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Re: World tax: this needs to be taken seriously
Originally posted by DRumsfeld2000 View PostIt's a scary idea, certainly, that one morning you wake up to find the government has imposed a 10%-30% tax on everything you possess. But I don't think the mechanisms yet exist to actually charge and collect a tax "before avoidance is possible". First of all, the wealthiest and most connected people would surely know about this secret tax with enough advance warning to hide assets, beyond what they've already hidden. Beyond that - for even the Average Joe - a month, a week, possibly even a day would be enough time to sell assets so as not to be taxed on them, or find some other way to reduce the amount owed.The appeal is that such a tax, if it is implemented before avoidance is possible, and there is a belief that it will never be repeated, does not distort behavior (and may be seen by some as fair).
One scenario I could forsee is that most of the middle class has most of whatever net worth they still hold onto wrapped up in a house. How does the government extract taxes from a house? People would owe the tax on the property value, but the actual money would have to be taken out of their bank accounts (if there's even enough there to cover) or garnished from their wages. I don't think that people would consider a "one-time tax" that requires them to have their wages garnished perhaps for years to be "fair". Plus, the drawn-out trickle of paying the tax would not fit in with the concept of the one-time slam-dunk tax to pay off sovereign debt. -
Re: World tax: this needs to be taken seriously
Read the report. The proposal is an afterthought and mostly dismissed by the authors due to capital flight and the fact it didn't work well when tried before. They spend the entire report talking about different ways to reduce deficits and at times control tax avoidance. That's all.Originally posted by DRumsfeld2000 View Post
It's just a report looking into what different countries are doing in regards to tax policy after the great recession.Comment
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Re: World tax: this needs to be taken seriously
at least we HOPE thats all, eh dc?Originally posted by dcarrigg View Post
and thanks for analyzing this one, the signal/noise ratio is getting wilder and wilder these daze..
(course one never really knows what the political class is up to, as REAL reporting/coverage of some of this kind of stuff is sparse)Comment
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Re: World tax: this needs to be taken seriously
same way it always has?Originally posted by zoog View Post
1 mil at a time, the way they always have - with maybe an added kicker of a lien/due-on-sale for those who cant just write a check?Comment
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