Word: kirchhofer
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...successful businesspeople have quit the country to avoid a steep wealth tax that Eric Pichet, a business-school professor in Bordeaux, estimates has resulted in €100 billion of assets leaving France - robbing twice as much revenue as the wealth tax generates. Among the advocates for change is Paul Kirchhof, a former judge at Germany's Federal Constitutional Court, who has sparked a national debate in Germany with his call for a massive simplification of the current system that would cut the top rate to just 25% from 45% and eliminate hundreds of exemptions. If implemented, his scheme would leave...
...PAUL KIRCHHOF, former federal constitution judge, Germany
...revenues now mean budget deficits. But the appeal of the Irish experience is that simpler taxes, as well as lower taxes, can have an impact. Twenty years ago, Ireland had six different income-tax brackets; today it has just two. That's hugely appealing to tax reformers like Kirchhof in Germany, who believe that many of his nation's problems stem from a tax system that has grown too convoluted, with exemptions and loopholes that are counterproductive or even contradictory. Published last fall, his scheme would amount to a massive simplification of the tax system, eliminating all tax breaks...
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