Post
Topic
Board Economics
Re: High inflation is causing GLOBAL protests
by
Sithara007
on 19/08/2022, 10:00:41 UTC
Wait til your government starts finding ways to collect more Tax, its usually the case for civil unrest and its happening in my  country right now. And so is in US where they are now hiring more than 85K IRS agents.

Inflation, Recession and huge taxes are ingredients to civil war. Right now people are still going through enduring these sufferings but once they are fedup, it will be like Sri Lanka. A regime change by the people.

That is the case almost everywhere. Here in India, previously long term capital gains on equity, as well as dividends were tax-free. Now we need to pay tax on them. Contribution to the pension fund above a certain threshold was made taxable last year. On top of that, the highest tax bracket is now leached at 42% instead of the previous 35%. Taxes, both direct and indirect are going up. The excuse is that government needs more cash to deal with the economic slowdown that was caused as a result of the COVID pandemic.