The wealthy and the rich around the world are losing their sleep and rest over a new trend adopted by government revenue agencies, where in the taxes imposed on these rich and richer personalities are getting a significant hike, mostly to ease the pressure of the global recession that left numerous economies in shambles. After U.S raised taxes on the millionaires and billionaire citizens, Britain followed suit and now other European nations such as Spain and Greece along with New Zealand have adopted a similar approach.
The finance minister of New Zealand, Bill English has stated that, almost all citizens who fall under the high income strata will be required to pay higher effective tax rates on their properties and the Kiwi government has also initiated a campaign to locate and take action against the tax evaders. This new trend adopted by New Zealand is part of the country’s annual budget. Similarly, in Greece, in an effort to extract the proper dues from the rich and wealthy, the Greek authorities recently approached 68 high-earning medical professionals and have asked them pay their taxes. Greece has long been battling a continuous trend of tax evasion. Furthermore, the Greek government is also seeking the help of Google’s satellite mapping service, Google Earth to pinpoint wealthy Grecians, who have constructed swimming pools in their residences, without proper permit.
However, the current trend of imposing higher taxes on rich and the wealthy hasn’t exactly received positive response from many other countries, that have opted not to use this policy, as many of the countries depend upon the spending habits of the rich individuals, so as the increase their respective economic structures.
Via Wall Street Journal