ArticleController :: show
Request
GET Parameters
None
POST Parameters
None
Uploaded Files
None
Request Attributes
Key | Value |
---|---|
_controller | "App\Controller\ArticleController::show" |
_firewall_context | "security.firewall.map.context.main" |
_links | Symfony\Component\WebLink\GenericLinkProvider {#3663 -links: [ 3784 => Symfony\Component\WebLink\Link {#3784 -href: "/build/runtime.js" -rel: [ "preload" => "preload" ] -attributes: [ "as" => "script" ] } 3782 => Symfony\Component\WebLink\Link {#3782 -href: "/build/644.js" -rel: [ "preload" => "preload" ] -attributes: [ "as" => "script" ] } 3781 => Symfony\Component\WebLink\Link {#3781 -href: "/build/502.js" -rel: [ "preload" => "preload" ] -attributes: [ "as" => "script" ] } 3780 => Symfony\Component\WebLink\Link {#3780 -href: "/build/app.js" -rel: [ "preload" => "preload" ] -attributes: [ "as" => "script" ] } 3779 => Symfony\Component\WebLink\Link {#3779 -href: "/build/view-more.js" -rel: [ "preload" => "preload" ] -attributes: [ "as" => "script" ] } 3778 => Symfony\Component\WebLink\Link {#3778 -href: "/build/term-condition.js" -rel: [ "preload" => "preload" ] -attributes: [ "as" => "script" ] } 3777 => Symfony\Component\WebLink\Link {#3777 -href: "/build/contact.js" -rel: [ "preload" => "preload" ] -attributes: [ "as" => "script" ] } 3776 => Symfony\Component\WebLink\Link {#3776 -href: "/build/scroll-infinite-article.js" -rel: [ "preload" => "preload" ] -attributes: [ "as" => "script" ] } 3775 => Symfony\Component\WebLink\Link {#3775 -href: "/build/app.css" -rel: [ "preload" => "preload" ] -attributes: [ "as" => "style" ] } 3774 => Symfony\Component\WebLink\Link {#3774 -href: "/build/cookie-style.css" -rel: [ "preload" => "preload" ] -attributes: [ "as" => "style" ] } 3773 => Symfony\Component\WebLink\Link {#3773 -href: "/build/term-condition-css.css" -rel: [ "preload" => "preload" ] -attributes: [ "as" => "style" ] } 3772 => Symfony\Component\WebLink\Link {#3772 -href: "/build/contact-css.css" -rel: [ "preload" => "preload" ] -attributes: [ "as" => "style" ] } 3771 => Symfony\Component\WebLink\Link {#3771 -href: "/build/comment-css.css" -rel: [ "preload" => "preload" ] -attributes: [ "as" => "style" ] } ] } |
_route | "article_show" |
_route_params | [ "category" => "global-economy" "slug" => "why-have-other-high-income-countries-dropped-wealth-taxes" ] |
_security_firewall_run | "_security_main" |
_stopwatch_token | "fe1ac5" |
category | "global-economy" |
slug | "why-have-other-high-income-countries-dropped-wealth-taxes" |
Request Headers
Header | Value |
---|---|
accept | "*/*" |
accept-encoding | "gzip, br, zstd, deflate" |
connection | "close" |
cookie | "PHPSESSID=p6b4r7r9vqrio18vba0lm5oeej" |
host | "rct.dev.bbntimes.com" |
user-agent | "Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)" |
x-php-ob-level | "1" |
Request Content
Request content not available (it was retrieved as a resource).
