Penelope
Diamond Member
- Jul 15, 2014
- 60,265
- 15,804
- 2,210
evasion, and there are so many loopholes, real estate investors and corps do not pay anything at all.
Look at Kushner and Trump, sitting pretty. No more Delaware company start up either. No more pay for play, and Warren can get the job done. I am so sick of those who do not want to pay taxes and horde their money. Its one thing not to over pay but tax evasion is another, close those loopholes.
Current examples[edit]
Look at Kushner and Trump, sitting pretty. No more Delaware company start up either. No more pay for play, and Warren can get the job done. I am so sick of those who do not want to pay taxes and horde their money. Its one thing not to over pay but tax evasion is another, close those loopholes.
Current examples[edit]
- Argentina: It is named Impuesto a los Bienes Personales, on assets above ARS 800,000 (US$48309.18), the annual rates are 0.75% for 2016, 0.50% for 2017, 0.25% in 2018, and they raise it in 2019 to 0.75%.
- Canada: British Columbia has recently implemented a tax on personal homes. The tax is in addition to regular property tax and begins at homes worth more than $3 million Canadian ($2.3 million US). The tax is 0.2% on the first million above the $3 million and 0.4% on any value above that. No recognition of mortgages, lien, or taxes due is taken into account.
- France: Until 2017, there was a solidarity tax on wealth on any net assets above €800,000, if your total net worth was €1,300,000 or more. Marginal rates ranged from 0.5% to 1.5%.[3] In 2007, it collected €4.07 billion, accounting for 1.4% of total revenue.[4] From 2018 onwards, it has been replaced by a wealth tax on real estate, exonerating all financial assets.[5]
- Spain: There is a tax called Patrimonio. The tax rate is progressive, from 0.2 to 3.75% of net assets above the threshold of €700,000 after €300,000 primary residence allowance.[6] The exact amount varies between provinces.
- Netherlands: There is a tax called vermogensrendementheffing. Although its name (wealth yield tax) suggests that it is a tax on the yield of wealth. It qualifies as a wealth tax, since the actual yield (whether it's positive or negative) is not taken into account in its calculation. Up to and including 2016, the rate was fixed at 1.2% (30% taxation over an assumed yield of 4%). From the fiscal year of 2017 onwards, the tax rate progresses with wealth. See Income tax in the Netherlands. In addition to the vermogensrendementheffing, owners of real estate pay a tax called onroerendezaakbelasting, which is based on the estimated value of the real estate they own. This is a local tax, levied by the city council where the property is located.
- Norway: 0.7% (municipal) and 0.15% (national) a total of 0.85% levied on net assets exceeding 1,480,000 kr as of 2017.[7] For tax purposes, the value of real estate assets are estimated to approximately 50% of the market value (25% if it is the taxpayer's primary residence).[8] The Conservative and Progress parties in the current government and the Liberal Party have stated that they aim to reduce and eventually eliminate the wealth tax.[9]
- Switzerland: A progressive wealth tax that varies by residence location. Most cantons have no wealth tax for individual net worth less than CHF 100,000 and progressively raise the tax rate on net assets with a top rate ranging from 0.13% to 0.94% depending on canton and municipality of residence.[10] Wealth tax is levied against worldwide assets of Swiss residents, but it is not levied against assets in Switzerland held by non-residents.[10][11]
- Italy: Two wealth taxes are imposed. One, IVIE, is a 0.76% tax imposed on real assets held outside Italy. The values of such assets are determined by purchase price or current market value. Property taxes paid in the country where the real estate exists can offset IVIE. Another tax, IVAFE, is 0.15% and is levied on all financial assets located outside the country, including, so far as the language seems to imply, individual pension schemes such as 401(k)s and IRAs in the US.