Föhrenbergkreis Finanzwirtschaft

Unkonventionelle Lösungen für eine zukunftsfähige Gesellschaft

Posts Tagged ‘tax’

AI Comes to the Tax Code

Posted by hkarner - 28. Februar 2020

Date: 27‑02‑2020

Source: The Wall Street Journal

Governments turn to machine learning to boost revenue as taxpayers seek to reduce their bills

IRS Commissioner Charles Rettig spoke at an agency event in Washington, D.C., in July.

IRVINE, Calif.—Tax cheats, beware: The machines are watching.

Governments are increasingly relying on machine learning and data analytics to analyze troves of data as they seek to detect tax evasion, respond to taxpayers’ questions and make themselves more efficient.

In Brazil, the customs agency’s system for detecting anomalies now prompts more than 30% of inspections. Canada next month will launch Charlie the Chatbot, an automated system that will respond to inquiries about tax filing.

The Internal Revenue Service is designing machine‑built graphs to plot the relationships among participants in business deals, giving auditors a new tool to analyze transactions and detect tax avoidance. The agency is using artificial intelligence to study notes that agency employees take when fielding questions from taxpayers and testing which combinations of formal notices and contacts are most likely to get a taxpayer who owes money to send a check. Den Rest des Beitrags lesen »

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Why Countries Should Tax Global Income

Posted by hkarner - 6. Dezember 2019

Ricardo Hausmann, a former minister of planning of Venezuela and former Chief Economist at the Inter-American Development Bank, is a professor at Harvard’s John F. Kennedy School of Government and Director of the Harvard Growth Lab.

More inclusive global growth in a world with free capital mobility does not require a “global” government that taxes and redistributes, but it does require global taxation and tax cooperation. Countries should be free to set their own taxes, but they should be required to share tax-relevant information.

CAMBRIDGE – If you are a citizen of a country, should you pay taxes on the income you earn only within that country’s geographical limits, or on all the money you earn, independently of where? The United States, Mexico, India, China, and Chile tax global income. Western Europe, Japan, Canada, Peru and Colombia tax territorial income. If the world moved toward global taxation and enhanced some incipient information-sharing mechanisms, the impact on inclusive growth, especially in the developing world, would be very positive.

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Why so many non-religious Europeans pay church taxes

Posted by hkarner - 16. September 2019

Date: 12-09-2019
Source: The Economist

And how cunning Icelanders avoid it

In the Old Testament, priests are told to take a tenth of every believer’s crops as a tax to support the faith. In these latter days, they can outsource the job to the state. In many European countries, “church taxes”—levied on all registered members of religious organisations by governments—still exist.

The governments of ten countries across Europe administer membership fees on behalf of religious organisations. In two of these, Spain and Portugal, believers can opt to pay a portion of their income tax to their religion of choice. Six others run opt-out systems, whereby registered members of certain Christian churches (and, in some cases, other religious groups) are required to pay tax. In most of these, apostasy is the only way to get out of paying. Some states in Germany require even more arduous methods of disassociation—in addition to leaving the church, you must also file a notarised deregistration form with the local government, which demands a fee.

In Italy and Iceland churches get a cut of income tax, so it is hard for taxpayers to avoid bankrolling them. But not impossible. Italians can ask for their share to go to the state, to spend on humanitarian aid. Icelanders, meanwhile, have found a cunning way to get refunds. Their tithes are distributed to each religious group according to the size of its flock. A surprising number of people have registered as members of the Zuist Church of Iceland, a previously obscure group that preaches ancient Sumerian beliefs. It refunds the contributions of its members, greatly broadening its appeal. Den Rest des Beitrags lesen »

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The Trouble With Taxing Wealth

Posted by hkarner - 8. März 2019

Date: 07-03-2019
Source: The Wall Street Journal By Greg Ip

Elizabeth Warren’s proposed tax on net worth seems like a nearly surgical strike at inequality, but it may not be efficient

Massachusetts Sen. Elizabeth Warren has proposed a tax of 2% on net worth above $50 million and 3% above $1 billion.

Around the world, governments in recent decades have sought to lighten the burden on capital by reducing taxes on dividends, capital gains, corporate profits and wealth. The motivation is straightforward: more capital means more investment, higher productivity and faster growing wages. Capital is also highly mobile: Tax it too much, and it will go elsewhere, undermining growth.

Massachusetts senator and Democratic presidential contender Elizabeth Warren has broken with that consensus by proposing a tax of 2% on net worth above $50 million and 3% above $1 billion. It may never be enacted; yet in spirit it marks a historic pivot in the focus of capital taxation, from growth to inequality.

