Deutsche Bank Proposes 5% Salary Tax for Working From Home

About This Source - Bloomberg QuickTake: Now

Bloomberg L.P. is a privately held financial, software, data, and media company headquartered in Midtown Manhattan, New York City.

It was founded by Michael Bloomberg in 1981, with the help of Thomas Secunda, Duncan MacMillan, Charles Zegar, and a 12% ownership investment by Merrill Lynch.

Recent from Bloomberg QuickTake: Now:

  • FBI Agent Urges Capitol Rioters to Surrender: ‘If You Were There, You’re on Video’
  • Biden Picks Former FDA Head to Help Lead Covid Vaccine, Drug Effort
  • Dutch PM Mark Rutte’s Government Resigns Over Child Welfare Fraud Scandal
  • Bloomberg Quicktake: Now published this video item, entitled “Deutsche Bank Proposes 5% Salary Tax for Working From Home” – below is their description.

    Choosing to earn a living from home once the pandemic ends is a privilege that you should pay for, according to strategists from Deutsche Bank AG’s research arm. “Working from home will be part of the ‘new normal’ well after the pandemic has passed,” the strategists led by Luke Templeman wrote in a note. “We argue that remote workers should pay a tax for the privilege.” The team propose a 5% levy for those who work from home on a regular basis and not because of a government lockdown mandate. Such a measure could raise $48 billion a year in the U.S. and about 16 billion euros ($18.8 billion) in Germany, they say, to fund subsidies for low-income earners and essential workers who are unable to work remotely. Deutsche Bank Research undertook a survey to examine the major global shift toward remote work that occurred as a result of the Covid-19 pandemic, which may endure as many professionals discover financial, personal and professional benefits of the change. According to the results, more than half of those working remotely want to continue doing so for between two and three days a week even after the health crisis ends. The survey of 800 people was conducted in September. Working in the comfort of one’s own home saves money on travel, lunch and socializing, according to Deutsche Bank Research, and offers greater job security and flexibility, the strategists said. Yet people who are working remotely are also contributing less to the infrastructure of the economy, potentially extending the slump in national growth, they said. “That is a big problem for the economy as it has taken decades and centuries to build up the wider business and economic infrastructure that supports face-to-face working,” Templeman said. The proposed levy would be paid by the employer if they don’t provide their employee with a desk, whereas if the worker decides to stay home based on their own needs, they would be taxed for each day they work remotely, according to Deutsche Bank Research. In the U.S., the strategists calculate, such a tax could pay for a $1,500 grant to the 29 million workers making under $30,000 a year and unable to work from home. “It does make sense to support the mass of people who have been suddenly displaced by forces outside their control,” Templeman said. “Those who are lucky enough to be in a position to ‘disconnect’ themselves from the face-to-face economy owe it to them.” Subscribe to our YouTube channel: https://bit.ly/2TwO8Gm Bloomberg Quicktake brings you live global news and original shows spanning business, technology, politics and culture. Make sense of the stories changing your business and your world. To watch complete coverage on Bloomberg Quicktake 24/7, visit http://www.bloomberg.com/qt/live, or watch on Apple TV, Roku, Samsung Smart TV, Fire TV and Android TV on the Bloomberg app. Connect with us on… YouTube: https://www.youtube.com/user/Bloomberg Breaking News on YouTube: https://www.youtube.com/c/BloombergQuickTakeNews Twitter: https://twitter.com/quicktake Facebook: https://www.facebook.com/quicktake Instagram: https://www.instagram.com/quicktake

    Bloomberg Quicktake: Now YouTube Channel

    Got a comment? Leave your thoughts in the comments section, below. Please note comments are moderated before publication.

    In This Story: COVID-19

    Covid-19 is the official WHO name given to the novel coronavirus which broke out in late 2019 and began to spread in the early months of 2020.

    Symptoms of coronavirus

    The main symptoms of coronavirus are:

    • a persistent new cough (non productive, dry)
    • a high temperature (e.g. head feels warm to the touch)
    • shortness of breath (if this is abnormal for the individual, or increased)

    Latest News about Covid-19

    Below are stories from around the globe related to the 2020 outbreak of novel Coronavirus – since the WHO gave the Covid-19 naming. Most recent items are posted nearest the top.

    5 Recent Items: COVID-19

  • Biden Unveils Covid Vaccination Plan | NBC Nightly News
  • Hidden camera exposes forced labour in PPE factory (Marketplace)
  • ABC News Prime: Biden’s COVID-19 plan; DC on lockdown; Israel vaccine success, Palestinian misery
  • Covid and the NHS: Inside intensive care – BBC Newsnight
  • ‘Grow up’: Biden slams lawmakers who refuse masks
  • In This Story: Deutsche Bank

    Deutsche Bank AG is a German multinational investment bank and financial services company headquartered in Frankfurt, Germany, and dual-listed in New York Stock Exchange and Frankfurt Stock Exchange. The bank’s network spans 58 countries with a large presence in Europe, the Americas and Asia.

    5 Recent Items: Deutsche Bank

  • New York City Will Pull Contracts With Trump Organization: De Blasio
  • Deutsche Bank cuts ties with Trump
  • Republicans, business partners cut ties to Trump | DW News
  • Trump’s Empire Is in Crisis
  • Deutsche Bank reportedly cuts Trump ties after Capitol riot
  • In This Story: Germany

    Germany, officially the Federal Republic of Germany, is a country in Central and Western Europe. It lies between the Baltic and North seas to the north, and the Alps to the south.

    Germany is a federal parliamentary republic led by a chancellor. With over 83 million inhabitants of its 16 constituent states, it is the second-most populous country in Europe after Russia, as well as the most populous member state of the European Union. Its capital and largest city is Berlin, and its financial centre is Frankfurt; the largest urban area is the Ruhr.

    5 Recent Items: Germany

  • Angela Merkel’s Party to Choose New CDU Leader Ahead of German Election
  • Trump impeachment, Uganda elections, France & EU Covid, Germany after Merkel
  • German crematorium struggles to keep up with COVID-19
  • CDU to pick new leader in key vote for Merkel succession
  • Energy savings: Heat homes, cool the planet
  • In This Story: Lockdown

    During the 2020 Covid-19 epidemic, lockdown has come to mean the practice of attempting to control transmission of the virus by means of restricting people’s movement and activities on a broad scale, usually on a national or state-wide basis.

    3 Recent Items: Lockdown

  • ABC News Prime: Biden’s COVID-19 plan; DC on lockdown; Israel vaccine success, Palestinian misery
  • Foreign Visitors to U.K. Will Require Negative Covid Test to Enter Britain
  • Biden slams Republicans who didn’t wear masks during Capitol attack
  • Leave a Comment