Deutsche Bank Calls For 5% “Privilege Tax” On People Who Work From Home
Deutsche Bank analysts are proposing a “privilege tax” that would penalize workers who have the luxury of working from home. The plan also calls for the money to be used to subsidize lost wages of low-income workers, but the government rarely ever puts money where they promise they will, and Americans are still waiting on a second stimulus check, so the plan already has many critics. The plan has also not received the support of any US politicians, according to Forbes.
Deutsche Bank argues in a new report that remote workers contribute less to the economy’s infrastructure while still receiving its benefits, and says that a 5% tax on individuals levied against their wages on days they decide to work remotely would “leave them no worse off than if they had chosen to go into the office.”
The report indicates that working from home offers financial benefits because the worker does not have to commute and is able to save on food and clothes.
Deutsche estimates the tax could raise $48 billion annually in the United States, which they say could fund a $1,500 grant for the 29 million people who earn under $30,000 and don’t have the option of working from home.
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In the report, Deutsche’s Luke Templeman writes, “A work-from-home tax [makes] sense to support the mass of people who have been suddenly displaced by forces outside their control. From a personal and economic point of view, it makes sense that these people should be given a helping hand… Those who are lucky enough to be in a position to ‘disconnect’ themselves from the face-to-face economy owe it to them.”
Unemployment claims continue to rise throughout the United States. Last month, the US Department of Labor announced that there were 751,000 new claims for the week ending in 10/24. Insured unemployment was 7,756,000, but earlier this month the Bureau of Labor Statistics estimated that there are about 12.6 million people unemployed in the US.
Also, it is important to note that the official unemployment numbers are only representative of a small portion of the market, there are many people who worked in the informal economy or people who otherwise don’t have access to unemployment benefits who aren’t counted in these figures. Unemployment figures only count people who have applied and been accepted for unemployment, not everyone who is out of work.
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