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1 Santiago Calvo & Diego Sanchez de la Cruz, Overview and Analysis of the Impact of Marginal Taxes on High Incomes in the European Union 1 (2024)

handle is hein.taxfoundation/impacttax0001 and id is 1 raw text is: TAX FOUNDATION | EUROPE Overview and Analysis of the Impact of Marginal Taxes on High Incomes in the European Union Santiago Calvo Guest Contributor Diego Sanchez de la Cruz Guest Contributor May 2024 Key Findings • Across Europe, there is an ongoing campaign for higher taxes on high-income individuals, sus- tained through public and political advocacy. • High marginal tax rates deter investment and innovation crucial for economic growth and job cre- ation. • Implementation of this type of tax increase carries challenges such as capital flight, tax evasion, and enforcement complexity, making them inefficient tools for income redistribution. • Differences in marginal tax rates affect where high-income individuals live and invest, highlighting the potential need to keep decentralized tax policies in the EU. • The Tax Foundation's new High-Income Tax Competitiveness Index shows that countries with less distortive tax systems attract more investment and perform better economically. • Effective high-income tax implementation is complex. Instead, well-designed tax systems that pro- mote economic growth and social development allow for enhanced activity, which leads to more government revenue that can then be used for redistributive purposes. • High tax rates reduce economic competitiveness and harm the entire population. To tackle in- equality, governments should focus more on targeted spending and less on inefficient taxation proposals. The mission of Tax Foundation Europe is to improve lives through tax policies that lead to greater economic growth and opportunity. TAX FOUNDATION EUROPE, RUE D'ARLON 40, 1000 BRUXELLES, BELGIUM taxfoundation.org/eu

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