Tensions between France and the United States due to the so-called Google Tax worry the OECD. Washington is moving forward with retaliation tariffs that could be as high as 100% on French goods. The Organization for Economic Cooperation and Development asked all countries to accelerate the implementation of a global tax.
The Spanish Ministry of Finance rules out a new specific tax hypothecated to finance pensions. In fact, the majority of developed countries has reformed their pensions systems basing them on various pillars (public/private; obligatory/voluntary) especially the nordic countries. Only Italy, Portugal, Greece and Spain maintain a pensions system based solely on obligatory social security contributions.
Spanish companies pay more taxes than the EU28 average despite the reduction in their number during the crisis and that only 45.3% of the total registered profits in 2015.
The Treasury will impose a 5% tax on foreign and Spanish companies’ digital services. This new tax will be on the intermediary services and the publicity and sale of digital data up to 5% of the turnover of all companies which offer these services in Spain.
Why do Americans think Trump’s tax plan will benefit them if even Treasury secretary, Steven Mnuchin, referred to the projected economic growth of up to 6%, as “optimistic”?
Donald Trump’s tax plan, which is now being debated in the Senate, states very seriously that its effect will be to multiply investment and jobs. That’s up for discussion, given that the US has probably reached its maximum potential, namely in terms of GDP without inflation and the jobless rate is at 4%.
The Laffer curve, named after Arthur Laffer, demonstrates, in a conceptual and educational way, that from a certain level of tax onwards, revenues fall because people don’t have any incentive to work. And the Supply Economy originated from this.
After two days in Washington DC meeting with politicians and policymakers, BoAML analysts conclude that energy “is a policy cornerstone, together with tax reform, in this Administration”
There is a sudden push to cut taxes in the US and Europe, although the Spanish government is preparing to increase taxes here, particularly for companies.
A few weeks ago Spanish soprano Ainhoa Arteta let loose and made some harsh comments to the press, complaining that the Inland Revenue is “crushing” her with taxes. And once again everyone is betting the government will implement tax hikes to provide a solution for the 5 billion euros imbalance in the public deficit and comply with the 3.1% target demanded by the European Commission.