Re:In Aging Singapore, 65-Year-Olds Are Learning How to Code
by tcbawo on Sunday September 15, 2019 @12:28PM
(#20977964)
The US has a culture that believes that only suckers pay taxes, the willingness/desire to defer problems to future generations, and the inability to capture meaningful revenue from the extremely small percentage of the population that reaps the lion's share of the benefits of the economy.
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Re:In Aging Singapore, 65-Year-Olds Are Learning How to Code
by rayiner on Sunday September 15, 2019 @02:05PM
(#20978550)
The US gets more tax revenue from rich people than most Western European countries. https://www.economist.com/united-states/2017/11/23/american-... https://www.theatlantic.com/business/archive/2012/02/us-taxe...
> Income taxes in America are more progressive than in other rich countries--according to an authoritiative official study which, to my knowledge, has not been contradicted. The OECD's report "Growing Unequal", on poverty and inequality in industrial countries, includes a table that provides two measures of income tax progressivity in 2005.
US Social Security also pays out more than most Western European countries.
Re:In Aging Singapore, 65-Year-Olds Are Learning How to Code
by tcbawo on Sunday September 15, 2019 @02:29PM
(#20978692)
The US tax system is regressive by taxing earned income differently than capital gains. It also gives the truly wealthy an opportunity to indefinitely defer or avoid realizing gains. The "progressive" US tax code only targets high income/upper middle class individuals.
Re:In Aging Singapore, 65-Year-Olds Are Learning How to Code
by rayiner on Sunday September 15, 2019 @02:53PM
(#20978838)
Taxing capital gains differently than income is a regressive element, one the US tax code shares with nearly every other country in the OECD. Overall our capital gains tax rates are on the higher end: https://taxfoundation.org/us-taxpayers-face-6th-highest-top-.... But the overall tax system is progressive.
Re:In Aging Singapore, 65-Year-Olds Are Learning How to Code
by maehwasu on Sunday September 15, 2019 @06:08PM
(#20979751)
The parent comment made a relative statement (comparison of US to Europe). You responded with an absolute statement (US tax code is not progressive). That’s completely irrelevant to his/her point.