It exists everywhere, why not? Apart from countries with wealth tax but these are rare exceptions.
As for taxation of income derived from business, these are either completely or mostly tax-exempt in many EU countries (Cyprus, Malta, Greece for 100K a year, Italy for 300K a year, Spain if you do a lot of paperwork, Portugal in some places, probably there's more). There's no US equivalent.
As for taxation of income derived from business, these are either completely or mostly tax-exempt in many EU countries (Cyprus, Malta, Greece for 100K a year, Italy for 300K a year, Spain if you do a lot of paperwork, Portugal in some places, probably there's more). There's no US equivalent.