Here is a link you can plug in and see what your tax will be in America http://www.usatoday.com/news/washington/tax-rates-spending.htm The high rate is 36% Now, here is another link that shows who pays the most taxes. Answer: the rich. They make so much money that they cover 40.4% of the taxes yet only represent 1% of the tax group. http://www.mint.com/blog/trends/who-is-paying-taxes/comment-page-1/?display=wide
The tax burden also varies by state, though, so you have to take that into account. http://retirementliving.com/RLtaxes.html The states with the lowest tax burden include Alaska, Nevada, Alabama, and Texas. Texas collects no personal income tax, has a low sales tax, and other low taxes (compared to other states); not surprisingly, it also has the healthiest economy of any state, and has the most Fortune 500 companies HQ'd there. The states with the highest tax burdens include New York, New Jersey, and Connecticut. Overall, the average tax burden is still far too high; if you say 36%, that sounds like too much to me. The federal government doesn't need high taxes to operate, because it is doing alot of things that it isn't supposed to be doing. It should be left to the states, and so that way states can have different tax burdens.
Texas: Lots of Oil and Gas Alaska: Oil, few people, hostile environment Nevada: Gold and Gambling, few people, hostile environment Alabama: see below Alabama's industrial outputs include iron and steel products (including cast-iron and steel pipe); paper, lumber, and wood products; mining (mostly coal); plastic products; cars and trucks; and apparel. Also, Alabama produces aerospace and electronic products, mostly in the Huntsville area, location of NASA George C. Marshall Space Flight Center and the US Army Aviation and Missile Command, headquartered at Redstone Arsenal. Alabama contains the largest industrial growth corridor in the nation, including the surrounding states of Tennessee, Mississippi, Florida, and Georgia. Most of this growth is due to Alabama's rapidly expanding automotive manufacturing industry. In Alabama alone since 1993, it has generated more than 67,800 new jobs. Alabama currently ranks 4th in the nation in automobile output
Quite right, but to expand on Texas: computers & computer parts (Dallas is Silicone City or whatever); livestock and farming; petroleum industry in Houston; manufacturing; imports and exports (Houston is a port city); tourism; etc. Thus we ought to reduce taxes overall for the federal government. 36% is too high. If we can, we should try to abolish the income and corporate tax; this will most likely attract foreign investors and wealthy people overseas, which will be good for the country. If we can't abolish the income tax, we should lower it: the lowest earners should pay nothing, and the highest can pay 5-7%
Those charts look about right to me. Accurate. But here's what bugs me: Even though I'm in that 1% and my group pays a full 40% of ALL FEDERAL TAXES, we've got boneheads here that say our money should be taken from us and "redistributed." So... who will be paying most of their taxes for them then, eh???
Really, Read-Only? I didn't know! Congratulations! It's people like you that keep the country strong. I agree, 'redistribution' is stupid; and what would happen to the tax base if all the upper-class decided to move to Monaco?
In order to lower the taxes for everyone, we need to reindustrialize the country. It is the production that earns the money not Ponzi Schemes. Ya, Ponzi Schemes and their derivatives work for a while as no one catches up....but sooner than later...it comes crashing down. And then, there is this matter of our Military designed to fight very large World Wars. Buying machine Guns to kill Horseflies is stupid. But no one would touch this taboo subject. Actually 36% tax rate has dropped from the good old days of 91% from 50s and 60s...(mouse over). I personally think federal Taxes should be 10%. Sales Tax 10%, Church 10% and you have it.
"We need......" Yes, we need to reindustrialize.........we do, not the government. Which means, we need to do it privately. And I agree, the military is way too excessive.
Thank you - on both points. Please Register or Log in to view the hidden image! Yes, I've got a very simple method that I've been using for decades. When the lemmings in the stock market get scared, start running and selling, I start buying. It's never failed me yet and never will. And yes, I've thought MANY times about moving offshore - but I like it here and so I'll just stay, keep making money and keep paying taxes. Please Register or Log in to view the hidden image!
It's understandable; if I were rich, I might move.....but at the same time, I really like the US (South) and so I'd probably want to stay.
Monaco Social insurance contributions payable by employers and employees are high. The employer's contribution is between 28%-40% (averaging 35%) of gross salary including benefits and the employee pays a further 10%-14% (averaging 13%). Social insurance contributions, amounting to nearly 50% of salary, are a major disincentive to the hiring of staff and in many ways detract substantially from the advantageous income tax regime which exists in Monaco. Two rates of VAT apply: the normal rate of 19.6% (which is the standard rate in France) and a reduced rate of 5.5%, which applies to water, food products, medicines, books, special equipment for handicapped people, hotel accommodation, public transport services and public entertainment services.
Heh-heh-heh! You're missing a HUGE point there, kmguru - people in my tax bracket are NOT employed! Please Register or Log in to view the hidden image!Please Register or Log in to view the hidden image! (We don't care about taxes on salaries). <big grin>
When making tax comparisons you also need to factor in that other countries include healthcare insurance in their tax rates. In the US, such is not the case. So to do an actual apples to apples comparison you would have to add in the cost of private healthcare insurance.
That's stupid. Private healthcare insurance is a service purchased by the individual. You wouldn't have to factor in cable service, internet service, or magazine subscriptions, so you don't have to factor in healthcare.
No because cable and internet are not provided or paid for by taxes anywhere. But in order to make realistic comparisons you have to adjust for healthcare either by taking it out of other countries or adding it in to the US. Because like it or not healthcare is still and expense that must be paid wither you call it tax or wither it is paid privately. And frankly, because the healthcare industry is so heavily regulated in favor of providers and at the expense of consumers, it really is one of those hidden taxes that we pay every day.
I see; so if Denmark started providing cable and internet service by the government, then we'd have to factor it into the American system as well? Nonsense, once again. You compare taxes and that's it. America has lower taxes; but, they are still too high in my opinion. No, you don't have to buy health insurance.
The initial chart in the OP shows the average tax rate for a given income, but it doesn't seem to account for deductions (including the standard deduction). So, while it is accurate insofar as it goes the average tax rate it provides is not 100% in live with the average tax paid (as we all, at least, take the standard deduction).
