TAXATION – COUNTRIES with no PERSONAL INCOME TAX
COUNTRIES with no PERSONAL INCOME TAX
CRITIQUE of INCOME TAX:
Critics of income tax systems have argued that they can be extremely complex, requiring detailed record-keeping, lengthy instructions, and complicated schedules, worksheets, and forms. Critics further claim that income tax systems can penalize work, discourage saving and investment, and hinder the competitiveness of business. Income taxes are not border-adjustable; meaning the tax component embedded into products via taxes imposed on companies cannot be removed when exported to a foreign country (see Effect of taxes and subsidies on price). Taxation systems such as a national sales tax or value added tax remove the tax component when goods are exported and apply the tax component on imports. The principles of an income tax are also argued by critics. Frank Chodorov wrote ￢ﾀﾜyou come up with the fact that it gives the government a prior lien on all the property produced by its subjects. The government unashamedly proclaims the doctrine of collectivized wealth. That which it does not take is a concession.￢ﾀ?