Re:The Pension Hole for U.S. Cities and States Is the Size o...
by rayiner on Monday July 30, 2018 @06:02PM
(#17648534)
You raise the other really important consideration, which is that if we were to raise taxes to the same levels as Germany or Sweden, taxes wouldn't go up on rich people and corporations: https://taxfoundation.org/how-scandinavian-countries-pay-the.... The top marginal tax rate for someone in California, even with the Trump tax cuts, is similar to someone in Sweden. The difference is that in the U.S., the 50%+ rate kicks in around $500,000-1,000,000 HHI, while in Sweden it kicks in at the equivalent of around $100,000 HHI. Sweden collects as much revenue from its 25% VAT, which is enormously regressive, as from income taxes.
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Re:The Pension Hole for U.S. Cities and States Is the Size o...
by adventured on Monday July 30, 2018 @06:11PM
(#17648607)
The US middle class is entirely oblivious to how extraordinarily low its taxes are. Despite having one of the highest disposable income levels on earth, it somehow manages to blow all of its money on consumer crap from China, $300/month cell phone plans, $200 DirecTV plans, etc., instead of saving it. That's despite the US having a lower cost of living than Germany and France.
All the right politicians bleat about lowering taxes - you really can't, the rich are already paying for everything as it is now, we can hardly get more progressive (on income taxes at least). You can't lower taxes on the bottom 75%, it's just pandering. The left bleats about the well-off not paying their fair share, somehow paying for nearly everything isn't a fair share. They're both wrong as usual. More plausibly, to pay for ballooning entitlement costs, infrastructure, expanding healthcare, etc. taxes need to go up on everyone.