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Originally Posted by charlestudor2005
I've made my points. I don't care to argue this any longer.
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Good, maybe I'll get in the last word. Two people have weighed in here saying the government takes over 50% of what they make. Do you think that's fair? How much should government take? 70%? 100%? At what point do people quit working or start gaming the system to avoid paying higher taxes? Britain raised marginal income tax rates a couple of years ago from 40% to 50%, and their tax take from people in that bracket went down. I can show you similar changes when rates have changed in the U.S. Higher tax rates can end up collecting less income tax.
Your chart shows the U.S. rate on business, that is, on corporations, to be highest next to Japan. Individuals, including people with pensions and mutual funds, are the ultimate owners of corporations, so the corporate tax represents an indirect tax on people. And corporate taxes are a cost of doing business -- much of the tax is passed onto the U.S. consumer in the form of higher costs.
I would question whether your chart includes state income taxes. It certainly doesn't include the property taxes and sales taxes that drive Bigh's total rate over 50%.
Your chart is "Europe centric". Many of the countries on your chart with high tax rates suffer from high unemployment and low GDP growth rates. If you look at the most dynamic developed economies in the world -- Singapore, Hong Kong, Korea, the United States -- their tax rates are lower than western Europe.
Are you a politician? If so your reasoning makes sense. You're the masters and the rest of us are your slaves. That's the way it should be. Because you know what's best for the rest of us and how to best spend our money.