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Without a fair tax on tech, it could be the end of the state as we know it | John Harris | Opinion | The Guardian
Big tech companies are transforming society without contributing to it, says the Guardian columnist John Harris
politics  tax 
2 days ago by tonys
Without a fair tax on tech, it could be the end of the state as we know it | John Harris | Opinion | The Guardian
The upshot is obvious: while big tech is reshaping societies and economies at speed – think of what Amazon is doing to our high streets or, looking ahead, the huge disruption that could be sown by driverless transport – it gives woefully inadequate financial help to the governments whose job it is to manage the fallout. The problem is compounded by the fact that, almost by definition, tech companies do not spread their wealth via employment – and, as consequence, income tax – to anything like the extent that traditional firms once did.
...
The beginnings of an answer might lie in what economists call a unitary tax. In this model, firms would be obliged to give the tax authorities of any country in which they operate both a set of accounts for their global activities and information about their physical assets, workforce, sales and profits for the territory in question. Tax would then be decided using a formula based on these factors. Some state taxes in the US work on a comparable basis, and the European commission has made supportive noises about the concept.
tax  TaxesAreForLittlePeople 
2 days ago by juliusbeezer
Top 3% of U.S. Taxpayers Paid Majority of Income Tax in 2016 - Bloomberg
"The top 1% paid a greater share of individual income taxes (37.3%) than the bottom 90% combined (30.5%).

the bottom 50% paid 3%"
USA  progressive  tax  income  inequality 
3 days ago by dandv
Loopholes allow some pensioners in the EU to retire tax-free - One foot in the Algarve
Countries are undercutting each other to lure elderly foreigners with money to spend
europe  pension  retired  tax  arbitrage 
5 days ago by soobrosa

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