5 ms·
Same in Norway, but the result isn't very accurate. For one, the wealthy don't tend to have any serious income - it's mostly capital gains for one of their hol
by TrackerFF 5y ago
Same in Norway, but the result isn't very accurate.
For one, the wealthy don't tend to have any serious income - it's mostly capital gains for one of their holding companies or similar.
Second, those numbers can be seriously "massaged" by having debt - your income will show much lower if you have any significant debt (no mater how low the interest rate is).
For normal / regular people, the public figure gives you a very rough estimate.
Again - the rich and wealthy will almost always show up with income 0, tax 0, assets 0. You don't even need to be filthy rich to get it structured like that.
edit: What it did create, though, was a cottage industry of tax snoopers. Over here, you can see who's been checking you out - and nosy people not wanting to do that, will pay a couple of bucks for some service where others will check out your information.
- lolive 5y agoI am no expert but how can you reduce your income tax with debt? I thought only companies could include their debts into their global accounting, not individuals.
- zo1 5y agoInterest paid on debt is seen as an expense. In some tax codes (like in SA) expenses like that offset your taxable income as a private entity. To be fair the lines get blurry because tax codes like to tax individuals differently to business entities. E.g individuals get taxed on mostly gross profit (income) whereas companies get taxed on net profit after expenses. IMHO the whole thing would probably be filled with less gaps if we just relied on one of the two or unified them.