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Not what is needed

Portugal is planning to become a haven for young adults by giving them a decade-long tax break in an attempt to curb a brain drain.

Under plans proposed by the country’s centre-Right government, workers under 35 would be exempt from paying income tax for the first year of their careers before receiving progressive discounts for the next decade.

Luis Montenegro, the prime minister, said: “Our goal is to really increase our ability to retain talent, to keep our young people in Portugal, ensuring that fewer of them leave and that those who do can return.”

The country is largely a scheme by which the haute bourgeois professions rook the rest of the country. The costs of trying to start something up – little one man businesses, self employment – are vast which is why no one does.

Change that matey.

3 thoughts on “Not what is needed”

  1. I read somewhere that in India you do not start a business by working out what you are interested in or even good at. Instead, you look at your start up capital and personal connections and based on those, work out who you can afford to bribe. Once you know that, you know which business to go into.

    In Europe, I think a similar thing exists except with regulation. You work out which regulations you can deal with and that determines which business you go into.

  2. Yeah, I see our progressive-left for the time being government is having yet another pop at the self employed. Those on “autonomo” are required to estimate the coming years earnings to determine how much tax they should pay. Those who have underestimated are now getting massive tax bills for the underpayments. It’s in line with most things in the small business sector. You have to pay before you make any money.
    But I suppose it chimes with the Spanish massive massive sense of entitlement. If you want to rent a business premises here, you have to pay the previous tenant for the contract. Who, no doubt, will have paid his previous tenant. So he wants to recover what he’s paid. There no “market price” in this. They just expect the money. It’s the sort on system that maybe could work if there was a shortage of premises & high demand. But Covid really put a trough in what had been falling demand since the 2010 financial crisis. Loads of businesses went bust. But if you want start a business, you have pay the person who went bust for the premises. Of if they’ve done flight you may be paying the landlord the same sort of money. So a big slice of your working capital has gone before you start earning a cent. So get a pattern. Businesses start up short of money. Immediately get hit with VAT liability, up front social security payments, local taxes etc, run out of money & go bust. Now they’ll be looking to sell their contract to someone else. No-one expects to suffer the costs of their own failure.

  3. I suspect that the reason a lot of young people want to be a YouTuber or Instagram influencer is that it is very easy to get started. Not much in the way of capital required. Equipment? A laptop, smartphone and internet connection. Most young people will have that kit by the time they are 18. No real regulation to speak of. The only real commitment is the time and effort required.

    The same is probably true for the OnlyFan girls.

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