^This is what the law and order crowed says when the law is for wealthy and powerful people.
Honestly, I was being a bit facetious by responding to an overly simplistic comment in an overly simplistic way. Personally, I think we should fund universal welfare programs by cutting out the ultra-wealthy middle man with a sovereign wealth fund like they do in Norway. No need to tax the ultra-wealthy if they don’t exist because they can’t extract the wealth from the people in the first place.
this “overly simplistic comment” has everything you need and more, but I’ll bite.
Wealthy people own companies. Companies are perfect tool for accumulating wealth, since you can reinvest profits forever and pay income tax (corporate rate) only on stuff you intend to extract to your own name, which is usually not much compared to total amount of generated income. Private person, on the other hand, is taxed on whole income and may qualify for usually laughable deductions. Got huge bonus from your job at the end of the year and plan to get few months off work to “invest in yourself” and learn a new trade? Tough luck, buddy, you are “rich” now - welcome to higher tax bracket, government will take their cut first and let’s see what you’ll be able to afford with what’s left.
VAT is a scam to fuck people who have to spend their income for actual living. If you live paycheck to paycheck you’ll end up paying VAT on your whole income.
Wealthy people don’t get their income in salary, salary is for working class. Dividends, capital gains, royalties - in any jurisdiction it’s possible to find something which will be less severe than income tax, which is also often not progressive or capped at something like 20%. Social security contributions are easily bypassed by employing yourself as CEO for minimal salary. Boom - now you have same healthcare as people who have to pay great chunk of their whole paycheck for it.
If we restrict ourselves to EU citizens and your particular country is really anal or maybe 20% or something tax is too much for you anyway - you are free to move to Cyprus, Malta or Switzerland, which will have 0% capital gains if you meet not too tough conditions. Or “move”, you just have to get a residence there to declare as your primary one and be present at least sometimes - there’s no border control, it’s really hard to track if you spent there more than half a year for tax residency purposes, this is usually a matter of long legal battles and you won’t even get into that territory if you’re not doing anything too bizarre.
This is a biggest difference with US citizens, they can’t benefit from tax havens because of their passport, IRS doesn’t care and is good equipped with lots of info, so US guys are left with real shady stuff with nominees and cash or traditional buy-borrow-die, which is sustainable only for ultra-rich.
I’m living and doing business in EU and it took me quite a lot of time to get from nothing into the position where I can utilize at least some of the benefits of the above - but you have to be completely fucking blind to not see that it’s rigged and tax burden on people who don’t try to game the system is completely disproportional.
Who’d have thought that prioritizing mental wellbeing, family, and health over corporate gains would be a good idea!? Surely this backwards commie system is doomed to fail!
How does that work exactly? Why would the government pay my vages during my summer holiday when I work for a private company? I’m afraid you have no idea what you’re talking about…
I try explaining this to fellow Americans that you end up paying much less in the end and never have the stress of how you’re going to afford this stuff (or possibly even lose everything to a sudden health problem) but it falls on deaf ears if they’ve already been brainwashed. They refuse to hear that other countries have things figured out to make the lives of their citizens much more enjoyable.
*Fully paid by your higher taxes.
I’d rather my country raise my tax to 50% than live in a country like America.
Ironically, the average total taxation (after you add local, regional, national, etc. taxes) is either lower or at a similar approx. 35% of income.
Americans just get stiffed by where that money goes afterwards.
I wonder how it ends if they add all the insurances, benefits etc. they would need to pay to get the same benefits as us.
*Fully paid by higher progressive taxes on wealthy people.
Wealthy people in Europe don’t pay shit. It’s much easier than in the US, where only ultra-wealthy don’t pay shit.
^This is what the law and order crowed says when the law is for wealthy and powerful people.
Honestly, I was being a bit facetious by responding to an overly simplistic comment in an overly simplistic way. Personally, I think we should fund universal welfare programs by cutting out the ultra-wealthy middle man with a sovereign wealth fund like they do in Norway. No need to tax the ultra-wealthy if they don’t exist because they can’t extract the wealth from the people in the first place.
this “overly simplistic comment” has everything you need and more, but I’ll bite.
Wealthy people own companies. Companies are perfect tool for accumulating wealth, since you can reinvest profits forever and pay income tax (corporate rate) only on stuff you intend to extract to your own name, which is usually not much compared to total amount of generated income. Private person, on the other hand, is taxed on whole income and may qualify for usually laughable deductions. Got huge bonus from your job at the end of the year and plan to get few months off work to “invest in yourself” and learn a new trade? Tough luck, buddy, you are “rich” now - welcome to higher tax bracket, government will take their cut first and let’s see what you’ll be able to afford with what’s left.
VAT is a scam to fuck people who have to spend their income for actual living. If you live paycheck to paycheck you’ll end up paying VAT on your whole income.
Wealthy people don’t get their income in salary, salary is for working class. Dividends, capital gains, royalties - in any jurisdiction it’s possible to find something which will be less severe than income tax, which is also often not progressive or capped at something like 20%. Social security contributions are easily bypassed by employing yourself as CEO for minimal salary. Boom - now you have same healthcare as people who have to pay great chunk of their whole paycheck for it.
If we restrict ourselves to EU citizens and your particular country is really anal or maybe 20% or something tax is too much for you anyway - you are free to move to Cyprus, Malta or Switzerland, which will have 0% capital gains if you meet not too tough conditions. Or “move”, you just have to get a residence there to declare as your primary one and be present at least sometimes - there’s no border control, it’s really hard to track if you spent there more than half a year for tax residency purposes, this is usually a matter of long legal battles and you won’t even get into that territory if you’re not doing anything too bizarre.
This is a biggest difference with US citizens, they can’t benefit from tax havens because of their passport, IRS doesn’t care and is good equipped with lots of info, so US guys are left with real shady stuff with nominees and cash or traditional buy-borrow-die, which is sustainable only for ultra-rich.
I’m living and doing business in EU and it took me quite a lot of time to get from nothing into the position where I can utilize at least some of the benefits of the above - but you have to be completely fucking blind to not see that it’s rigged and tax burden on people who don’t try to game the system is completely disproportional.
Yeah just go to Monaco. It’s infuriating.
We are supporting each other in hard times and fun times. Whats the problem? Should we rather shoot, hate and make fun of each other instead?
Who’d have thought that prioritizing mental wellbeing, family, and health over corporate gains would be a good idea!? Surely this backwards commie system is doomed to fail!
Works good overseas, right? Imagine fearing an ER visit because of crippling debt or the ride with a fucking van to the ER itself.
Lol, we’ll see how that works out with your immigration policies.
How does that work exactly? Why would the government pay my vages during my summer holiday when I work for a private company? I’m afraid you have no idea what you’re talking about…
Yup! And all we get for it is healthcare, childcare, college tuition, pensions, sick leave, maternity leave…
I try explaining this to fellow Americans that you end up paying much less in the end and never have the stress of how you’re going to afford this stuff (or possibly even lose everything to a sudden health problem) but it falls on deaf ears if they’ve already been brainwashed. They refuse to hear that other countries have things figured out to make the lives of their citizens much more enjoyable.
But imagine I’ll never get sick or have kids, then I’m losing money!!
Right?
Don’t forget reliable and comfortable public transport and properly maintained roads and public infrastructure.
lol
I will gladly pay for those.
But as far as I am aware those higher taxes fuel other things paid leave. I believe paternity leave is subsidized by it.