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Author Topic: the IMF suggests a 10% cut on "private wealth" !!  (Read 805 times)
600watt
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November 05, 2013, 12:02:38 AM
 #1

the ultimate bitcoin chart rocket:

(hint: get out of your fiat and into bitcoin asap  Wink)


Quote
Box 6. a One-Off Capital Levy?
The sharp deterioration of the public finances in many countries has revived interest in a “capital levy”— a one-off tax on private wealth—as an exceptional measure to restore debt sustainability.1 The appeal is that such a tax, if it is implemented before avoidance is possible and there is a belief that it will never be repeated, does not distort behavior (and may be seen by some as fair). There have been illustrious supporters, including Pigou, Ricardo, Schumpeter, and—until he changed his mind—Keynes. The conditions for success are strong, but also need to be weighed against the risks of the alternatives, which include repudiating public debt or inflating it away (these, in turn, are a particular form of wealth tax—on bondholders—that also falls on nonresidents).
1 As for instance in Bach (2012).
There is a surprisingly large amount of experience to draw on, as such levies were widely adopted in Europe after World War I and in Germany and Japan after World War II. Reviewed in Eichengreen (1990), this experience suggests that more notable than any loss of credibility was a simple failure to achieve debt reduc- tion, largely because the delay in introduction gave space for extensive avoidance and capital flight—in turn spurring inflation.
The tax rates needed to bring down public debt to precrisis levels, moreover, are sizable: reducing debt ratios to end-2007 levels would require (for a sample of 15 euro area countries) a tax rate of about 10 percent on households with positive net wealth.2
2 IMF staff calculation using the Eurosystem’s Household Finance and Consumption Survey (Household Finance and Consumption Network, 2013); unweighted average.

http://www.imf.org/external/pubs/ft/fm/2013/02/pdf/fm1302.pdf#page=59


ath will get dwarfed.


edit: credit to paul2000 who posted https://bitcointalk.org/index.php?topic=26136.msg3483505#msg3483505
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November 05, 2013, 12:12:09 AM
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1 month old scoop.
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November 05, 2013, 01:43:29 AM
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and there is a belief that it will never be repeated
After Cyprus?

If there is something that will make Bitcoin succeed, it is growth of utility - greater quantity and variety of goods and services offered for BTC. If there is something that will make Bitcoin fail, it is the prevalence of users convinced that BTC is a magic box that will turn them into millionaires, and of the con-artists who have followed them here to devour them.
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November 05, 2013, 06:25:11 PM
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"10 percent on households with positive net wealth"

Positive net wealth? It's funny how those who manage their money correctly pay for those who don't.

Remind me to never have a positive net wealth per se.

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November 05, 2013, 08:22:59 PM
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"10 percent on households with positive net wealth"

Positive net wealth? It's funny how those who manage their money correctly pay for those who don't.

Remind me to never have a positive net wealth per se.

Anybody can have a zero or negative net wealth. Ask GE.
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