Shopify CEO Tobias Lütke, whose company commands a market capitalization near $154 billion, told his social media followers this week that a tax-tiered voting system—one that would strip voting rights from anyone who pays no income tax—would be a "good system."
That two-word endorsement, dropped into a viral thread, has reignited a debate over wealth, power, and democracy that most Americans thought was settled more than a century ago.
The proposal would invert the founding American principle of "no taxation without representation" into something closer to "no representation without taxation"—and specifically, high taxation. Reactions online split sharply: Some framed it as a provocative thought experiment about aligning fiscal responsibility with political voice, while others called it a naked attempt to legitimize plutocracy by giving billionaires and multimillionaires a formal, multiplied vote over the laws that govern everyone else.
But it also revealed that America is grappling with a political economy debate, as a frozen housing market and an entrenched wealthy baby boomer demographic have many, not just Lütke, arguing that something big needs to change.
The exchange began with a provocation from Lütke: Pension recipients should have their financial futures "locked in and guaranteed," but in return would be reclassified as "dependents" and lose the right to vote—the same way minors can't vote. A reply from "Eric Thor," who claimed to be a retired banking executive as well as "armchair economist and policy wonk," proposed a sliding scale: zero votes for anyone who pays no income tax, one vote for those earning $1–100K, two votes for $100–200K, scaling up in that pattern to a hard cap of five votes for anyone earning $500K or more. The pitch was framed as fairness—reward "representation" for those who "foot the bill" through taxation.

#taxation #representation #votes

Members of the Institute of Chartered Accountants in England and Wales (ICAEW) could support UK Prime Minister Andy Burnham's plans to channel more investment into towns, infrastructure and local economies, but are urging him not to repeat the tax mistakes they say damaged business confidence under the previous government.
That is according to a new ICAEW poll of 875 members conducted between 6 July and 10 July 2026, which found that business taxation is seen as the most urgent issue for the new administration.
Nearly 57% of the respondents said easing the tax burden on businesses should be Burnham's top priority on taking office.
Members said repeated changes to the tax system in recent years had created uncertainty for companies and weakened willingness to invest.
They also cited last year's increase in employer National Insurance contributions, which some described as "crippling" for small businesses. Respondents said the rise constrained hiring, investment and expansion.

#businesses #institute

Greece's Article 5B offers American retirees a flat 7% tax on all foreign-source income for 15 years, covering Social Security, IRA withdrawals, and dividends.
A couple retiring to coastal Greece spends roughly $61,000 a year, about $17,500 less than the average U.S. household.
Retirees must elect the 7% regime in year one and fully sever ties from high-tax states like California or face double taxation with no credit offset.
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Someone in their late 50s or early 60s has read one too many articles about the Algarve, run the numbers, and realized Portugal is not what it was five years ago. Rents in Lisbon have doubled, the old Non-Habitual Resident tax break for retirees is gone for new arrivals, and the golden visa route to residency has been narrowed. If not Portugal, then where? The answer, for a growing number of American retirees, is Greece.

A large IRA withdrawal triggers Medicare's IRMAA surcharge two years later, costing a retired couple between $2,400 and $3,900 in extra annual Part B premiums.
The same withdrawal can make up to 85% of Social Security benefits taxable, compounding the financial hit in the year of the distribution itself.
Splitting the withdrawal across two tax years, with half taken in December and half in January, can keep income below IRMAA thresholds and reduce Social Security taxation.
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The old advice was to downsize in retirement. A Wall Street Journal trend piece, published July 16, 2026, describes wealthy boomers doing the opposite: one Northern California couple traded a ranch house under 2,000 square feet for a 5,000-square-foot sprawling property they bought next door, more than doubling their footprint in the same neighborhood. Home equity makes it feel affordable.

(Corrects date in the first sentence to Wednesday not Tuesday.)
PARIS, July 15 (Reuters) - Countries applying a global minimum tax on multinational companies saw corporate tax ‌revenues rise without a corresponding loss of jobs or investment, the Organisation ‌for Economic Co-operation and Development said on Wednesday.
The global minimum tax was designed to curb a decades-long race to the bottom in corporate taxation by allowing countries to levy top-up taxes when profits are taxed below 15% elsewhere, reducing the benefits of booking profits in low-tax jurisdictions.
More than 60 countries and territories have implemented the rules, while many others are preparing to do ‌so.
The Paris-based OECD estimated that ⁠the tax increased government revenue by €79 billion to €109 billion ($90 billion to $124 billion) in its first year, equivalent to 2.4% to 3.4% of global ⁠corporate income tax receipts.

Delaying Social Security past full retirement age adds roughly 8% per year up to 70, making the claim timing an irreversible longevity bet.
Three recurring pitfalls each punish inattention with steep, often-delayed financial costs: missed RMDs, the tax torpedo on Social Security, and IRMAA surcharges above $109,000 income.
Spreading Roth conversions across multiple years lowers future RMDs and provisional income, protecting Social Security from taxation and Medicare premiums from IRMAA tier jumps.
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She is 68, single, manages her own brokerage and IRA accounts, and reads the fine print on her Medicare statements. She has watched friends drift into their mid-seventies with sharper opinions but slower instincts about money, and she does not want to make her biggest financial decisions on a day when she is tired or distracted. So she is using this year to lock in the choices that are hardest to reverse, while putting the rest on autopilot.

CPA Australia has advised individuals not to rush their 2026 tax returns, warning that hasty submissions can increase the likelihood of errors and exposure to scams.
CPA Australia Tax lead Jenny Wong acknowledged the strong desire among many Australians to file early but stressed that speed should not come at the expense of accuracy.
Wong said: "Getting your tax return done early can be tempting, but it is important not to rush.
"Waiting until all your income information has been finalised and pre-filled by the ATO [Australian Taxation Office] will help ensure accuracy and reduce the risk of errors that can trigger reviews or delays."
She referenced recent ATO figures indicating a shift in taxpayer behaviour, with fewer people lodging returns in the opening weeks of the tax season.

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Elon Musk once paid one of the largest tax bills in U.S. history after selling Tesla stock in 2021 (1) — eclipsed only by Berkshire Hathaway's $26.8 billion payment in 2024 (2). But in a 2024 Pittsburgh town hall clip (3) once again making the rounds on X (4), the trillionaire argued Americans are already paying more than enough.
"You get taxed on what you earn, you get taxed on what you buy, and you get taxed on what you own," Musk said while discussing government spending and taxation.
Dave Ramsey warns nearly 50% of Americans are making 1 big Social Security mistake — here's how to fix it ASAP
JP Morgan sees gold hitting $6,000/oz before 2027 — and a Gold IRA lets you hold the physical metal while deferring the tax bill. Get your free guide from Priority Gold