Föhrenbergkreis Finanzwirtschaft

Unkonventionelle Lösungen für eine zukunftsfähige Gesellschaft

Posts Tagged ‘tax’

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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Richard Murphy – It’s time to tax wealth

Posted by hkarner - 27. März 2018

Thanks to M.R.

Richard Murphy once again proposes to reform a tax system, which is already biased towards capital and is regressive.

Richard Murphy is Professor of Practice in International Political Economy, City University of London. He campaigns on issues of tax avoidance and tax evasion, as well as blogging at Tax Research UK

There has been some welcome discussion of wealth taxation of late. Given the scale of wealth inequality in society this is overdue. But in this context, it is important to discuss the subject appropriately.

There is, of course, an economic concept of wealth. This, in my opinion, explains stores of value. What this concept does not do is explain capital, which is something quite different.

There is also a legal concept of wealth. This is the claim, backed by law, to exercise control over an asset.

And there is a metahysical concept of wealth. This relates to the power that the exercise of wealth affords to the person in possession of it, and the consequent reaction amongst those impacted by the decisions of those with that power.

What all three concepts make clear is that wealth is not a thing: it is instead a human construct that could not exist without the support of the society that sustains it. Den Rest des Beitrags lesen »

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Richard Murphy – Guess who won from the Global Financial Crisis?

Posted by hkarner - 14. März 2018

Thanks to M.R.
We have one tax scandal after the other. Not only do things not improve, they get worse.

Richard Murphy is Professor of Practice in International Political Economy, City University of London. He campaigns on issues of tax avoidance and tax evasion, as well as blogging at Tax Research UK

The FT reported yesterday:

Big multinationals are paying significantly lower tax rates than before the 2008 financial crisis, according to Financial Times analysis showing that a decade of government efforts to cut deficits and reform taxes has left the corporate world largely unscathed.

Companies’ effective tax rates — the proportion of profits that they expect to pay, as stated in their accounts — have fallen 9 per cent (two percentage points) since the financial crisis. This is in spite of a concerted political push to tackle aggressive avoidance. Governments’ cuts to their headline corporate tax rates only explain around half the overall fall, suggesting multinationals are still outpacing attempts to tighten tax collection. Den Rest des Beitrags lesen »

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Steuern, Bürokratie, Strafen: Betriebe in der Gunst der Regierung

Posted by hkarner - 6. März 2018

Andreas Schnauder, 6. März 2018, 19:04 derstandard.at

Mit einem neuen Paket will die Regierung Unternehmen das Leben erleichtern. Einige Punkte sind aber noch vage

Wien – Eine Art Wunschkonzert der Wirtschaft wird am Mittwoch im Ministerrat gegeben. Mehrere langjährige Forderungen wie geringere Strafen für Betriebe, leichtere Genehmigungen und Steuersenkungen werden angegangen. Begründet wird das Maßnahmenpaket damit, dass das Land bei den wirtschaftspolitischen Rahmenbedingungen „den Anschluss an die Spitze Europas verloren“ habe. Zum Teil sind die Neuerungen allerdings noch ziemlich vage.

Ein Überblick: Abgabensenkung

Großes Vorhaben mit (noch) kleinem Inhalt: Die Regierung legt sich nur fest, dass die Körperschaftsteuer und die Lohnnebenkosten gesenkt werden sollen. Umfang und Details bleiben offen, nur das Inkrafttreten mit 2020 wird festgeschrieben. Es handle sich um eine Art Startschuss für die Arbeit an den Projekten, heißt es aus Regierungskreisen. Bundeskanzler Sebastian Kurz will ja die Abgabenquote unter die Marke von 40 Prozent des BIP senken, was rund zwölf Milliarden Euro Entlastung bedeuten würde. Die Unternehmen sollen bei der Körperschaftsteuer, insbesondere auf nicht entnommene Gewinne, bessergestellt werden. Für Personengesellschaften soll es ein Äquivalent geben, geht aus der Ministerratsvorlage hervor. Begründet wird die Besserstellung mit der schlechten Position Österreichs in internationalen Wettbewerbsrankings. Im IMD-Bericht befindet sich das Land im Bereich Steuerpolitik nur auf Rang 61, heißt es begründend.

Staatszielbestimmung

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What will result from America’s strangely timed fiscal stimulus?

Posted by hkarner - 9. Februar 2018

Date: 08-02-2018
Source: The Economist
Subject: The great experiment

The threat of inflation is less worrying than some investors think

GOOD economic news is not always good for everyone. On February 2nd it was revealed that average hourly wages grew by 2.9% in the year to January—the fastest growth since 2009, at the end of the recession. Stocks promptly tumbled around the world. Investors fretted that inflation might rise, forcing the Federal Reserve to raise interest rates further and faster than expected. Whether the jitters are justified, however, depends on how an extraordinary experiment in economic policy plays out. America is poised to stimulate an economy that is already growing strongly, at a time of historically low unemployment.

Most of the stimulus will come from tax cuts that President Donald Trump signed into law in December. These are worth 0.7% of projected GDP in 2018 and 1.5% of GDP in 2019. On February 18th Senate leaders sketched out a budget deal containing a further fiscal boost. If the proposal passes, defence spending will rise by $80bn this year, pleasing Republicans. Democrats have been offered $63bn in spending on other programmes. The total increase in outlays is worth another 0.7% of GDP. The White House also promises to unveil an infrastructure investment plan on February 12th. Higher spending will add to government borrowing that, after tax cuts, is already likely to reach almost $1trn, or 5% of GDP, by 2019 (see chart 1). Den Rest des Beitrags lesen »

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