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NEW YORK, JUNE 07, 2010: THE
USA and
Europe are contemplating the imposition of a tax on millionaires to buoy up tax
collections.
Spain
is the latest to announce a new millionaire tax on the wealthiest in the
country. A bill to introduce the new tax will be presented in Parliament shortly
although the Prime Minister has assured that 99.99% of the people will not be
affected.
Last
month, the American state of New Jersey, voted in its Assembly to raise income
tax on its residents earning more than USD one million annually. The measure was
passed with a majority 46:32 that broke down party lines. A veto is expected to
hinder its progress.
In
July last year, US had contemplated a new legislation to place an additional tax
burden on the wealthy, to fund healthcare expansion. It planned to impose a
surtax of 5.4 per cent on couples with more than US $1 million in income. It
also planned to impose an additional tax on households earning more than US
$350,000 annually that would be increased if the measure did not yield the cost
saving target.
A
trend seems to be emerging of taxing the wealthy to tide over the financial
crisis.
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