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IMF wil heffing van 10 procent op spaargeld (originele tekst)

IMF wil heffing van 10 procent op spaargeld (originele tekst)

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Published by Thierry Debels
The sharp deterioration of the public finances in many countries has revived interest in a “capital levy”— a one-off tax on private wealth—as an exceptional measure to restore debt sustainability. The appeal is that such a tax, if it is implemented before avoidance is possible and there is a belief that it will never be repeated, does not distort behavior (and may be seen by some as fair). There have been illustrious supporters, including Pigou, Ricardo, Schumpeter, and—until he changed his mind—Keynes. The conditions for success are strong, but also need to be weighed against the risks of the alternatives, which include repudiating public debt or inflating it away (these, in turn, are a particular form of wealth tax—on bondholders—that also falls on nonresidents).
There is a surprisingly large amount of experience to draw on, as such levies were widely adopted in Europe after World War I and in Germany and Japan after World War II. Reviewed in Eichengreen (1990), this experience suggests that more notable than any loss of credibility was a simple failure to achieve debt reduc- tion, largely because the delay in introduction gave space for extensive avoidance and capital flight—in turn spurring inflation.
The tax rates needed to bring down public debt to precrisis levels, moreover, are sizable: reducing debt ratios to end-2007 levels would require (for a sample of 15 euro area countries) a tax rate of about 10 percent on households with positive net wealth.
The sharp deterioration of the public finances in many countries has revived interest in a “capital levy”— a one-off tax on private wealth—as an exceptional measure to restore debt sustainability. The appeal is that such a tax, if it is implemented before avoidance is possible and there is a belief that it will never be repeated, does not distort behavior (and may be seen by some as fair). There have been illustrious supporters, including Pigou, Ricardo, Schumpeter, and—until he changed his mind—Keynes. The conditions for success are strong, but also need to be weighed against the risks of the alternatives, which include repudiating public debt or inflating it away (these, in turn, are a particular form of wealth tax—on bondholders—that also falls on nonresidents).
There is a surprisingly large amount of experience to draw on, as such levies were widely adopted in Europe after World War I and in Germany and Japan after World War II. Reviewed in Eichengreen (1990), this experience suggests that more notable than any loss of credibility was a simple failure to achieve debt reduc- tion, largely because the delay in introduction gave space for extensive avoidance and capital flight—in turn spurring inflation.
The tax rates needed to bring down public debt to precrisis levels, moreover, are sizable: reducing debt ratios to end-2007 levels would require (for a sample of 15 euro area countries) a tax rate of about 10 percent on households with positive net wealth.

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Published by: Thierry Debels on Oct 10, 2013
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10/10/2013

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Fiscal Monitor
 Taxing Times
 World Economic and Financial Surveys
INTERNATIONAL MONETARY FUND
13
       O       C       T
 
FISCAL MONITOR
October 2013
Taxing Times
International Monetary Fund
World Economic and Financial Surveys
 
©2013 International Monetary FundCover: IMF Multimedia Services DivisionComposition: Maryland Composition, Inc.
Cataloging-in-Publication Data 
Fiscal monitor—Washington, D.C. : International Monetary Fund, 2009– v. ; cm. — (World economic and financial surveys, 0258-7440)Twice a year.Some issues have also thematic titles.1. Finance, Public—Periodicals. 2. Finance, Public—Forecasting—Periodicals. 3.Fiscal policy—Periodicals. 4. Fiscal policy—Forecasting—Periodicals. 5. Financial crises—Periodicals. 6. Global Financial Crisis, 2008–2009—Periodicals. I. International Monetary Fund. II. Series: World economic and financial surveys.HJ101.F57ISBN: 978-1-48435-758-3 (paper)ISBN: 978-1-48435-042-3 (ePub)ISBN: 978-1-48436-674-5 (Mobipocket)ISBN: 978-1-48437-430-6 (PDF)Publication orders may be placed online, by fax, or through the mail:International Monetary Fund, Publication ServicesP.O. Box 92780, Washington, DC 20090, U.S.A.Telephone: (202) 623-7430 Fax: (202) 623-7201E-mail: publications@imf.org  www.imfbookstore.org  www.elibrary.imf.org 

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