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Wall Street Bank proposes to tax work from home to boost economic development



The coronavirus pandemic shows a clear division of labor. White-collar professionals work from home, while service workers find themselves working on the front lines, usually to lower wages. Now, a bank has proposed a fair competition idea: tax people who work from home to help those who do not get the same benefits.

In Deutsche Bank’s report on how to rebuild the economy after COVID-19, economic experts recommended a 5% daily tax on every employee who works from home. It said the money can be used to help low-income workers who take greater risks because their work cannot be done remotely.

The bank noted that the shift to remote work caused by the pandemic appears to be sustainable in the long term. In the United States, the number of people working remotely during the pandemic has increased tenfold, and there are now 56% of American workers working remotely. In the UK, this ratio is 47%.

Deutsche Bank wrote: “The sudden shift to WFH means that, for the first time in history, a large proportion of people are out of touch with the economy. Remote workers contribute less to the economic infrastructure while still reaping its benefits. ”

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The bank argued that these workers benefit from convenience and can save money directly because they don’t have to pay for commuting, take out lunches or dry-clean work clothes. But this means that millions of companies that have grown to support office workers will not be able to recover.

Rather than calling on the government to support businesses that are no longer useful, such as sandwich shops in the city center, which have lost customers working in nearby office buildings, it calls on other workers to fund the transition of “people with a large workforce”. Suddenly displaced by forces beyond their control. “

The bank wrote: “Many people who are retraining or figuring out the next step in their lives will have to engage in low-paying jobs. From a personal and financial point of view, these people should be given help.” “Those who are lucky enough to be able to Those who are’decoupled’ from the face-to-face economy should be attributed to them.”


Americans are exhausted from working from home

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Deutsche Bank calculates that the typical American’s salary for working at home is $55,000, and the tax impact is about $10 per day (or $2,500 per year). The bank said that this is about what a worker may spend on commuting, lunch and laundry, which means that the tax “will make their situation no worse than when they choose to go to the office.” The study shows that it may raise up to $48 billion in funds in the United States.

But many economists quickly made this suggestion.

Jared Walczak, vice president of National Projects at the Conservative Taxation Foundation, called it “clickbait.”

“The proposed remote work tax does not solve the problem; it does not even find a problem worth solving. It just imposes fines on those who can work remotely.”

Andrew Hunter, co-founder of job search engine Adzuna, predicts that this tax will be incredible.

Hunter told the Associated Press: “This punishes progressive companies that were responsible during the pandemic and those who have children or are responsible. These people have already incurred more expenses and have come by staying at home. Improve the environment.” “To be honest, there are many better ways to increase taxes!”

The Associated Press provided reports.


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