US tax bite smaller than other nations'

[TomCADem]

Source: Christian Science Monitor

As millions of Americans file their tax returns this month, they can find some solace in comparing US tax rates with those in other nations. Or can they?

The United States still has a lower overall tax burden than the typical advanced economy in Europe. But the gap isn't as big as you might think, and it may be poised to shrink as the pace of federal spending ticks upward. Here's a look at how Americans' tax burden ranks against that of citizens of other countries, and why it matters.

The average American pays wage-based taxes that are similar to what Britons pay – and not much lower than in France. Japanese citizens enjoy the lowest rates among the Group of Seven large industrial economies, or G-7. This includes national and local income taxes, plus payroll levies such as the employee share of Social Security.

But wage and payroll taxes are just part of the picture. Add in sales taxes, capital gains taxes, property taxes, and corporate taxes, and the US sends 28 cents of every dollar of output to the government. That still matches Japan for the lowest ratio of tax revenue to gross domestic product (GDP) among the G-7 nations. France and Italy score highest.


Read more: http://www.csmonitor.com/USA/2010/0411/US-tax-bite-smaller-than-other-nations

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Too bad no one really raised this as Bush passed a series of deficit busting tax cuts for the wealthy.

[PDJane]

1. In other words, it shifts the burden of taxes.......

to those who have the hardest time paying it.

[TomCADem]

2. "But 2/3 of Those Earning Above $100K Say They Pay More Than Their Fair Share"

With Fox News on the case, the rich are feeling more and more oppressed.

http://www.cbsnews.com/stories/2010/04/10/opinion/polls/main6382999.shtml?tag=cbsnewsSectionContent.10

[PDJane]

11. That's perception, not reality.

I would like to have them pay for the use of the wealth of the commons and see how that turns out.
Yes, I'm aware they think their hard done by. Tough.

[MannyGoldstein]

3. But They Get Health Care

We get to bail out bankers.

(A nation of chumps.)

[Proletariatprincess]

4. ....and perpetual war.

[bossy22]

7. and make money off it too

Many of the banks have paid back or are paying back their loans. In fact TARP i believe is about to break even and will start to return a profit to the government

So maybe the taxpayers might win after-all

[taught_me_patience]

13. TARP is not close to breaking even

http://www.ritholtz.com/blog/2010/04/no-treasury-bailout-profits-are-not-10-billion-dollars/

Why doesn’t anyone understand what a profit is? It is the total revenue minus the total costs. Which is why this FT headline is our second dumb headline of the day:

US Treasury’s bail-out profits top $10bn

“The US government has made more than $10bn so far on banks’ repayments of bail-out funds, according to a new analysis that suggests taxpayers might turn a profit on the unprecedented help extended to the financial sector during the crisis . . .”

No, they have not made $10 billion dollars. As the article later states, “Treasury still expects to lose $117bn on the entire Tarp Programme, which includes investments in the car industry and AIG, the insurer.”

To determine profits, we have to look at the total costs — TARP, bailouts, all rescues, etc.

[NecklyTyler]

5. We need an increase in the top marginal tax rate

The richest of Americans have been benefiting for 10 years from the Bush tax cuts, it is now time to recoup some of our loss

[ShortnFiery]

9. I wouldn't hold my breath, I think they'll continue to gut the middle class until ...

we are all part of the under-class or working poor.

The rich needs more of our MONEY!

[bulloney]

6. We pay less taxes and for what? War mongering and corporate welfare.

That's money well spent.

Conservatives point glowingly to the higher taxes in Europe, Canada and elsewhere. At least their citizens are getting health care, public transporation, better access to college, among other things. Our government, meanwhile, is going around the world half-cocked like Barney Fife, looking for someone to shoot and blow up on behalf of our corporate masters because those countries have something that the corporations want.

[ShortnFiery]

8. Other nations don't give a lion's share of their tax dollars for Death and Destruction of the MIC.

:nuke:

http://yorick.infinitejest.org:81/1/img/card-weapons_of_mass_destruction_usa.jpg

[mmonk]

10. True that. And all that mic spending isn't "revenue neutral"

as they like to say as spending on the welfare of US citizens has to be.

[mainer]

12. Japan has no military, so all their taxes can go to its social needs

no wonder their tax rate is low. Lucky them.

[NecklyTyler]

14. Japanese policemen fly fighter planes

Japan has a 'Self Defense Force' that they keep at home. They would much rather have American mercenaries protect their oil supply than do it themselves