These Are The Countries With The Highest Income Tax Rates
[TheBlaze.com]
- Posted on May 10, 2012 at 2:28pm by
Becket Adams
Unsustainable debt, monetary inflation, uneasy markets, quantitative easing — the health of the global economy is on everyone’s mind.
Why? Because when coupled with massive amounts of public debt, weak economies usually lead to one thing: tax increases.
And it’s happening right now.
Just look at the eurozone where, desperate to address increasing deficits, several countries in the 17-nation union have increased personal income tax rates.
“Spain, for example, raised its personal tax rate by 2 percentage points to 45 percent last year and France’s newly elected Socialist Party is also proposing hiking taxes on the rich,” CNBC reports.
“Hike,” however, may be too kind a word. France’s newly-elected Socialist François Hollande wants to impose a 75 percent income tax on citizens earning more than $1.3 million. That’s a bit more than a “hike.” That’s an “ultra increase.”
Fed clears China’s first US bank takeover
[PatriotUpdate.com]
Thursday, May 10, 2012
The United States on Wednesday opened its banking market to ICBC, China’s biggest bank, for the first time clearing a takeover of a US bank by a Chinese state-controlled company.
Just days after high-level US-China economic talks in Beijing, the Federal Reserve approved an application from Industrial and Commercial Bank of China to buy a majority stake in the US subsidiary of Bank of East Asia.
The transaction will make ICBC the first Chinese state-controlled bank to acquire retail bank branches in the United States.
ICBC has been the most aggressive of China’s “big four” banks in expanding overseas.
According to the Fed the bank has total assets of roughly $2.5 trillion.
It will buy up to 80 percent of the US unit of the Hong Kong-based Bank of East Asia, which operates 13 branches in New York and California.
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