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Billionaires should not exist.
(lemmy.world)
cross-posted from: https://lemmy.world/post/13165402
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this post was submitted on 16 Mar 2024
421 points (94.5% liked)
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For Germany the Informationen is wrong we have at maximum 45% income tax if you make more then 170k a month and you pay 42% at 66 k. We literally have no wealth tax because of a loophole in regards to inheritance. Also social security has a maximal ammount that does not increase after a certain income threshold.
The income ammount is not 100% correct but it is arround that amount.
Edit: spelling
Also for wealthy people this practically doesnt apply. We have a flat 25% tax on income from financial investments like stocks. So while the engineer at BMW is paying 42% on all his income above 66,000 the Quandts as largest shareholder pay 25% on their roughly 1,000,000,000 dividend they receive every year.
Considering loopholes and tax evasion shemes billionaires are among the least taxed people in Germany.
In the world, but I agree with you, they love when people focus on income tax, takes the spotlight off them while their tax havens avoid all the capital gains tax they should being paying and their lobbyists pay for votes to lower those rates
Yeah almost every income tax barely applies to the wealthy, on all of these. They don’t make their income from paychecks, they make it from capital gains. And capital gains taxes are laughably low across the board. The billionaires and incredibly highly wealthy will laugh all the way to the bank as they vote for higher income tax brackets, as long as the capital gains taxes stay low. Granted they are far higher in every nation outside the US, but still not high enough, and capital gains should have its own set of tax brackets
“Amount” is spelled with a single ‘m’. You also forgot to mention that a “rich people’s tax” once existed, but was ruled unconstitutional because it violated the principle of equal treatment, and that no legislation since has made an attempt at crafting such a tax that would hold up to the court.
Not that the wealth tax was not ruled unconstitutional by principle. It was ruled unconstitutional because it contained certain loopholes that favored owning houses over owningother assets in the calculation.
I didn’t know that. Thanks.
I think it's odd that there are apparently a lot of super rich people in Germany willing to actually pay more taxes.
It might also be relevant that health insurance is capped at something like 420€/month. Whether you make 70k or 500m a year doesn't matter.