year even in down years. Income tax is the only true fair tax because you only pay in a winning year.
     
    #14     Feb 26, 2017
  5. Mtrader

    Mtrader

    In our schools children learn to understand the essence of a text where several words or parts where left out. They do this at the age of 10-12 years old. You would clearly not pass the test. And I suppose you are older than 10-12.
     
    #15     Feb 26, 2017
    volpri likes this.
  6. luisHK

    luisHK

    3% tax on one's net worth and not worth to dodge ? lol
    As of the 74% Mtrader moans about in Belgium, sure it s atrocious but any half succesful entrepreneur in Europe has found ways to minimize that share of tax. And Belgium is btw one of if not thefavourite tax loweringdestination for dutch and french folks. It seems much harder on guys on salaries though.
     
    Last edited: Feb 26, 2017
    #16     Feb 26, 2017
    Rationalize likes this.
  7. Sig

    Sig

    Actually my kids learned to write well when they were in the 10-12 age range, something you clearly did not. Are you seriously mounting a defense for piss poor writing "where several words or parts where left out."? You realize how silly that looks, don't you?
     
    #17     Feb 26, 2017
  8. Mtrader

    Mtrader


    I clearly wrote:"I live know offically in Bulgaria and cutted all my ties with Belgium."
    There is nowhere any statement that I live in the Netherlands. It is very clear where I live.

    Maybe ask your children to read the postings and explain them to you. I wish them good luck, they will need it.
     
    #18     Feb 26, 2017
  9. java

    java

    3% annual tax on your total net worth. How would that work? Perfect on paper, easy to understand. Why buy and hold? You're just going to have to sell some principal every year, maybe on an up day maybe on a down day. Start with 100k pay 3%, buy 97k worth of stock. 12 months it's worth 80k, sell enough (even though it's a loss) to cover the 3%.
    I don't think outsiders appreciate just how risky cap gains really are. Interesting idea if wealth redistribution is your goal, but not practical if you realize that without profits there can be no revenue. 3% of a shrinking pie is not sustainable.
    How about a one time wealth tax payable every time you die? Let me live my whole life tax free and then you can tax me one time at any rate you choose. Sorry kids, somebody has to pay the interest on the debt.
     
    #19     Feb 26, 2017
  10. luisHK

    luisHK

    Estate tax does just that already, on top of all the taxes one pays during their life.
     
    #20     Feb 26, 2017