America - The King of Taxation

[GHook93]

First we have the largest Corporate Tax in the World! Liberals, please recognize this drives business overseas. Now they want to add an energy tax on us! Smart move!

Do a quick Comparison to Israel, a tiny country that spends 16% of its GDP on defense and we should be outraged that we are being taxed so high!
NOTE: This has to deal nothing with Israel-Arab/Palestine Issue, this is comparing US to Israeli taxes, in which Americans to show that Americans are being taxed to dealth!

So Shogun if you want to talk about I/P problem go to a different thread, you have started millions of them!

Tax on interest: US 50% - Israel 20%
Capital Gains: US 50% - Israel 20%
Rent Income Tax: US 50% - Israel 10%
Inheritance Tax: US YES - Israel NO
Gift Tax: US YES - Israel NO
Corporate Tax: US 35% - Israel 26%
Income Tax: US 0-35% (Fed), - 0-10.5% (state)= 0-45.5% total - Israel 10-46%
Sales Tax: US 0-12% (in IL it gets up to 12% and Obama is talking about a federal sales tax) - Israel 8%
Payroll tax: US 15% - Israel 0%
Universial Health Care: US NO - Israel YES

The Israeli tax myth - Israel Opinion, Ynetnews

46%, puts us at 13th spot among OECD states – which is about midway down the European rankings, below northern Europe, France, Holland, and many other countries.

Compared to the Americans, meanwhile, life here is great. The tax on interest in the US is 50%, while here it’s 20%. The tax on capital gains in the US is 50%, while in Israel it’s 20%. The rent income tax rate in America is 50%, while in Israel it’s 10%.

Moreover, as opposed to America, here in Israel we do not have an inheritance tax, we do not pay a gift tax, and we have no state tax. Also, let’s keep in mind that in the US there is no such thing as universal health insurance, a fact that eats up another considerable chunk of one’s income over there. Those poor Americans; how do they make ends meet?

How can we be taxed more than them? Canada also beats us!
Tax on interest: US 50% - Canada 50%
Capital Gains: US 50% - Canada 50%
Inheritance Tax: US YES on beneficiary- Canada Yes but only to the estate!
Gift Tax: US YES - Canada NO
Corporate Tax: US 35% - Canada 29%
Income Tax: US 0-35% (Fed), - 0-10.5% (state)= 0-45.5% total - Canada 29%
Sales Tax: US 0-12% (in IL it gets up to 12% and Obama is talking about a federal sales tax) - Canada 5-12%
Payroll tax: US 15% - Canada 4.95%
Universial Health Care: US NO - Canada YES

Compare Property taxes, gas taxes, now the energy tax and we are getting killed!
Personal note on property taxes. My parents have a $500K home in IL they $11,000 a year in taxes on it. They also have a summer home worth $300K in Puerta Verta, Mexico and they pay $125 per year on it!

Americans are getting killed at all ends!

 

[KMAN]

This is too difficult for liberals to understand... and these are the self proclaimed (smartest people in the world)... LOL

 

[Toro]

http://www.usmessageboard.com/economy/73930-us-taxes-second-lowest-in-developed-world.html

 

[Oddball]

http://www.usmessageboard.com/economy/73930-us-taxes-second-lowest-in-developed-world.html

I call bullshit.

Federal taxes aren't the only ones Americans pay.

Between federal taxes, FICA/Medicare, state taxes, sales taxes, "fees" (read: taxes), the hidden costs of corporate taxes, inflation, and the costs of compliance, the take is easily in the 50% neighborhood.

 

[Toro]

http://www.usmessageboard.com/economy/73930-us-taxes-second-lowest-in-developed-world.html

I call bullshit.

Federal taxes aren't the only ones Americans pay.

Between federal taxes, FICA/Medicare, state taxes, sales taxes, "fees" (read: taxes), the hidden costs of corporate taxes, inflation, and the costs of compliance, the take is easily in the 50% neighborhood.

The graph is of all taxes paid at all levels of government.

The data comes from the OECD.

 

[Oddball]

Then how is it we have "tax freedom day" (which doesn't even take into account the costs of compliance) ending up in April??

The Tax Foundation - America Celebrates Tax Freedom Day®

 

[Modbert]

http://www.usmessageboard.com/economy/73930-us-taxes-second-lowest-in-developed-world.html

Toro just wrecked all other posts before him.

Btw KMAN, Ronald Reagan raised taxes many many times in office. FOUR times between 1982-1984 ALONE!

Can't forget how workers on the federal payroll ROSE 61,000 under Reagan but FELL 373,000 under Clinton.

How about the 1983 Gasoline tax? Or the closing tax loopholes for businesses which ended up being $50 billion over three years.

