Within the last five years, many countries including the United States have increased income taxes by an average of eight percent. The IMF claims that the increase will rake in “significant revenue potential at relatively low efficiency costs.” However, the eight percent increase is not optimal for producing maximum revenue for OECD countries. IMF estimates that the increase would have to be raised to sixty percent, which is much higher than current rates.
See Kelly Humke Esq., WSJ:”The Coming Global Tax Wealth Tax”, Wealth Strategies 2.0, Dec. 22, 2013.
Special thanks to Jim Hillhouse (Professional Legal Marketing (PLM, Inc.)) for bringing this article to my attention.