Response
Response Headers
Header | Value |
---|---|
cache-control | "no-cache, private" |
content-type | "text/html; charset=UTF-8" |
date | "Wed, 16 Apr 2025 01:13:35 GMT" |
link | "</build/runtime.js>; rel="preload"; as="script",</build/644.js>; rel="preload"; as="script",</build/502.js>; rel="preload"; as="script",</build/app.js>; rel="preload"; as="script",</build/view-more.js>; rel="preload"; as="script",</build/term-condition.js>; rel="preload"; as="script",</build/contact.js>; rel="preload"; as="script",</build/scroll-infinite-article.js>; rel="preload"; as="script",</build/app.css>; rel="preload"; as="style",</build/cookie-style.css>; rel="preload"; as="style",</build/term-condition-css.css>; rel="preload"; as="style",</build/contact-css.css>; rel="preload"; as="style",</build/comment-css.css>; rel="preload"; as="style"" |
x-debug-token | "63eeff" |
Cookies
Request Cookies
Key | Value |
---|---|
PHPSESSID | "p6b4r7r9vqrio18vba0lm5oeej" |
Response Cookies
No response cookies
Session 6
Session Metadata
Key | Value |
---|---|
Created | "Wed, 16 Apr 25 01:13:23 +0000" |
Last used | "Wed, 16 Apr 25 01:13:33 +0000" |
Lifetime | 0 |
Session Attributes
Attribute | Value |
---|---|
_csrf/https-comment | "LxJbJ9TiOZQ0yhn2GcA7b0LaPy59_6cyArCs3umrC3A" |
_csrf/https-cookie_accept | "lSzIU0F95OeS5GaOI5WjIei8wzFalHUiIeedJRhhTfA" |
Session Usage
6
Usages
Stateless check enabled
Usage |
---|
Symfony\Component\Security\Csrf\TokenStorage\SessionTokenStorage:76
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Symfony\Component\Security\Csrf\TokenStorage\SessionTokenStorage:79
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Symfony\Component\Security\Csrf\TokenStorage\SessionTokenStorage:52
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Symfony\Component\Security\Csrf\TokenStorage\SessionTokenStorage:56
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Symfony\Component\Security\Core\Authentication\Token\Storage\UsageTrackingTokenStorage:41
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current_article | App\Entity\Article {#1094 -id: 3181 -title: "Artificial Intelligence and Blockchain will soon Revolutionise these 5 Industries" -slug: "artificial-intelligence-and-blockchain-will-soon-revolutionise-these-5-industries" -introtext: "<p>The combination of artificial intelligence (AI) and blockchain is set to transform numerous industries by spawning radically new applications.</p>\r\n" -content: """ \r\n <p>While AI is powering individual computers to perform increasingly complex computational and cognitive tasks with autonomy, blockchain is enabling groups of computers to pool together resources to perform heavy computational tasks and make decisions through consensus. Although these technologies have are making or are set to revolutionise a variety of different industries individually, there are still certain challenges that need to be crossed by each technology to achieve mass adoption. The combination of AI and blockchain can potentially eliminate individual shortcomings and speed up the adoption of these technologies to revolutionise whole industries.</p>\r\n <div class="slate-resizable-image-embed slate-image-embed__resize-full-width"><img style="display: block; margin-left: auto; margin-right: auto;" src="https://media.licdn.com/dms/image/C4E12AQE2lOVb42mpHg/article-inline_image-shrink_1000_1488/0?e=1550707200&v=beta&t=rABJDJzZyCb5GdOulJ_t2V8mesLzGseKM8QIXr01WLw" alt="" data-media-urn="" data-li-src="https://media.licdn.com/dms/image/C4E12AQE2lOVb42mpHg/article-inline_image-shrink_1000_1488/0?e=1550707200&v=beta&t=rABJDJzZyCb5GdOulJ_t2V8mesLzGseKM8QIXr01WLw" /></div>\r\n <h2>1. Financial Services</h2>\r\n <p>Among the first industries to adopt blockchain, the financial services industry is leading the blockchain revolution. Applications of blockchain in the financial services industry are already beginning to progress beyond the proof-of-concept stage, which is more advanced than most other industries. Financial trading and<a href="https://www.jpmorgan.com/global/cib/research/investment-decisions-using-machine-learning-ai" target="_blank" rel="nofollow noopener"><span style="text-decoration: underline;"> investments can be informed and automated using machine learning</span></a> algorithms that can be trained to monitor market sentiments. The transactions can be enabled using blockchain to ensure quick trades and the money can be transferred in real-time. This automated, secure and transparent process can revolutionise financial services and banking, by completely eliminating human intervention in the financial markets.</p>\r\n <h2>2. Government</h2>\r\n <p>Governments have the most to gain from the combination of AI and blockchain, as not only can they use the automation of processes but also benefit from added security and transparency. While blockchain is used to maintain updated records of citizen data, <a href="https://gcn.com/articles/2017/08/15/ai-citizen-engagement.aspx" target="_blank" rel="nofollow noopener"><span style="text-decoration: underline;">AI can be used to automatically provide basic citizen services</span></a> like license renewal, tax collection, land ownership transfer, generation and collection of utility bills, etc. With the incorporation of blockchain, not only can the payments be made faster than before but also with total transparency, eliminating any mistake or foul play from all ends.