How these countries work will change EVERYTHING for society
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- เผยแพร่เมื่อ 27 ก.ย. 2024
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How Zero Tax Countries Work?
Have you ever wondered how zero-tax countries manage to pay their costs and fund everything one country has to pay?
When people argue about not paying taxes, the opposite side will always say something like ‘’who will pay for our roads, schools, or hospitals?’’
Zero tax countries have roads, schools, and hospitals as well. But how do they pay for this?
In countries like Canada taxes are very high, but government spending is even higher! Taxes don’t even cover half of the cost of spending, and the country has a massive debt. Despite high taxes, it still has to borrow money in order to have things going. How crazy is that?
Now let’s break it down to basics. How does the country make revenue? Zero tax country doesn’t mean zero revenue - the country is profitable in some way, but they don’t have to fund things with their residents’ money.
On the other hand, it’s important to consider how they manage costs? These are both very important pieces of the no-tax puzzle.
Also, it’s important to note that when we say zero-tax countries, it usually means zero corporate and/or personal tax.
Lots of them will still have some other forms of taxes, such as stamp duty, property sale tax, and consumption tax or VAT.
Generally, the world seems to be moving in that direction - instead of paying taxes when you earn money you’ll pay when you spend it.
An extreme example of this is Singapore with car ownership - it’s extremely expensive to own a car in Singapore due to outrageously high vehicle taxes. In order to get a vehicle you’ll need to get a certificate of entitlement, and this will drive your car prices 4x of what it normally would be.
Toyota Prius will cost you about $120 000.
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America operated just fine before income tax
1st comment..! been reading the Sovereign Individual which you recommended, think the end note was on that idea. And a good idea it is.
🥳
Nice! How did you like the book?
Great explanation. Learned a lot in this one 🙌🏽
Happy to hear that!
What's your take on the topic?
So what you are saying is "taxation misallocates scarce resources that have alternative uses"? ~ Thomas Sowell
Another way to fund a country is by issuing negative interest government bonds?! so Custodian fee !
btw points for being up to date on Swedish petrol tax politics :)
Always 😄
How did you like the video?
As always very well put.
Waiting for a topic I disagree with you on.
Here in the UK I consider our taxes middle of the road not super high. My gripe is we are £1.6tn in debt and like you mentioned so much tax goes to servicing debt. No politician though is interested in breaking even as would be too unpopular. So basically keep spending and kicking the can down the road. When interests rates go up as record lows currently debt costs will rocket.
UK corporate taxes haven't been crazy, personal are more annoying unless you can get the non Dom
All members of the parlaments around Europe should be forced to watch this video 💪
What do you think they should take from this video?😄
Fantastic video. I’ve always wondered about this and you answered it perfectly.
Happy to hear that!
Anything you'd like us to cover next?
@@OffshoreCitizen Stop deleting my comments!
11:04
Far higher. Last I heard Dominica gets over 50% of its revenue from the CBI program, more than any other country.
Wow! Where did you get that information from?
Great video, as always! UAE is a great example of amAzing vision, long-term success and sustainability orientation along with proper cost management.
Europeans might pay higher taxes than Americans, but they get a LOT MORE in return. Americans get virtually nothing for their taxes, at least at the federal level.
No country is TAX FREE even TAX HAVENS COUNTRIES!
OK fine; but some countries impose a very high tax burden, and others a very LOW tax burden. Choose wisely.
I’m amazed with your knowledge of Dubai . You are right , this is a misconception that Dubai get its revenue from oil.
Thank you!
Do you live in Dubai?
Good video. I would add the following revenue streams: speeding fines, Salik tolls and business license costs
Your description explanation is next level and to the point, thanks mate.
Always a pleasure!
What is your take on the topic?
Excellent presentation on economics, finance, sociology, gevernance, social justice and so on
Thank you! Happy you enjoyed it 😊
Anything you would like to see next?
@@OffshoreCitizen A video on where you see a Dubai in 10 years maybe?
Thank you for this. Clear and concise
Always a pleasure!
What topics would you like us to cover next?
I saw that Tuvalu got a great deal of revenue from the .tv internet country code. I think they also gain revenue from commemorative silver coins in conjunction with the New Zealand mint..
Interesting! Where did you get that info?
@@OffshoreCitizen I sweep up useless information from everywhere!
Haha luckily we're your source of the useful ones!
@@OffshoreCitizen haha! Of course I didn’t mean your channel!! My wife thinks my knowledge is mostly useless, I think it’s all interesting!!!
@@tinglestingles haha :D
Hey Michael, while I understand you want to have videos that can live on for a long time and attract more people to your youtube channel, I think you could increase your watch rates by covering topics that apply to more people. For example, real estate, there is a major lack of information when it comes to foreign real estate. Most information is almost always 1 of 3 things; only for western countries, bad advice, or people giving biased advice for personal gain. You are one of a very limited amount of people I trust to have relevant, intelligent, unbiased information. For my personal example I'd love to have some real estate in the few countries I spend time in (Thailand, Georgia, etc). I'm struggling a lot with the question of what to purchase: should I buy an old apartment and fully renovate it (is that even worth my time?), would you ever recommend buying straight from a developer or buying land (only possible in some countries) and building my own house? How can I get the best deal? I'm just tired of running into bad advice and so would love to hear your opinions on things like this because like I said you have that combo of 3 important factors. I'd hop on another call with you but don't want to just keep booking calls with you hahaha, thanks for all your advice. I'll also try to think of more video ideas.
I doubt Michael can help much with the 50 or so variables you will face as a realestate developer.. small or big project the DD is the same..