While there is no “right” level of inequality, it stands near historic highs and Democrats are unified in wanting to reduce it. Taxing wealth is an immensely appealing, nearly surgical strike at its most glaring manifestation. Yet it may not be an efficient response. Den Rest des Beitrags lesen »

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The European Commission’s Taxing New Idea

Posted by hkarner - 5. Februar 2019

Otmar Issing

Otmar Issing, former Chief Economist and Member of the Board of the European Central Bank, is President of the Center for Financial Studies at Goethe University, Frankfurt, and the author of The Birth of the Euro.

The European Commission is proposing that EU tax policies be subjected to qualified-majority voting just when the balance of power in the bloc is about to shift decidedly to the southern member states. That would set the stage for a rebellion among northern members, which will have effectively lost fiscal sovereignty.

FRANKFURT – Under the Treaty of Lisbon, in effect since 2009, the European Union became a more agile and effective operator, because EU policies across a range of issues were now to be decided by qualified-majority voting instead of unanimity.

But as recent efforts to allocate refugees within the EU show, in some cases, particularly where fundamental issues of national sovereignty are involved, outvoted member states are unprepared or unwilling to implement collective decisions. Nonetheless, the European Commission is now wading into yet another domain where fundamental issues of sovereignty are at stake. Den Rest des Beitrags lesen »

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How to tax the rich

Posted by hkarner - 2. Februar 2019

Date: 31-01-2019
Source: The Economist

And how to limit the economic damage

During his lesser-known run for president, which began in 1999, Donald Trump proposed levying a wealth tax on Americans with more than $10m. He may soon find himself campaigning on the other side of the issue. That is because Democrats are lining up to find ways to tax the rich. Senator Elizabeth Warren, who wants Mr Trump’s job, has called for an annual levy of 2% on wealth above $50m and of 3% on wealth above $1bn. Alexandria Ocasio-Cortez, a prominent new left-wing congresswoman, has floated a top tax rate of 70% on the highest incomes.

In one way these proposals are a relief. Left-wing Democrats have plenty of ideas for new spending—Medicare for all, free college tuition, the “Green New Deal”—that would need funding. Mainly because America is ageing, but also boosted by Mr Trump’s unfunded tax cuts, the debt-to-gdp ratio is already expected to nearly double over the next 30 years. If a future Democratic administration creates new spending programmes while maintaining existing ones, higher taxes will be necessary. Den Rest des Beitrags lesen »

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A Growth Debate for Germany

Posted by hkarner - 23. Januar 2019

Date: 22-01-2019
Source: The Wall Street Journal By The Editorial Board

The main center-right party’s new leader weighs tax reform.

Annegret Kramp Karrenbauer

Now that Europe’s economy shows signs of slowing, the question will be what to do about it. One hopeful development is that tax reform may be back on the table in Germany, the eurozone’s largest and most important economy.

The debate comes courtesy of Annegret Kramp-Karrenbauer, the new leader of Angela Merkel’s Christian Democratic Union, the country’s main center-right party. In an interview with the Welt newspaper last week, she suggested Berlin cut taxes on businesses and individuals before an economic downturn gets worse. “It would make more sense to provide this relief from the beginning [of a downturn] and not wait for growth to weaken more.”

Ms. Kramp-Karrenbauer is right that there’s ample scope to reduce Germany’s oppressive tax burden. The government’s revenue grab each year equals 38% of GDP. The top marginal corporate rate is around 33%. Its second-highest personal income-tax rate of 42% kicks in at €55,000 of income.

On the personal side, there’s also scope to accelerate the scheduled elimination of the “solidarity surcharge” introduced to fund reconstruction in East Germany. Berlin also desperately needs to reform the so-called cold progression by which a complex formula imposes steeply progressive rates on each marginal euro a middle-class taxpayer earns. Den Rest des Beitrags lesen »

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„Idiotie, den Faktor Arbeit zu belasten, weil es keine Erbschaftssteuern gibt“

Posted by hkarner - 15. Januar 2019

Der ehemalige Wifo-Chef Karl Aiginger tritt mit seiner „Querdenkerplattform: Wien – Europa“ für eine Senkung der Abgabenquote in der EU ein.

Ökonom Karl Aiginger: „Eine Erbschaftssteuer, die sich nach den letzten 20 Steuererklärungen bemisst, würde dazu führen, dass nur jemand zahlt, der hohe Einkommen hat“

14.01.2019 um 12:40, diepresse.com

Der Gründer und Chef der „Querdenkerplattform: Wien – Europa“, Karl Aiginger, ist am Montag auf die Zukunft Europas im „doppelten Wahljahr 2019“ eingegangen. Schließlich werde heuer nicht nur ein neues EU-Parlament gewählt, sondern auch eine Strategie für die Zukunft Europas, so der Wirtschaftsprofessor vor Journalisten im Klub der Wirtschaftspublizisten in Wien. Dabei ergebe sich für Österreich „eine interessante Situation, weil eine populistische Partei in der Regierung sitzt und der Kanzler ein ‚rising Star‘ in Europa ist“.