</p>\r\n <h2>3. Healthcare</h2>\r\n <p>The healthcare industry is planning to adopt blockchain as a platform for managing electronic medical and health records (EMR & EHR). The industry-wide adoption of <a href="https://www.allerin.com/blog/opportunities-for-blockchain-in-healthcare" target="_blank" rel="nofollow noopener"><span style="text-decoration: underline;">blockchain in healthcare</span></a> can enable seamless sharing of patient data, in a secure, anonymised manner to healthcare providers. The seamless data sharing enables patients to access healthcare facilities from anywhere, which can be especially useful in case of emergencies. The use of AI can automate data storage, security, and sharing ability provided by blockchain. AI can track individual health data to provide improved diagnostics, and can also provide analytical insights by studying a vast population of patients.</p>\r\n <h2>4. Legal</h2>\r\n <p>The combination of AI and technology in the legal industry will help the legal system become faster at closing cases and may prevent the need for a trial on most occasions. Machine learning and <a href="https://rossintelligence.com/" target="_blank" rel="nofollow noopener"><span style="text-decoration: underline;">AI can help lawyers and paralegals perform research</span></a> while preparing for cases, which not only saves time but also delivers evidence and information that may have been missed by human eyes. Blockchain, which can execute smart contracts automatically when certain conditions are met, will eliminate most crimes and cases of non-compliance, especially in financial cases.</p>\r\n <h2>5. Aviation</h2>\r\n <p>As drones become more and more numerous with time, they would require more than just a smart AI to stay out of each others’ courses and avoid collisions and delays. One company has used the <a href="https://globalcoinreport.com/deep-aero-futuristic-ai-based-drone-economy-blockchain/" target="_blank" rel="nofollow noopener"><span style="text-decoration: underline;">combination of AI and blockchain to control drone traffic</span></a>, which will enable any number of drones to function without obstructing each other. This will not only help the drone industry but can also eventually be adapted to the aviation industry, which can lead to an increased prevalence of aerial transport. Technologies, just like people, work better when they work together.</p>\r\n <p>The increasingly common combination of AI and blockchain in various, potentially revolutionary applications demonstrates that. Businesses seeking improvement opportunities should formulate use cases.</p> """ -user: Proxies\__CG__\App\Entity\User {#1092 …} -createdAt: DateTime @1544987567 {#1145 : 2018-12-16 19:12:47.0 UTC (+00:00) } -updatedAt: DateTime @1544991339 {#1150 : 2018-12-16 20:15:39.0 UTC (+00:00) } -deletedAt: null -category: App\Entity\Category {#445 …} -status: "published" -imageCard: Proxies\__CG__\App\Entity\File {#1184 …} -ImageHeader: Proxies\__CG__\App\Entity\File {#1184 …} -featured: false -mainView: false -clicks: 8367 -comments: Doctrine\ORM\PersistentCollection {#1125 …} -reviewed_at: DateTime @1544987564 {#1148 : 2018-12-16 19:12:44.0 UTC (+00:00) } -metakey: "" -metadesc: "The combination of artificial intelligence (AI) and blockchain is set to transform numerous industries by spawning radically new applications." -robots: null -publishedAt: DateTime @1544987564 {#1147 : 2018-12-16 19:12:44.0 UTC (+00:00) } -canonical: null -superTag: null } |
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current_article | App\Entity\Article {#1094 -id: 7945 -title: "Why Have Other High-Income Countries Dropped Wealth Taxes?" -slug: "why-have-other-high-income-countries-dropped-wealth-taxes" -introtext: """ <div id="post-body-1960414402245304609" class="post-body entry-content" itemprop="description articleBody">\r\n <p class="p1"><span class="s1" style="color: #000000;">Advocates of a wealth tax for the United States need to confront a basic question: Why have other high-income countries decided to drop their own wealth taxes? </span></p>\r\n """ -content: """ \r\n <p class="p1"><span class="s1" style="color: #000000;"><span style="color: #808080;"><a style="color: #808080;" href="https://www.wealthandpolicy.com/wp/EP6_PoliticsAndDesign.pdf"><span class="s2">Sarah Perret explores this issue in "Why did other wealth taxes fail and is this time different?</span></a> (</span>Wealth and Policy Commission, Working Paper #6, 2020). Perret writes; </span></p>\r\n <p class="p2" style="padding-left: 30px;"><span class="s1" style="color: #000000;">In 1990, there were twelve OECD countries, all in Europe, that levied individual net wealth taxes. However, most of them repealed their wealth taxes in the 1990s and 2000s, including Austria (in 1994), Denmark and Germany (in 1997), the Netherlands (in 20012 ), Finland, Iceland, and Luxembourg (in 2006) and Sweden (in 2007). Iceland, which had abolished its wealth tax in 2006, reintroduced it as a temporary ‘emergency’ measure between 2010 and 2014. Spain, which had introduced a 100% wealth tax reduction in 2008, reinstated the wealth tax in 2011. The reinstatement of the wealth tax was initially planned to be temporary but has been maintained since. France was the last country to repeal its wealth tax in 2018, replacing it with a tax on high-value immovable property. In 2020, Norway, Spain and Switzerland were the only OECD countries that still levied individual net wealth taxes.