Americans are very good at assuming we can have our cake and eat it too (pardon the cliche). As we begin a trip toward socialism, I don’t think many of us are aware of the coming taxes (for everyone). According to a world-wide, non-political tax information group, here are some tax facts from the best known socialist nations:
Sweden–municipal tax, 31% + 25% national tax + a Value Added Tax of 25%. (an example of a VAT–item parts cost $5, item sells for $30, purchasing consumer pays 25% of the $25 of “added value” to the government.)
Denmark–municipal tax, 25% + national income tax = abt. 51%.
Norway–municipal and federal tax = 40% + 25% VAT.
France–40% combined income tax + 19.6% VAT.
Finland–51% combined income taxes + 23% VAT.
United Kingdom–50% combined income taxes + 17.5% VAT.
Germany–42% combined income taxes + 19% VAT
All of these countries have lower to much lower corporate tax rates, acknowledging that business must thrive to build a country.
The United States–average combined income taxes 35%. Average corporate tax rate 35%. We already have one of the highest corporate tax rates, yet there are calls to raise it?
Keep in mind also that the nations in Europe about to be bailed out have been told that they MUST cut social programs. A British economist has predicted serious riots when the announcement comes.
This is NOT a rant for Republicans or any party–it is a concern that many of us do not realize the consequences of moving toward socialism—Taxing the rich will not pay the bill–your own income to do with what you choose will be greatly reduced.