I couldn’t agree more with this guy. With inequality rising everywhere, the Taiwanese could do worse than by examining some of this fellas theories. The ‘Paradise Papers’ didn’t last long in the news, and the people who own and run the media made sure of that.
The article neglects to mention that “fair share” is code for “we want to steal your shit.”
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Top tax rate in Taiwan is 40%, it used to be 45% but that rate was phased out in the last year or two.
Issues in Taiwan regarding tax are not so much the tax rates, but the fact that evasion is so common and practised by so many businesses.
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Are tax audits even a thing here? I’m really starting to believe they’re not.
They are.
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Justification range from that they can afford it and they stole it from the people lol.
There’s a maximum personal income tax of 40% BUT it’s so easy to get around through loopholes (if you’re rich), the government actually had to legislate a minimum 20% tax for high earners which couldn’t be loopholed
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Taking more than half of someone’s livelihood is theft, pure and simple.
made all the worse when it’s spent poorly once taken.
Most people have a terrible misconception of the rich. The image of people sipping scotch at work doing nothing and expensive yacht trips. What they don’t know is most of these people work 80 hour weeks and risked everything to start their own businesses on their own ideas. And they want to take ridiculous amounts like 70% which wouldn’t even put a dent in gov spending?
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Canada’s effective tax rate is over 40%
Yet they spend so much on the bloated civil servants departments they don’t have money for
Universal drug coverage
Mental health
Hiring more doctors at decent wages, they all go to the USA
Disability routinely gets denied to those who need it
Government agencies have no teeth to enforce laws they enact
Companies being utilized without tenders in many cases.
Unions allowed to disrupt progress
Roads so broken up they are almost undrivable
Infrastructure so old it fails such as water pipes
And many more.
But they have enough money for fake refugees to be put into nice hotels while they exhaust all appeals.
That’s why it’s offensive to see so Much taken in tax
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They have 10mil to give to a convicted terrorist but no money for their own vets. What an embarrassment.
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Taxes in Taiwan are ridiculous, not to mention the compoulsory payments to the socialist nightmare commonly known as NHI.
I don’t mind the NHI so much, it’s a better system than what most of the developed world has in a lot of ways. You can always go to a private doctor and there’s no ridiculous wait like some european countries and canada.
But 40-45% for the top bracket is pretty ridiculous, especially when your neighboring countries that are economic powerhouses like HK and Singapore is like half of that. Not good in attracting and retaining talents foreign and domestic.
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Taiwan’s pre-tax incomes are the most equitable in the world. There’s no need for massive redistribution.
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Anecdotally I know a few people who were denied disability even with multiple specialist reports saying the person couldn’t work.
The modus operandi is to deny deny deny until lawyers get involved. Appeals take many months and the goal seems to be to starve out the applicants so they get a job in the interim or else not eat
Here is another sad case lately
Also i doubt in practice any of the top earners are paying 40% , they know all the loopholes anyway. I think nhi is the best thing since sliced bread.
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Which makes it all the more ridiculous.
Obamacare
There’s no contradiction. One works, the other doesn’t. NHI doesn’t work because socialism, it works because Taiwan had a cheap, efficient medical system to begin with. Obamacare was a clusterfuck from start to finish, and sold to the public on a pack of lies.
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