Reagan continued these "modest rollbacks" in his second term. The historic Tax Reform Act of 1986, though it achieved the supply side goal of lowering individual income tax rates, was a startlingly progressive reform. The plan imposed the largest corporate tax increase in history--an act utterly unimaginable for any conservative to support today. Just two years after declaring, "there is no justification" for taxing corporate income, Reagan raised corporate taxes by $120 billion over five years and closed corporate tax loopholes worth about $300 billion over that same period. In addition to broadening the tax base, the plan increased standard deductions and personal exemptions to the point that no family with an income below the poverty line would have to pay federal income tax.

So KMAN, I guess Reagan is a Liberal huh?

 

[Toro]

Then how is it we have "tax freedom day" (which doesn't even take into account the costs of compliance) ending up in April??

The Tax Foundation - America Celebrates Tax Freedom Day®

Well, that makes sense. 33% of economic production goes towards paying taxes. April is 33% of the way through the year.

 

[Oddball]

O.K....Now add in the costs of compliance.

 

[Toro]

O.K....Now add in the costs of compliance.

I have no idea.

However, that is a legal problem. America is a very litigious nation which is deeply embedded within society. Americans spend far too much time and money debating and adjudicating laws and rules.

 

[PLYMCO_PILGRIM]

http://www.usmessageboard.com/economy/73930-us-taxes-second-lowest-in-developed-world.html

your chart only includes income taxes.

If you download the spreadsheet on your link and read the data you will see that.

It does not inclued the following types of taxes (and more):

Corporate
Interest
Capital Gains
Sales
Excise
Property


Not trying to insult you personally here, just letting you know your information does not include all taxes.

 

[Oddball]

O.K....Now add in the costs of compliance.

I have no idea.

However, that is a legal problem. America is a very litigious nation which is deeply embedded within society. Americans spend far too much time and money debating and adjudicating laws and rules.

Oh, no you don't.

How much of the accounting staff of even an average company dedicated toward tax and regulatory compliance??

C'mon....You really are smarter than this.

 

[PLYMCO_PILGRIM]

O.K....Now add in the costs of compliance.

I have no idea.

However, that is a legal problem. America is a very litigious nation which is deeply embedded within society. Americans spend far too much time and money debating and adjudicating laws and rules.

Oh, no you don't.

How much of the accounting staff of even an average company dedicated toward tax and regulatory compliance??

C'mon....You really are smarter than this.

A large enough portion that when you combine it with the high corporate tax rates you get companies that previously provided good employment to Americans moving to other countries with less governmental expenses for their business.

 

[strollingbones]

wouldnt it be better to compare amount of taxes to services received in exchange for said taxes...

why should israel have higher taxes...how much of our taxes go to israel in foreign aid..directly and indirectily?

 

[PLYMCO_PILGRIM]

wouldnt it be better to compare amount of taxes to services received in exchange for said taxes...

I like the premise of your idea. I bet america is on the end of the list that receives the fewest services for taxes paid.

 

[Toro]

your chart only includes income taxes.

If you download the spreadsheet on your link and read the data you will see that.

It does not inclued the following types of taxes (and more):

Corporate
Interest
Capital Gains
Sales
Excise
Property


Not trying to insult you personally here, just letting you know your information does not include all taxes.

Yes it does. It is a graph of total taxes paid at all levels of government relative to GDP. On the tab "Tax & NonTax Receipts" in the excel spreadsheet, it says

Note: Data refer to the general government sector, which is a consolidation of accounts for central, state and local governments plus social security. Non-tax receipts consist of property income (including dividends and other transfers from public enterprises), fees, charges, sales, fines, capital tranfers received by the general government, etc. For more details see OECD Economic Outlook Sources and Methods (Economic Situation, Analysis and Projections : Publications & Documents:Manuals, Sources and Methods).

 

[Toro]

Oh, no you don't.

How much of the accounting staff of even an average company dedicated toward tax and regulatory compliance??

C'mon....You really are smarter than this.

Why do you think the costs are so much more in America? Other countries have complex tax systems and accounting standards as well.

In fact, because taxes are generally higher in Europe, it would not be unreasonable to assume that companies and people spend more money to avoid taxes than they do in America.

 

[Toro]

A large enough portion that when you combine it with the high corporate tax rates you get companies that previously provided good employment to Americans moving to other countries with less governmental expenses for their business.

Taxes are usually a minor reason why companies locate production offshore. Instead, companies will re-domicile their head offices to Bermuda or Switzerland to avoid taxes.

 

[Oddball]

Oh, no you don't.

How much of the accounting staff of even an average company dedicated toward tax and regulatory compliance??

C'mon....You really are smarter than this.

Why do you think the costs are so much more in America? Other countries have complex tax systems and accounting standards as well.

In fact, because taxes are generally higher in Europe, it would not be unreasonable to assume that companies and people spend more money to avoid taxes than they do in America.

Maybe because America has the most convoluted tax code on the planet??

The VAT is so easy that...well....a caveman could figure it out.

 

[GHook93]

That is a GIGANTIC distortion piece, since we have the largest GDP by far, but that does NOT mean we should be taxed higher tax rate than what our forefather would have found acceptable!

http://www.usmessageboard.com/economy/73930-us-taxes-second-lowest-in-developed-world.html