Reuters (April 20)
“Income tax was introduced in the United Kingdom in 1799 to fund the Napoleonic Wars against France. America imposed the tax in 1861 to pay for its civil war. The coronavirus pandemic is not literally a war. But it will lead to massive debts and eventually higher taxes.”
Tags: Civil war, Coronavirus, Debts, France, Fund, Income tax, Napoleonic Wars, Pandemic, Taxes, U.S., UK
The Economist (December 1)
“Personal income tax accounted for only 8% of total tax revenue in China last year, compared with an average of 24% in the OECD, a group of rich countries.” This is largely because tax dodging is ubiquitous. Estimates suggest “only 2% of Chinese pay any income tax.” Since “China has run a budget deficit in 21 of the past 22 years,” however, the government is now making efforts to raise collection to 15%.
Tags: Budget, China, Collection, Deficit, Dodging, Government, Income tax, OECD, Revenue
Washington Post (November 18, 2013)
Little is definitively known about global warming, but it would be wise to take pragmatic measures. “Putting a price on carbon—through a tax on oil, coal and natural gas—that reflects global warming’s costs… would promote energy efficiency and favor renewables.” But how would one determine the size of that carbon tax? “We don’t know global warming’s full effects…. But we do know the size of the budget deficit, and we do know that revenue from a carbon tax might help finance a simplification of the income tax. By addressing multiple problems, an admittedly unpopular carbon tax might command broader support.”
Tags: Budget deficit, Carbon, Carbon tax, Energy efficiency, Global warming, Income tax, Renewables, Revenue, Support
