Föhrenbergkreis Finanzwirtschaft

Unkonventionelle Lösungen für eine zukunftsfähige Gesellschaft

Posts Tagged ‘tax’

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.


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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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The US Donor Relief Act of 2017

Posted by hkarner - 3. Januar 2018

Joseph E. Stiglitz, a Nobel laureate in economics, is University Professor at Columbia University and Chief Economist at the Roosevelt Institute. His most recent book is Globalization and Its Discontents Revisited: Anti-Globalization in the Era of Trump.

There is nothing about the GOP’s recently-passed tax package that lives up to its proponents’ promises; it is neither a reform effort nor an equitable tax cut. Rather, the bill embodies all that is wrong with the Republican Party, and to some extent, the debased state of American democracy.

NEW YORK – Never has a piece of legislation labeled as both a tax cut and a reform been received with as much disapproval and derision as the bill passed by the US Congress and signed into law by President Donald Trump just before Christmas. The Republicans who voted for the bill (no Democrats did) claim that their gift will come to be appreciated later, as Americans see their take-home pay go up. They are almost certainly wrong. Rather, the bill wraps into one package all that is wrong with the Republican Party, and to some extent, the debased state of American democracy.

The legislation is not “tax reform” by even the most elastic reading. Reform entails closing distortionary loopholes and increasing the fairness of the tax code. Central to fairness is the ability to pay. But this tax legislation reduces taxes by tens of thousands of dollars, on average, for those most able to pay (the top quintile). And, when fully implemented (in 2027), it will increase taxes on a majority of Americans in the middle (the second, third, and fourth quintiles). Den Rest des Beitrags lesen »

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Another Look at Tax Reform and Economic Growth

Posted by hkarner - 20. Dezember 2017

Michael J. Boskin is Professor of Economics at Stanford University and Senior Fellow at the Hoover Institution. He was Chairman of George H. W. Bush’s Council of Economic Advisers from 1989 to 1993, and headed the so-called Boskin Commission, a congressional advisory body that highlighted errors in official US inflation estimates.

With the Republican tax package now finalized and coming to a vote in both houses of Congress, a debate has been raging over the bill’s possible growth effects. In that debate, those who oppose the package seem to be underestimating the outsize impact of equipment investments.

STANFORD – In late November, a group of economists, including me, published an open letter to US Secretary of the Treasury Steven Mnuchin in the Wall Street Journal, in which we offered an evaluation of the positive growth effects of the Republican tax package that is now coming to a vote. Former Treasury Secretary Larry Summers and former Chair of the Council of Economic Advisers Jason Furman, raised several technical questions about our conclusions. We responded. Another signatory, Harvard University’s Robert Barro, then published a deeper elaboration of the tax plan’s growth effects here at Project Syndicate, to which Summers and Furman offered a response.

Summers and Furman originally suggested that we should leave estimations of the tax plan’s growth effects to the career government revenue scorers. “Instead of being used to justify this tax bill,” they later wrote, “Barro’s insights could have helped to shape a much better tax bill.” Rather than revisit the technical issues to which we already responded, I want to offer a few additional thoughts that might contribute to a broader perspective. Den Rest des Beitrags lesen »

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America’s Broken System

Posted by hkarner - 8. Dezember 2017

J. Bradford DeLong is Professor of Economics at the University of California at Berkeley and a research associate at the National Bureau of Economic Research. He was Deputy Assistant US Treasury Secretary during the Clinton Administration, where he was heavily involved in budget and trade negotiations. His role in designing the bailout of Mexico during the 1994 peso crisis placed him at the forefront of Latin America’s transformation into a region of open economies, and cemented his stature as a leading voice in economic-policy debates.

The tax-reform bill that US Republicans are attempting to implement is economically indefensible and blatantly unfair. But the US has a much deeper problem: the Anglo-Saxon model of representative government is in serious trouble, and nobody seems to know how to fix it.

BERKELEY – The tax bill that US Republicans have doggedly pushed through Congress is not as big a deal as many are portraying it to be. It is medium-size news. The big news – the much more weighty and ominous news – lies elsewhere.

