Taxation

Mini Tax Havens: How Europe’s 1% Gets to Pay Only 1%

by Don Quijones •  • Comments Off on Mini Tax Havens: How Europe’s 1% Gets to Pay Only 1%

Under the guise of austerity, taxes on the middle class and small businesses in Spain and other countries have reached confiscatory levels. But for the wealthy, there is a special deal – and it erupted into a scandal.

Wreckonomics: Troika Accelerates Demolition of Spain’s Economy

by Don Quijones •  • Comments Off on Wreckonomics: Troika Accelerates Demolition of Spain’s Economy

The people must pay” if they want to maintain the current levels of public services, warned James Daniel, the man in charge of the IMF’s mission in Spain, who, as an employee of the IMF, pays no income taxes  to any country.

California MUST Have Magnificent, Endless Bubbles in Housing, Stocks, And IPOs – Or Go Broke Again

by Wolf Richter •  • Comments Off on California MUST Have Magnificent, Endless Bubbles in Housing, Stocks, And IPOs – Or Go Broke Again

My beloved state of California, whose $2 trillion economy is the eight largest in the world ahead of Italy and Russia, has a new problem: it’s awash in cash. It’s projecting multi-billion dollar surpluses for years to come. The feeding frenzy in Sacramento is a sight to behold.

No Wonder German Workers Drag Down Retail Sales – And Much Of The Economy

by Wolf Richter •  • Comments Off on No Wonder German Workers Drag Down Retail Sales – And Much Of The Economy

Not that 2013 was such a great year in Germany, economically speaking, with growth stalling at barely above the zero line. But it was a superb year for extracting taxes from hard-working people. And it shoved Germany deeper into two decades of retail quagmire.

The Most Despised Tax-And-Retreat French President Sinks Deeper Into Economic Quagmire

by Wolf Richter •  • Comments Off on The Most Despised Tax-And-Retreat French President Sinks Deeper Into Economic Quagmire

“Insurrection” is showing up in the French media, though it’s still more an exaggeration than a description. “Fiscal discontent” is better, but not broad enough. Now François Hollande, the most despised French President in the history of polls, is going to turn this mess around.

Great Start in Germany: Three Days After Election Victory, Merkel’s Party Breaks Campaign Promise Of “No Tax Hikes”

by Wolf Richter •  • Comments Off on Great Start in Germany: Three Days After Election Victory, Merkel’s Party Breaks Campaign Promise Of “No Tax Hikes”

Germans pay a lot of taxes. The value added tax was raised to 19%. The state grabs 42% of any income above €52,882 and 45% above €250,731. There’s the church tax, solidarity tax, gasoline tax…. Not much is left over when a German is done paying taxes. So, during the campaign, Chancellor Merkel’s party pledged categorically not to raise taxes.

Beware, the Borderless Tax Man Cometh

by Don Quijones •  • Comments Off on Beware, the Borderless Tax Man Cometh

Contributed by Don Quijones: The first four items the G-8 dealt with was the need for governments to share information to “fight the scourge of tax evasion.” If only their primary targets were multinationals, banks, and hedge funds that pay a pitiful fraction of the taxes they owe in the countries they operate. But they’re going after the little guy.