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At issue is a report published by the Group of the Greens / European Free Alliance of the European Parliament, which is based on calculations relating to a wealth tax of 0.5% on the richest in the European Union (EU), similar to that adopted in Spain at the beginning of this year (a temporary solidarity tax on large fortunes, exceeding three million euros).
According to estimates by the European Greens included in the document, "Portugal could raise a total of 3.7 billion euros for the public budget by applying a moderate and progressive wealth tax", a value corresponding to 1.55% of the Gross Domestic Product (GDP).
Furthermore, "by putting an end to the tax abuse of wealthy individuals who hide their fortunes in secret jurisdictions, Portugal could recover 473 million euros in tax revenue", adds the parliamentary group.
By starting to count on these total 4.2 billion euros, Portugal would be able, according to the European Greens, to cover "62% of the energy accessibility measures recently introduced by the Government" or "26% of the country's health expenses that would allow Portugal to employ an additional 214,019 hospital nurses".
The budget would also make it possible, for example, to "pay the salaries of 125,258 primary school teachers" or support "83% of the transport budget", they say.
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How about we start with the politicians!!!
You know, the 'public servants' who are on a low 6 figure salary, yet somehow manage to own several multimillion Euro villas................
By Hart from Lisbon on 20 Sep 2023, 17:40
"Wealth tax would bring in €3.7 billion" eeerm no. These people are clueless as usual. You start trying to tax the nuts off people that have a lot of money and they will simply go elsewhere and take the money with them. You then lose all the money those same people spend on cars, houses, restaurants, food etc etc etc. It's just plain stupid.
By John from Lisbon on 20 Sep 2023, 20:20
I would take such predictions with a pinch of salt. The wealthy are the most mobile social class. How many would leave Portugal if such measures were implemented? More importantly, what message does it send to other wealthy people currently living abroad considering to move to Portugal? It's a short-sighted, populist move that would do more damage to the economy than the revenue it would bring in.
By Alex from Algarve on 21 Sep 2023, 08:27
High tax is jealousy tax, it never goes to the poor, it just boost the fat salaries of government officials. Take a good look at the incomes of Portugal's representatives at the EU, vastly more than the average Portuguese salaries. They live in incredible luxury just for talking and passing laws. If Portugal goes Marxist, wealthy people will start to leave, the property market will collapse and in a few years when Portugal is dirt poor, YET AGAIN, the politicians who caused it will blame everyone but themselves.
By Russell Hicks from UK on 21 Sep 2023, 09:00
We would simple spend less, thus negating the wealth tax.
By David from Algarve on 21 Sep 2023, 09:27
We came to Portugal instead of Spain because Portugal does not have a wealth tax. We don't consider ourselves wealthy, but as a family that saved enough to be able to live off of those savings. We would not stay if we had to pay a wealth tax as in Spain.
By Eduardo from Lisbon on 21 Sep 2023, 10:28
Keep raising taxes if you want the economy to fall into dysfunction like that of Greece. Keep cutting taxes if you want it to soar like in Hong Kong, Singapore, or Malaysia. To think there would be no consequence to targeting wealth is naive and destructive to Portugal. It is based on shameless greed.
By Brian from Other on 21 Sep 2023, 16:37
I'm not saying this in favor of or against such a tax but if they do implement it they would tax the wealthy ppl for leaving too, i.e. the so-called exit tax, just like what Uncle Sam does to its wealthy citizens when they renounce their US passport.
By Gabriel from Lisbon on 21 Sep 2023, 16:56
Only IF those people taxed stay in this jurisdiction of course and history says they won’t !!!
By Chris Loynes from Algarve on 21 Sep 2023, 20:49
This will not work. The idea is very stupid and Norway already tried the same taxation. more than 40 of the richest families are already in Dubai and UAE where the taxes are 0%. Good luck with destroying the current tax incomes from rich people. 48% taxation is already too high.
By Ivan from Algarve on 22 Sep 2023, 08:38
@Gabriel: The US doesn't actually tax people for leaving. US citizens and Green Card holders are subject to US tax even if not resident in the US, hence the charge for giving up citizenship. Portugal's tax regime applies only to residents and taxing people for becoming non-residents would be difficult to implement as it would also have to apply to Portuguese citizens looking to move abroad.
By Alex from Algarve on 22 Sep 2023, 13:41
@alex, The US government won't tax you for simply leaving the US. They will tax you wherever you live as long as you are still a US citizen. But there's a so-called exit tax (if you are rich) when you renounce your US citizenship. Just Google it.
By Gabriel from Lisbon on 23 Sep 2023, 22:16
@alex my apologies. I asked the editor to delete the post but obviously it didn't happen. Anyway we would expect the law makers in a more or less mature democracy know what they're doing. They may make mistakes from time to time but too stupid ones are rare.
By Gabriel from Lisbon on 24 Sep 2023, 21:20
Portugal tax regime and incentives such as nhr currently successful in attracting wealthy foreigners to portugal negated at a stroke.
Uk considering scrapping IHT to encourage wealthy to stay.
Solution could be to move elsewhere or buy a home in gibraltar and just holliday in portugal. Mostly retired people without ties to portugal who are very mobile.
This is unlikely to be a winner but what to expect from the greens.
By Edward from Algarve on 03 Oct 2023, 06:13