Die EU könne aus einer Krise heraus jedenfalls stärker werden, sagt Aiginger. Die Umbruchstimmung gehöre von der EU genutzt, um intern mehr Gleichheit zu schaffen. Unter anderem tritt er dafür ein, die Abgabenquote senken. Hierbei sei es prinzipiell „eine Idiotie, den Faktor Arbeit zu belasten, weil es keine Erbschaftssteuern gibt – ein glatter Wahnsinn“. Europa könne eine klar definierte Bemessungsgrundlage in Form einer Richtlinie fixieren: „Eine Erbschaftssteuer, die sich nach den letzten 20 Steuererklärungen bemisst, würde dazu führen, dass nur jemand zahlt, der hohe Einkommen hat“, sagte Aiginger. Den Rest des Beitrags lesen »

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All the Taxes in France

Posted by hkarner - 9. Dezember 2018

Date: 08-12-2018
Source: The Wall Street Journal By The Editorial Board

Even before the fuel tax, France had the highest burden in the West.

The world knows about the misbegotten fuel tax that has triggered the riots for which Paris is again preparing on Saturday. But the political wonder is that President Emmanuel Macron would think the French needed another increase in a country that is already the most heavily taxed in the developed world. This is a deeper cause of the political crisis engulfing Mr. Macron.

The Organization for Economic Cooperation and Development (OECD) released its annual Revenue Statistics report this week, and France topped the charts, with a tax take equal to 46.2% of GDP in 2017. That’s more than Denmark (46%), Sweden (44%) and Germany (37.5%), and far more than the OECD average (34.2%) or the U.S. (27.1%, which includes all levels of government).

France doesn’t collect that revenue in the ways you might think. Despite the stereotype of heavy European income taxes on the rich, Paris relies disproportionately on social-insurance, payroll and property taxes. Social taxes account for 37% of French revenue; the OECD average is 26%. Payroll and property taxes contribute 3% and 9%, compared to the OECD averages of 1% and 6%. Den Rest des Beitrags lesen »

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France Tops OECD Table as Most Taxed Country

Posted by hkarner - 7. Dezember 2018

Date: 06-12-2018
Source: The Wall Street Journal

Data comes a day after President Macron backed down from introducing a fuel tax increase following violent protests against the measure

France became the most heavily taxed of the world’s rich countries in 2017, according to figures published the day after President Emmanuel Macron backed off a fuel-tax increase that enraged much of the nation and sparked a grass-roots protest movement against his government.

The Organization for Economic Cooperation and Development’s annual review of taxes in its 36 members published on Wednesday showed the French government’s tax revenues were the equivalent of 46.2% of economic output, up from 45.5% in 2016 and 43.4% in 2000. The Danish government’s tax take, which was the highest among OECD members between 2002 and 2016, fell to 46% of gross domestic product from 46.2% in the previous year and 46.9% in 2000.

The U.S. government’s tax revenues also rose relative to the size of the economy as a result of a one-off tax on accumulated profits earned by American businesses overseas. But at 27.1% of GDP, only five countries had a lower tax take: Mexico, Turkey, Chile, South Korea and Ireland. The OECD’s figures include taxes collected at state and local levels.

Before Tuesday’s climb down, Mr. Macron’s government had planned to raise fuel taxes in an effort to cut automobile pollution.

Economists say such consumption taxes that reduce pollution and other harmful effects are an efficient way for the government to raise revenue. But the planned move sparked the worst riots to hit Paris in decades on Saturday, leaving the city’s shopping and tourist center dotted with burning cars and damaged storefronts. Protesters vandalized the Arc de Triomphe, rattling Mr. Macron’s administration and the country.

The rise in French tax revenues was in line with a longstanding trend across wealthy countries. The average tax take across the organization’s members edged up to 34.2% of GDP in 2017 from 34% in 2016 and 33.8% in 2000 as governments continued efforts to narrow their budget gaps and limit the rise in their debts that followed the global financial crisis.

Of the 34 countries for which 2017 figures are available, 19 saw a rise in tax revenues relative to the size of their economy, with Israel reporting the largest increase. Mexico continued to record the lowest tax take at 16.2% of GDP, down from 16.6% in 2016.

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