To avoid rising taxes, Norway's super-rich flee to Switzerland.
Since autumn 2022, several dozen Norwegian billionaires have moved to Switzerland to escape tax increases. These departures have sparked controversy in the kingdom, which has been run by a center-left government since October 2021.
Just having some fun with my Steuerpflichtiger Teil der Leistungsvergütungen als Beteiligter einer Wagniskapitalgesellschaft (§ 18 Absatz 1 Nummer 4 EStG)
As you'll know #RachelReeves recently made (perhaps) the most extensive statement about the #economic policies likely to be adopted in government by a #KeirStarmer led #LabourParty should they win the next #election (which right now seems pretty likely).
Here's @sjwrenlewis assessment in which he concludes the key to their success will be to grasp the nettle of rising #taxes early on in the electoral cycle (which, he argues, will make everything else easier to achieve).
Taxing the rich works like a charm. A capital gains tax, which was passed by the Democratic-controlled state legislature in 2021 to fund childcare and public education, will bring in nearly $601M more in revenue than previously projected.
According to the WA Department of Revenue, just 1,200 tax returns and 2,500 extensions represent the households paying the new 7% tax on profits over $250,000 gained from selling stocks and bonds. Good work, Jay Inslee and Democrats.
They’re SO rich, they don’t even feel it!
These are the people who need to pay their fair share throughout America — those who have benefited most from its liberties, choices, capitalism & properly ownership!!
"If the Republicans return to power, they are likely to make the fiscal outlook considerably worse by cutting taxes again, especially taxes on the rich, which is what they did during the Reagan, George W. Bush, and Trump administrations. When Republicans are out of office, they talk about reducing the deficit; when they have power, they introduce policies that increase it."
#taxes#GOP
We should really return to the Eisenhower tax rates. From Heather Cox Richardson:
“ 'My conservative colleagues for the most part support Limit, Save, Grow, and they don’t feel like we should negotiate with our hostage,' said right-wing Representative Matt Gaetz (R-FL)." https://heathercoxrichardson.substack.com/p/may-23-2023
We have been told for generations that lowering taxes on the rich helps the economy, and that "increased entitlements" are a burden the taxpayer cannot afford.
These are lies. The truth, borne out by history is this:
Programs that help the poor, the working poor and those unable to work, actually benefit the overall economy and are not a net tax burden on the taxpayers. 1/2
“The Internal Revenue Service submitted a report today to CongressPDF evaluating a Direct File option for taxpayers and is taking steps to begin a pilot project for the 2024 filing season following a directive from the Treasury Department.”
@CarlG314@andrew
It would take some legal changes and more long-term funding for the IRS, but I think they should get more business records info to better estimate/know your income and wealth (we should have a graduated wealth tax), and everyone should just get either a direct deposit or a bill every month representing their benefits (more cash assistance for the poor please) or tax liability. They shouldn't have to take any action unless they want to appeal
IRS tests free e-filing system that could compete with tax prep giants
"A free filing system offered directly by the federal government could upset a commercial tax prep market estimated by research firm IBIS World to be worth $14.4 billion this year."
This is great news. Filing taxes shouldn't cost money for individuals.
Amazing how you don't notice how much stress something is causing you until that stress is removed & you physically feel the load-off.
Was nervous about my income tax return due to a great year of self-employed income. Got it back today & I owe less than I had set aside, so that's a relief. 😌
Massachusetts' 61B property tax break is meant to apply to natural spaces and recreational areas open to the public or to members of a nonprofit. But these highly exclusive golf clubs are nonprofits, too. Talk about gaming the system!
Was the Legislature naïve when it passed this, or was this done knowingly, since these clubs "do a lot for the community"?
Paying my #taxes as a freelancer really gives me the impression that #canada doesn't want me to be a freelancer
boo hoo but really this unnecessarily complicated, i'm over here calculating logarithms to determine overdue instalments that they didn't tell me about - you're just supposed to know the entire tax code
not to mention that the tax code is written very poorly.
you qualify for X if:
a) Condition A
b) Condition B
c) Condition C
But we won't tell you if this is a list of logical OR or AND conditions. Letters are expensive.
As a person who spent his entire professional life in the tax business, i can attest to the below. The rich, not all, but a lot, think rules do not apply to them. And their money allows them to buy politicians who do their bidding. Like cutting the IRS budget and telling the poor and middle class it's for them!
Think the Panama Papers! All those off shore accounts!!
I am a professor of #economics, esp. #publicfinance at the #KU Catholic University Eichstätt-Ingolstadt in #Ingolstadt in Southern #Germany . Most of my research is about #taxes, esp. corporate taxation and tax evasion. I'll toot about tax policy and economic policy more generally, about academia, and being a mom in academia.
I'm part of the #twittermigration and curious to see where all of this heading.
Apple is carrying out one of the largest thefts in history. Its tax avoidance schemes have cost taxpayers tens of billions of dollars. One Apple shell company alone claimed $30 billion in income. It has no physical address & no employees—and it paid $0 in corporate tax.