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Letta relaunch Patrimonial: The history of a tax that affects savings and never works

Letta relaunch Patrimonial: The history of a tax that affects savings and never works

Enrico Letta called it “the pony of the youth.” Here’s another campaign euphemism with which the center-left has re-proposed one of his dear workhorses: inheritance. Another tax in more than one country with the highest taxes in Europe

“We will implement it and it will be financed by the inheritance tax on assets worth millions of dollars – explained the Democratic Secretary – that it is right for a person with such wealth to leave something to society: if it is returned to the youth who are dominated by fragility, that is the feeling of generations with help Each other “.

And here’s the “inheritance” package in 2022: A little bit of citizenship income and a small tax on wealth is just another luxury gesture proposed by politics to settle scores and make a good impression on voters, especially with young people unwilling to leave to vote next September 25.

Moreover, the waltz to the polls is just beginning with the refrain resonating from afar and that dusting off one of the greatest left-wing battle classics to get money (on which taxes have been paid) out of taxpayer pockets.

And while the entire center-right is aware of Letta’s help clearing customs on the question of taxes and duties, even aspiring allies of the Democratic Party are shirking the secretary. However, how many times in Italian history has Damocles’ hereditary sword resided over the heads of those who work and pay taxes, producing wealth and luxury for the entire system.

What is property tax?

Property tax, in fact, is nothing but a tax that burdens the capital and on the movable and immovable property of a citizen. According to some economists and much of the center-left political culture, it is a kind of “stock tax” in which the rich take charge of loopholes in the state and treat them with their personal capital.

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Because property tax, whether unusual or flat, is a quick way to reduce public debt and restore accounts.

inheritance in history

After all, the origins issue is one of the greatest working in the Democratic Party and the center-left in general. In modern Italian political history, the first time a forced withdrawal of capital was introduced was in 1992 during the Amato government, which, to avoid financial collapse and allow the lira to remain tied to the European monetary system, introduced a forced withdrawal of 6 per thousand on all bank checking accounts.

However, by wealth tax we mean not only withdrawal from the account, but also direct taxation of movable and immovable property and in Italy at the moment there are 15 hidden assets that we pay each year with a total revenue of 45.7 billion euros to the state.

“Hidden” assets

Imu and Tasi, for example, do not affect income, but possession of property should be considered as property taxes and alone is worth €21 billion. Then there are the stamp duty, vehicle tax, RAI fee, boat and aircraft tax, financial transaction tax, inheritance and donations.

From 1990 to date, the increase in income from property taxes has been equal to 400%, compared to a 90% increase in inflation.

At the end of November, there was a resurgence of talk of a new origin in the face of Brussels’ rejection of economic maneuvering, but in the past several times, governments (particularly on the left) have resorted to a wealth tax to do so. money.

Between 1993 and 2008, for example, the ICI, the municipal property tax, was in effect; While between 1993 and 1997 corporate assets were taxed – at a rate of 7.5 per thousand. In 2012, then, it introduced a so-called “Salva Italia” IMU and taxed luxury goods such as high-powered cars, second homes, boats and private jets. Finally, in 2014, the IUC (One Municipal Tax) was born, which unites Tari and Tasi with the IMU.

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Europe does not have many countries where property taxes apply, such as Spain, Switzerland, France and Norway, but they are all countries that, unlike Italy, do not have the same tax burden on wage income.

who hits the inheritance

Contrary to the Salafi concept of a flat tax, assets affect only middle and high incomes which, however, are those that allow the economy to continue operating thanks to the relationship between consumption and profits based on economic progress.

Thus, the benefits of inheritance are far from cut back, and if on the one hand it is a useful tax to remedy temporary holes in the budget, on the other hand it is a tax that undermines the capital of those who saved life to afford some relief.