</span></p>\r\n <p class="p1"><span class="s1" style="color: #000000;">The basic story, as Perret tells is, is that countries which gave up on the wealth tax tax largely decides that it was possible to tax wealth in other ways; and that defining how to tax "wealth" was running into enough problems of exemptions and exceptions that it wasn't worth the relatively small amount of revenue being raised. </span></p>\r\n <p class="p1"><span class="s1" style="color: #000000;">There are a number of taxes that work in a way similar to a wealth tax. A property tax (like the French tax on "high-value immovable property" mentioned above) is a tax on one kind of wealth. An estate tax or a gift tax is a tax on wealth. A capital gains tax can be, on average, similar to a wealth tax as well. Parret writes: </span></p>\r\n <p class="p2" style="padding-left: 30px;"><span class="s1" style="color: #000000;">In some ways, a wealth tax is similar to a tax on capital income. For instance, if an individual taxpayer has a total net wealth of EUR 10 million that earns a rate of return of 4%, the tax liability will be the same whether the government levies a tax of 30% on the capital income of EUR 400,000 or a wealth tax of 1.2% on the capital stock of EUR 10 million. Both will end up raising EUR 120,000. A capital income tax of 30% is thus equivalent to a wealth tax of 1.2% where the rate of return is 4%.</span></p>\r\n <p class="p1"><span class="s1" style="color: #000000;">However, as Parret also notes, the wealth tax applies every year, whether you have a capital gain that year or not, which means that the incentive effects of such taxes may be quite different. </span></p>\r\n <p class="p1"><span class="s1" style="color: #000000;">One reason why Switzerland has a relatively large wealth tax is that it has no taxes on capital gains, and most cantons of Switzerland have no inheritance or gift taxes, either. Most countries use these other policy tools rather than a wealth tax; the Swiss are using a wealth tax rather than these other policy tools,</span></p>\r\n <p class="p1"><span class="s1" style="color: #000000;">For most of the countries that gave up on their wealth taxes were collecting about 0.2-0,3% of GDP with those taxes--in countries where government tax revenues were often 40% of GDP or more. Part of the reason for what may seem like a low level of revenue is that wealth taxes are typically built chock-full of exemptions. </span></p>\r\n <p class="p1"><span class="s1" style="color: #000000;">The first and most obvious exemption is that wealth taxes typically only apply to those above a certain threshold level of wealth. Parret explains (citations omitted): .</span></p>\r\n <p class="p2" style="padding-left: 30px;"><span class="s1" style="color: #000000;">In some countries, the wealth tax is (or was) levied only on the very wealthy (e.g. France and Spain). Before repealing its wealth tax, France had the highest tax exemption threshold, taxing individuals and households with net wealth equal to or above EUR 1.3 million which meant that only around 360,000 taxpayers were subject to it in 2017. In other countries, wealth taxes have applied to a broader range of taxpayers. In Norway, the tax exemption threshold is approximately EUR 150,000 per person. In Switzerland, despite variations across cantons, tax exemption thresholds are comparatively low: in 2018, they ranged from USD 55,000 in the canton of Jura to USD 250,000 in the canton of Schwyz (for married couples) (Scheuer and Slemrod, 2020). Thus, Swiss wealth taxes affect a large portion of the middle class. </span></p>\r\n <p class="p1"><span class="s1" style="color: #000000;">Then think of all the different ways that one might hold wealth, and how those with a lot of resources might switch between them. For example, most countries exempted from wealth taxation the wealth held in the form of an expected pension or in the form of a retirement a county. Many countries exempt the value of the house you live in. Many countries exempted the value of a family-run business. They exempted investments in certain collectibles like paintings and jewelry. Some exempted life insurance policies, donations to charitable foundations, and trusts set up for future generations. There are typically exceptions for the wealth embodied in intellectual property, like ownership of a patent or copyright, although such rights can be bought and sold All of these factors can be further complicated if one takes into account wealth that is built up in other countries. </span></p>\r\n <p class="p1"><span class="s1" style="color: #000000;">There is solid evidence that people with a lot of wealth and a lot of lawyers can be very flexible in