Americans' tax burden is lightest in developed world

As Warren Buffett a year or two ago, the rich have never had it so good in terms of taxes. He has this statement:

15% capital gains tax...and no payroll tax on that. I've never had it so good. I think it's terrible for people to say that income from investments should be taxed at lower rate than income from labor. You're going to get the money from someone. So who? Me and you? Or guy who drives taxi getting me here. Over the years, they've taken less and less from a guy like me. Everyone likes to talk about how top 1% pay huge percentage of taxes. $900 billion is payroll taxes--that comes out of people in my office. Payroll tax is one-third of receipts of fed govt. That doesn't come from me.
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from a Charlie Rose interview:

http://www.businessinsider.com/2008/10/warren-buffett-on-charlie-rose-never-seen-anything-like-this

I agree with his statement that the rich have not had it this good in a long while.

However, I don't agree with how the government screws up seemingly everything that they touch. I don't agree with giving the government more money to waste. This feeling is magnified when you hear about things like VAT, health care tax and a stock transaction tax all being considered. I would much rather the politicians raise the income tax directly, then institute a new kind of tax. At least they would be being upfront about it, rather than hiding new taxes in new places (VAT for example). As for the health care tax, if we are going that way as a nation, then EVERYONE should feel a little pain, not just the rich. The 5% tax for people who make over $250,000 is an abomination. If you are going to tax more for something, make everyone pay a percentage. You shouldn't get something for free.

Now if the government were responsible and could pay down the deficit by raising taxes, I would contribute my fair share. But since we know that isn't going to happen, morally I have to oppose every new tax. Don't tell me I have to pay more money when you can't keep a balanced budget.

Off topic: Anyone who has a retail brokerage account who advertises on CNBC or TheStreet.com should tell that brokerage about Cramer's stance on the transaction tax (http://www.thestreet.com/story/10632585/1/cramer-responds-to-trading-tax-critics.html) and tell them to cancel any advertising links with those entities.
 
Quote from TraderZones:

Not exactly what ET folks want to hear...

Americans' tax burden is lightest in developed world
By David J. Lynch, USA TODAY


COMPARING TAX BURDENS

How the USA and some other nations compare in total tax revenue as a percentage of GDP:

2007 2008*

Denmark 48.7% 48.3%

Sweden 48.3% 47.1%

Belgium 43.9% 44.3%

France 43.5% 43.1%

Italy 43.5% 43.2%

Finland 43.0% 42.8%

Austria 42.3% 42.9%

Germany 36.2% 36.4%

United Kingdom 36.1% 35.7%

Canada 33.3% 32.2%

United States 28.3% 26.9%

* = provisional Source: Organisation for Economic Co-operation and Development

You'd never know it from all the cable news chatter, but Americans bear the lightest tax burden in the developed world.
Total U.S. tax revenues in 2008 equaled 26.9% of gross domestic product, according to provisional figures released Tuesday by the Organisation for Economic Co-operation and Development. That figure – which includes local, state and federal taxes, including Social Security – was lower than the 1990 ratio and far below levels across Europe. In Denmark, the total tax take exceeds 48% of the economy. In France, it tops 43%; Germany, 36%.


To those on the right, who see Uncle Sam's comparatively light touch as a key to economic growth, the new numbers show what's at stake as the Obama White House battles the recession with generous doses of public funds. To others, the tax data from the 30-nation organization suggest the U.S. has room to raise taxes to pay for its unprecedented crisis-related borrowing.

"We're not an overtaxed country," says economist Dean Baker of the left-of-center Center for Economic and Policy Research.

Among all OECD members, the lowest 2008 ratios were recorded by South Korea (26.6%) and Turkey (23.5%).

In 2007, the last year for which complete data are available, the U.S. and Japan shared top billing as the least taxed developed countries.

The OECD data provide a sharp contrast to charges by conservatives such as Fox News' Glenn Beck, who says that the Obama administration is taking the country down "the road to socialism."

But Chris Edwards of the libertarian Cato Institute worries that the United States' comparatively low-tax profile – and its prospects for economic growth – are at risk. If government programs, including Social Security and Medicare, aren't trimmed, future tax increases could chill investment, he says. "I worry for the future of this country," Edwards adds.

The global recession has meant lower revenues from taxes on income, property sales and stock gains in most countries. Plus, many OECD countries cut taxes in the past year in hopes of jump-starting growth. Of 26 countries that reported provisional 2008 data to the OECD, 17 saw their tax-to-GDP ratios fall. And further recession-induced declines are expected when data for this year become available.

With trillion-dollar budget deficits forecast for several years and rising entitlement costs as Baby Boomers retire, many analysts say the U.S. tax take will rise.

"It's going to be politically painful. ... But our competitors are, for the most part, taxing themselves at higher rates," says Andrew Reschovsky, a professor of applied economics at the University of Wisconsin.
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If high tax rates make a country rich how come the soviet union failed?
The state officially owned EVERYTHING a 90-100% tax rate?


If printing money makes a nation wealthy, what's Zimbabwe's excuse?

It's not by accident that the US has been the world's economic engine.