Of course, medium-size is not nothing. If the tax bill does clear its final hurdle – a conference committee must reconcile the Senate-approved bill with that of the House of Representatives – and become law, it will complicate the tax system considerably, as it opens many loopholes. It won’t have any impact on economic growth – positive or negative – but it would have an impact on the government’s finances, causing revenues to decline by the equivalent of about 1% of national income. Den Rest des Beitrags lesen »

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Das gerechte Steuermodell für die Welt

Posted by hkarner - 5. Dezember 2017

Reinhard Bimashofer, 5/12/2017

Gerechtigkeit gegen Schlechtigkeit und Schummelei

Das Leben für Otto Normalverbracher ist manchmal ganz einfach: Ich bin Österreicher und daher gelten für mich die Gesetze hier. Nicht von Panama, nicht von Liechtenstein und auch nicht von Amerika. Besonders die Steuergesetze.

Die Welt der unbegrenzten Steuervermeidungsmöglichkeiten sollte die Welt von gestern sein. 500 Milliarden Dollar entgehen den Staaten, die damit für saubere Luft, gute Bildung, sichere Straßen, optimale Schienenwege und friedliche, glückliche Gesellschaften sorgen könnten. Pro Jahr wohlgemerkt!

Mein Steuermodell für die Weltgemeinschaft ist UNO-konform und das augenblicklich gerechteste:

  1. Die Steuerpflicht für sämtliche weltweiten Umsätze sind nach dem Steuersatz jenes Landes zu behandeln, in dem das Unternehmen seine tatsächliche Zentrale und die meisten Angestellten hat.
  2. Engagiert sich eine Firma ganz gezielt in einem Billigstlohnland, um dort um ein Bettel MitarbeiterInnen in Sold zu halten und dortige Steuer-Sonderregelungen auszukosten, so befindet ein internationales Steuerschiedsgericht vorab klärend, wo die weltweite Jahresgewinn-Steuererklärung abzugeben ist.
  3. Um sämtliche Gewinnverschiebungs- und Lizenztricksereien zu beenden, überweist die Steuerbehörde des fiskalisch zuständigen Stammsitzfinanzamtes die anteilige Gewinnsteuer in Relation zum etwa in Österreich getätigten Umsatz an die österreichische Steuerbehörde. Also wenn etwa ein Prozent des Umsatzes der Firma X in Österreich anfällt, so bekommt dieser Staat auch einen Prozent von den 30 Prozent, die auf 10 Milliarden Gewinn zu zahlen sind. Wundervolle 30 Millionen Euro. Das aber von allen bisher steuerlich völlig unantastbaren Gewinnen Den Rest des Beitrags lesen »

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George Soros’s $18 Billion Tax Shelter

Posted by hkarner - 26. November 2017

Date: 25-11-2017
Source: The Wall Street Journal

The wealthy have tucked billions into private nonprofits—where the IRS can’t touch it.

Congress is still scrambling to find ways to pay for its tax cut, so perhaps it should pay closer attention to last month’s news that George Soros had transferred $18 billion of his fortune to a private charity that he controls. There it will be sheltered from the Internal Revenue Service forever. This may be the single biggest tax dodge in U.S. history, yet no one on the right or left seems to have raised an eyebrow.

True tax reform is predicated on the principle that all income should be taxed at a low rate once, and only once. But much of the wealth that Mr. Soros spent years moving into his Open Society Foundations will never be taxed. A gift of billions of dollars of appreciated stock escapes any capital gains tax, and the estate tax as well. So Mr. Soros can donate appreciated stock that Open Society Foundations can liquidate without the government ever taking a cut.

There’s more. When a person donates untaxed, appreciated assets to a private foundation, he may also deduct up to 20% of its market value on his personal return, carrying forward this deduction for five years. This double write-off may be the sweetest deal in the tax code. Den Rest des Beitrags lesen »

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How America does, and does not, redistribute income

Posted by hkarner - 24. November 2017

Date: 23-11-2017
Source: The Economist
Subject: For richer, for poorer

American taxes are unusually progressive. Government spending is not

AMERICANS are not known for their love of income redistribution. Asked to rank, on a scale of one to ten, how important it is for democracies to reduce inequality, they say only six; Europeans say eight. Yet the country is hardly indifferent to who gets which slice of the economic pie. Three in five Americans say that income and wealth should be spread around more. The most potent charge laid against the unpopular Republican tax plan making its way through Congress is that it is a giveaway to the rich and to corporations—groups that voters, by large margins, think should pay more tax, not less.

This strange amalgam of views manifests itself in fiscal policy. The federal government has no qualms about making the rich pay the country’s bills; it has perhaps the most progressive tax system in the rich world, according to one study from 2009. But it pulls off only half of Robin Hood’s trick, because it funnels very little of the money it raises towards the poor. In combination, its reluctance to redistribute is the stronger force. America’s government reduces inequality by much less than those of other rich countries (see chart). Den Rest des Beitrags lesen »

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