shifting their wealth between these and other different forms. Sure, it's possible to send government lawyers and accountants off to due battle on these issues, but remember that we're talking here about a tax with relatively small total revenues, and if most of the money collected from the tax goes to enforcing the tax, it's not worth it. </span></p>\r\n <p class="p1"><span class="s1" style="color: #000000;">The evidence that wealthy people move around their money to different types of ownership is strong, but the evidence on how a wealth tax might affect incentives for savings, investment, and entrepreneurship is not especially strong in either direction. To understand the incentives of a wealth tax return to the point made earlier that a wealth tax applies every year, whether wealth rises or not </span></p>\r\n <p class="p1"><span class="s1" style="color: #000000;">Imagine that an annual wealth tax is 2% of wealth (for those above some threshold amount of wealth). Thus, if the value of your wealth increased by 5% in given year, and the wealth tax takes 2%, then the after-tax gain on your wealth would be 3%. If the value of your wealth fell by 10% in a given year (say, the stock market declines), then the wealth tax tax still takes 2% and your after-tax loss would be 12%. </span></p>\r\n <p class="p1"><span class="s1" style="color: #000000;">In this situation, imagine a person with wealth is invested in a low-risk, low-return activity (like government bonds). Especially in the current setting of low interest rates, that person could end up paying all of the return to the wealth tax. Do we want to give the wealthy a strong disincentive to choose low-risk, low-return investments? </span></p>\r\n <p class="p1"><span class="s1" style="color: #000000;">Conversely, imaging a person investing in a high-risk entrepreneurial activity that might have either high or low returns. Say that the entrepreneurial attempt fails, and the investment loses half its value. The wealth tax still applies! Do we want to tax failed entrepreneurs? Or imagine that the entrepreneurial attempt succeeds, and the entrepreneur wants to use the additional wealth to build and expand a company. Do we want to impose an additional tax, above existing income and capital gains taxes, on successful entrepreneurs? </span></p>\r\n <p class="p1"><span class="s1" style="color: #000000;">Again, the evidence on how real behavior is affected by a wealth tax isn't clear. But it was clear that some of the real incentives of a wealth tax could be undesirable. The more a country tried to write up a set of rules to specify exactly what wealth should be taxed, or not, the more opportunities there were to sidestep such a tax with lawyer-driven financial planning. </span></p>\r\n <p class="p1"><span class="s1" style="color: #000000;">Parret's paper was written as background reports for a UK Wealth Tax Commission. The final report of the commission, <span style="color: #808080;"><a style="color: #808080;" href="https://static1.squarespace.com/static/5ef4d1da53822a571493ebd0/t/5ffcfaea93e2771243fce2ff/1610414842497/A-Wealth-Tax-For-The-UK.pdf"><span class="s2">A Wealth Tax for the UK</span></a><i> </i></span>(December 2020, written by Arun Advani, Emma Chamberlain, and Andy Summers) proposes a one-time wealth tax to pay for some of the cost of the pandemic recession. The advantage of a one-time wealth tax is that if it is both unexpected and one-time, it's difficult for those with high wealth to rearrange their finances and property-ownership in ways that would limit the bite of the tax. Of course, if the wealth tax is either expected or seems likely to be extended over time, this advantage diminishes. </span></p>\r\n <p class="p1"><span class="s1" style="color: #000000;">The report itself is fairly UK-centric, but <span style="color: #808080;"><a style="color: #808080;" href="https://www.wealthandpolicy.com/"><span class="s2">those interested in wealth taxes in general will find a treasure trove of working papers at the website</span></a></span>, both on specific topics related to the wealth tax and on country-by-country European experiences with such a tax.</span></p>\r\n </div> """ -user: Proxies\__CG__\App\Entity\User {#1092 …} -createdAt: DateTime @1612283138 {#1145 : 2021-02-02 16:25:38.0 UTC (+00:00) } -updatedAt: DateTime @1612283364 {#1150 : 2021-02-02 16:29:24.0 UTC (+00:00) } -deletedAt: null -category: App\Entity\Category {#445 …} -status: "published" -imageCard: Proxies\__CG__\App\Entity\File {#1184 …} -ImageHeader: Proxies\__CG__\App\Entity\File {#1184 …} -featured: false -mainView: false -clicks: 2635 -comments: Doctrine\ORM\PersistentCollection {#1125 …} -reviewed_at: DateTime @1612283138 {#1148 : 2021-02-02 16:25:38.0 UTC (+00:00) } -metakey: "Why Have Other High-Income Countries Dropped Wealth Taxes?" -metadesc: "Advocates of a wealth tax for the United States need to confront a basic question: Why have\u{A0} other high-income countries decided to drop their own wealth taxes?\u{A0}" -robots: null -publishedAt: DateTime @1612283138 {#1147 : 2021-02-02 16:25:38.0 UTC (+00:00) } -canonical: null -superTag: null } |
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