[dhs12345]

Have you lived there? I used to travel there frequently. Everything is heavily regulated, income and vat taxes are high, no one actually owns realestate, homes, condos, etc. — everyone “leases” their condos and homes from the government (99 year lease). That prevents wealth from being passed on.

Cars and other luxuries are heavily taxed. A typical automobile costs $100k. Not a high end car but a cheapie beater. Gasoline is heavily taxed and expensive.

[green iguana]

I have not lived there, but am quite familiar with their tax structure. Yes, they do have some high taxes as you mention, but his concern is with the income tax - they top out at 20%, vs our 37.5 - and capital gains tax, of which they have none.

I doubt he cares how much a car costs there.