Reem Ibrahim
@ReemAmirIbrahim
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Comms @iealondon | @the_iatp Fellow | @BritishOverseas | 🐍 Libertarian | @LSEnews Alumni |🇬🇧🇲🇦🇪🇬| Views my own
Joined December 2017
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Almost 4 in 10 of the wealthiest UK earners (top 0.001%) are immigrants.
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RT @Matthew__Bowles: 🧵 Labour 'willing to explore' wealth tax - when will they ever learn?. Making the wealthy pay is often a popular polic….
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🇬🇧In the UK, a record 16,500 millionaires are expected to leave the UK in 2025. What do we think is going to happen if we introduce a wealth tax?
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India 🇮🇳. India had a wealth tax for nearly 60 years, but it raised less than 0.01% of GDP. The valuation burden on taxpayers and government alike was huge. In 2015, it was scrapped.
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Finland 🇫🇮. Finland abolished its wealth tax in 2006 after realising it was inefficient and duplicated other taxes. It had high compliance costs and didn’t bring in meaningful revenue.
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Austria 🇦🇹. Austria got rid of its wealth tax in 1994. The tax raised little revenue and was expensive to enforce. Officials realised it discouraged capital accumulation and hit long-term investment. So, they scrapped it!.
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Germany 🇩🇪. Germany abolished its wealth tax in 1997 after a court ruled it unconstitutional. The tax was hard to assess fairly, hit productive assets like family businesses, and discouraged investment. The admin costs were huge: up to 50% of the revenue it raised.
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The Netherlands 🇳🇱. It Dutch wealth tax taxed assumed rather than actual returns. The Gov. assumed you earned 4% per annum on your assets, and taxed that notional income at 30%. Even if your real return was far lower (or negative). If your investments lost value, or interest.
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Sweden 🇸🇪. Sweden scrapped its wealth tax in 2007. It raised little revenue (just 0.2% of GDP) but drove entrepreneurs and capital abroad. IKEA founder Ingvar Kamprad famously moved to Switzerland. The cost to innovation and investment was just too high. Even the social.
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France 🇫🇷. In 1982, socialist President François Mitterand introduced a wealth tax on everyone with a net worth of over €1.3 million. 60,000 millionaires left France between 2000 and 2016. Estimates suggested that the wealth tax cost France double what has been received through.
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👉 Wealth people leave. People respond to tax incentives. When you implement a wealth tax, you get capital flight or lower savings rates, and of course, less wealth creation. 👉The administrative burden. Wealth taxes are extremely costly to administer.
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Why have most countries abandoned wealth taxes?. In 1990, 12 countries had wealth taxes. Now there are just 3. 🧵👇.
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RT @TomClougherty: Wealth taxes are a bad idea, economically and practically, and have no compelling justification. 🧵 (1/9).
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Genuinely insane that public spending is about to reach more than 50% of GDP and everyone’s response is duhhhhh let’s just tax the rich. Why is the state so friggin big and expensive?.
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Wealth taxes are a bad idea. We want to encourage wealthy people live here. Thousands are already leaving. Why would they stay when the state is taking even more?. Let’s talk about why the state is costing so much and how to grow the economy so that everyone is better off.
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RT @Clive_Bates: New blog: Why is anyone supporting the UK Tobacco and Vapes Bill?. I have expanded on my remarks a….
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