EU aims to curb accumulation of wealth

[Methuselah]

There were weird circumstances that made it 102%.

I forget quite what.

People used to rent suits in those days for tax relief or something.

And you couldn't take more than £30 out of the country on yer hols.

£50. And that was a lot of money in those days. And you could take more if you needed it, apply on form T1.

But yes, same thing: you belong to us. Not just tax, but lock stock and barrel.

[wendigo100]

And you couldn't take more than £30 out of the country on yer hols.

What? You mean that doesn't apply any more?

[wendigo100]

During the 60s the Labour Government managed a tax rate of 102%...

I thought it was only 98%. Sounds fair though.

[zeitghost]

How long before a 100% tax is mooted?

During the 60s the Labour Government managed a tax rate of 102%...

[richard-af]

How long before a 100% tax is mooted?

[zathras]

Never seen so much blithering rubbish in the first paragraph of one document.

That would be an insult to blithering rubbish.

One assumes that they got a 5 year old to write that and not someone who has a passing knowledge of economics.

Since the accumulation of financial wealth as such does not support employment and growth,

So the company which makes profits. builds more factories to get more market share to make more profits does not contribute employment'

curbing it by taxation contributes to recovering public revenues and balanced budgets without diminishing effective demand.

How on earth can taxation contribute to demand! Reduce the spending power of people reduces the amount they spend and therefore demand

The trend to reduce or abolish wealth taxes should therefore be reversed.

If you tax those who are successful all it achieves is that they do not bother, or go somewhere else where the fruits of the labour actually gain something.

taxes should be accepted as a legitimate measure to shield national tax provisions.

The first thing that will happen when you announce exit taxes is that the money to be taxed is removed before you get to tax it, and taxpayers make very sure it never enters the EU. No money is earned in the EU and very soon there is nothing to tax.

[Spartacus]

It's the breathtaking leaps of logic that amaze me:

"Since the accumulation of financial wealth as such does not support employment and growth, curbing it by taxation" ... writer assumes, in short, that your money is obliged to serve his purposes.


"... contributes to recovering public revenues" ... "recovering", as if public revenues were the natural destination of money.

"The trend to reduce or abolish wealth taxes should therefore be reversed." ... Should. should. should?

Hey, it's only fair, comrade.

[Methuselah]

You can't ever have read one of mine then

Usual left wing rubbish. It acknowedges that capital is mobile but the conclusion that coordination is needed between EU countries to stop capital moving because of "tax competition" misses the point that the capital is more mobile than that so you would see the money disappear from the EU altogether.

It's the breathtaking leaps of logic that amaze me:

"Since the accumulation of financial wealth as such does not support employment and growth, curbing it by taxation" ... writer assumes, in short, that your money is obliged to serve his purposes.


"... contributes to recovering public revenues" ... "recovering", as if public revenues were the natural destination of money.

"The trend to reduce or abolish wealth taxes should therefore be reversed." ... Should. should. should?

[wendigo100]

... the accumulation of financial wealth as such does not support employment and growth...

No doubt written by w**kers with gold plated pensions and tucking away into their bank accounts more in expenses than threaded earns.

All right, not as much as threaded - that would be the GDP of a small country - but the majority on this board.

[Gonzo]

Never seen so much blithering rubbish in the first paragraph of one document.

You can't ever have read one of mine then

Usual left wing rubbish. It acknowedges that capital is mobile but the conclusion that coordination is needed between EU countries to stop capital moving because of "tax competition" misses the point that the capital is more mobile than that so you would see the money disappear from the EU altogether.

[xoggoth]

Never seen so much blithering rubbish in the first paragraph of one document.

[Methuselah]

European Parliament Working Document 14.2.2007

The introduction of a tax system that contributes to growth, employment and social balance requires coordination between EU Member States. In detail following measureas are desirable:
...
3. ...
Since the accumulation of financial wealth as such does not support employment and growth, curbing it by taxation contributes to recovering public revenues and balanced budgets without diminishing effective demand. The trend to reduce or abolish wealth taxes should therefore be reversed.

As long as wealth, capital gains or bequests are taxed unequally as currently is the case in the EU, exit taxes should be accepted as a legitimate measure to shield national tax provisions.