(Feeling the Pulse and the Pinch by Taxation)
The scandal led to significant reforms and oversight measures within KPMG.
Would you like to know more about the impact of this scandal on KPMG or the US tax system?
U.S. (California)
A proposed wealth tax aimed at California’s billionaires is headed for the 2026 ballot, presented as a one-time measure to raise revenue for public programmes. How would that one-time label function once the rules are applied? In this episode, Hank Adler, associate professor and Burra executive professor of accounting at Chapman University, walks through how the proposal would operate in practice and what its structure could mean for California’s economy after the vote.
California is considering one of the most controversial proposals of 2026: the Billionaire Tax Act. In this video, we break down: What the Billionaire Tax Act actually does: Who it applies to (net worth, trusts, assets, investments) Why supporters say it could raise up to $100 billion Why critics warn it could drive billionaires, businesses, and jobs out of California The legal and economic risks, including potential constitutional challenges How this could impact innovation, Silicon Valley, and the broader California economy This debate isn’t just about billionaires — it affects business owners, workers, taxpayers, and the future of California’s economy. Is this a necessary reform or government overreach? Drop your opinion in the comments – we read them all. Like the video if you want more clear, no-nonsense California business and law breakdowns.”
I suspect that many of you are aware of the following report (featured on CNN):
“Lebanon has been hit hard by a massive Ponzi scheme, with the country’s financial system collapsing in 2019.
Yes, Lebanon’s financial system collapsed under what many economists, international organisations, and officials describe as a massive, nationwide Ponzi scheme, causing one of the worst economic crises globally since the mid-19th century.
The collapse, which became acute in 2019, involved the Lebanese Central Bank (Banque du Liban) and commercial banks, supported by the political class, using new deposits to pay exorbitant interest rates on old deposits rather than generating real returns.”
The international community, including the United Nations and the World Bank, has condemned Lebanon’s financial practices, calling for urgent reforms and accountability.”
“The collapse, which became acute in 2019, involved the Lebanese Central Bank (Banque du Liban) and commercial banks, supported by the political class, using new deposits to pay exorbitant interest rates on old deposits rather than generating real returns.”
SWEDEN
I recall my visit to Sweden about sixty years ago. In Stockholm, I ran into a very friendly guy who invited me to Uppsala, where he was a university lecturer. When I visited him, he and his wife occupied a very comfortable three-bedroom apartment in a block of flats close to the university. Although he was paying tax of 65 per cent of his income, he had no complaints whatsoever. He was very happy and secure – no worries about pension, education of his children, health and recreation facilities, transportation, bandits, kidnappers, corrupt politicians, etc.
The credo of the Swedish tax system was transparency and accountability by the government.
Incidentally, during my visit the entire nation went into lockdown because a woman died during childbirth.
The minister of health was sacked within twenty-four hours.
Sweden has a high-tax, progressive system, with income taxes ranging from 29 to 35% (municipality-dependent) and a 20% national tax on income exceeding 625,800 SEK (2025). Key taxes include a 30% capital gains tax, a 20.6% corporate tax, and a 25% VAT, with no wealth or inheritance tax. Tax returns for individuals are due in early May.
Individual Income Taxes
Municipal Tax: Roughly 29-35%, depending on residence.
National Tax: 0% on income up to 625,800 SEK, 20% above that (2025).
Special Income Tax (SINK): Reduced to 22.5% for non-residents in 2026, dropping further to 20% in 2027.
Capital Gains: Generally taxed at 30%.
Property Tax: 0.75% of taxable value, maximum 9,287 SEK (2025).
Corporate and Business Taxes
Corporate Income Tax (CIT): 20.6%.
VAT (Moms): Standard rate is 25%, with reduced rates of 12% or 6%.
Employer Contributions: 31.42% of gross salary.
Self-Employment: Roughly 28.97% in social security contributions (egenavgifter) plus income tax.
What the six geopolitical zones contributed to the VAT pool and received in 2025.
Here is the data regarding VAT (Value Added Tax):
1. South-west
Contributed: N3.97trn
Received: N1.08trn (27.12%)
2. South-south
Contributed: N1.29trn
Received: N678.62bn (52.56%)
3. North-west
Contributed: N370.92bn
Received: N743.69bn (200.50%)
4. North-central
Contributed: N266.24bn
Received: N528.99bn (198.69%)
5. North-east
Contributed: N201.40bn
Received: N521.38bn (258.89%)
6. South-east
Contributed: N139.75bn
Received: N436.01bn (312.01%).
Our profession is not the only one grappling with challenges.
Even the medical profession is contending with the fundamentals of its ethics – do no harm.
A case in point is what occurred recently when a surgeon interrupted his professional assignment to perform other pressing duties – namely sex.
“A doctor who left a patient midway through an operation to have sex with a nurse is at ‘very low risk’ of repeating his serious misconduct,” a medical tribunal has ruled.
Married father-of-three Dr Suhail Anjum and the unnamed nurse were caught in a “compromising position” by a shocked colleague who walked in on the pair at Tameside Hospital, Ashton-under-Lyne, Greater Manchester.
