While taxes are essential to the development of any country, the same cannot be said of the 10 countries with the lowest tax rates for the rich. Taxes are extremely integral towards the economy of a country. These taxes enable the country’s government to establish or start projects which that would be beneficial to the public. These programs can include healthcare, the building of necessary infrastructures such as roads and bridges, and funding the military of the country to protect from any foreign threats.
Taxes are also necessary for the government to fund education systems and establish a proper method of public transport. Meanwhile, taxes help fund the salaries of government employees such as the police as well as hospitals run by the government while additionally providing funding which can be used to provide unemployment benefits to those who fail to hold a job.
Most countries employ a progressive tax bracket. This means that the people with the lowest incomes are either exempt from tax or face low tax, while the people with higher incomes face a higher rate of tax. This is because richer people have more disposable income, and hence they can afford the higher tax rates. On the other hand, some countries are already so rich, they don’t even need taxes from their people, as can be seen in 10 countries with the lowest tax rates in the world. Hence, it is safe to say that the 10 countries with the lowest tax rates for the rich are the countries which don’t charge income tax on any bracket. According to a study conducted by the firm KPMG, the following countries didn’t see the need to charge any income tax on its citizens including the extremely rich ones.
Located in North America, the Bahamas is one of the richest countries on the continent, according to the gross domestic product per capita. Tourism is the main reason behind the wealth of the country and due to the revenue generated by tourism and banking and finance, the country does not levy any income tax on its citizens, no matter what their wealth.