Now you fools want to sweeten things up by putting sugar in the gas tank.

taxes, printing money and excessive borrowing do not make for a rich nation.

Kinda funny I was watching cnbc and the host was arguing(with rick santelli sp) a weak dollar was a net boon to the US economy.
Of course he was talking in all economic
goofyspeak and had totally disengaged rational thought (as per requirement for fairytooth economics).

Don't these ignorant anus's realize a cheaper dollar hurts everyone who owns dollars (see example above of currency devaluation by zimbabwe)?

It doesn't matter how Z devalued it's currency, the only important feature is the effect impoverishing the nation.
 
Quote from PlusMinus:

Yeah, and I mean who minds it when you're pregnant and there are no beds for you in Canada. All good right? Yeah, Palin's an idiot, bla bla bla..

Zzzzz. Pathetic.
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LOL this would never happen... silly redneck.
 
Quote from Index piker:


Kinda funny I was watching cnbc and the host was arguing(with rick santelli sp) a weak dollar was a net boon to the US economy.
Of course he was talking in all economic
goofyspeak and had totally disengaged rational thought (as per requirement for fairytooth economics).

Don't these ignorant anus's realize a cheaper dollar hurts everyone who owns dollars (see example above of currency devaluation by zimbabwe)?

It doesn't matter how Z devalued it's currency, the only important feature is the effect impoverishing the nation.
More...

Devaluing the dollar is good for the USA in the long term. That is, if the USA ever wishes to export again...
 
Quote from Dragons Teeth:

Income and corporate tax in the US is not unreasonable its the local taxes in some states that I find galling. I have family and friends in NY and CA and they are just getting gouged. My cousin registered his US arm in Maryland which seems to have reasonable corporate tax laws.
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In California I pay 10% off the top in state income taxes and 9% in sales taxes.
 
Quote from sprstpd:

As Warren Buffett a year or two ago, the rich have never had it so good in terms of taxes. He has this statement:
15% capital gains tax...and no payroll tax on that. I've never had it so good. I think it's terrible for people to say that income from investments should be taxed at lower rate than income from labor.
More...
I agree. The tax for labor should be reduced to 15%.

Buffet is loophole king. If he feels guilty about not paying payroll taxes , he should just take his a salary with a W2 instead of taking his income as capitol gains.
He also favors an estate tax, yet he bypass that tax by converting his wealth into a non-profit fund run by Bill Gates.
 
Quote from TraderZones:

Not exactly what ET folks want to hear...
Americans' tax burden is lightest in developed world
More...
The USA has such a huge GDP it would be unreasonable to have the same percent that small countries have go to taxes.

The cost to run goverement does not go at a 1 to 1 ratio with GDP
USA GDP 14 Trillion, 40% is 5.6 Trillion. No way the the Goverment need 5.6 Trllion to run its programs.
 
Quote from TraderZones:

Not exactly what ET folks want to hear...

Americans' tax burden is lightest in developed world
By David J. Lynch, USA TODAY


COMPARING TAX BURDENS

How the USA and some other nations compare in total tax revenue as a percentage of GDP:

2007 2008*

Denmark 48.7% 48.3%

Sweden 48.3% 47.1%

Belgium 43.9% 44.3%

France 43.5% 43.1%

Italy 43.5% 43.2%

Finland 43.0% 42.8%

Austria 42.3% 42.9%

Germany 36.2% 36.4%

United Kingdom 36.1% 35.7%

Canada 33.3% 32.2%

United States 28.3% 26.9%

* = provisional Source: Organisation for Economic Co-operation and Development

You'd never know it from all the cable news chatter, but Americans bear the lightest tax burden in the developed world.
Total U.S. tax revenues in 2008 equaled 26.9% of gross domestic product, according to provisional figures released Tuesday by the Organisation for Economic Co-operation and Development. That figure – which includes local, state and federal taxes, including Social Security – was lower than the 1990 ratio and far below levels across Europe. In Denmark, the total tax take exceeds 48% of the economy. In France, it tops 43%; Germany, 36%.


To those on the right, who see Uncle Sam's comparatively light touch as a key to economic growth, the new numbers show what's at stake as the Obama White House battles the recession with generous doses of public funds. To others, the tax data from the 30-nation organization suggest the U.S. has room to raise taxes to pay for its unprecedented crisis-related borrowing.

"We're not an overtaxed country," says economist Dean Baker of the left-of-center Center for Economic and Policy Research.

Among all OECD members, the lowest 2008 ratios were recorded by South Korea (26.6%) and Turkey (23.5%).

In 2007, the last year for which complete data are available, the U.S. and Japan shared top billing as the least taxed developed countries.

The OECD data provide a sharp contrast to charges by conservatives such as Fox News' Glenn Beck, who says that the Obama administration is taking the country down "the road to socialism."

But Chris Edwards of the libertarian Cato Institute worries that the United States' comparatively low-tax profile – and its prospects for economic growth – are at risk. If government programs, including Social Security and Medicare, aren't trimmed, future tax increases could chill investment, he says. "I worry for the future of this country," Edwards adds.

The global recession has meant lower revenues from taxes on income, property sales and stock gains in most countries. Plus, many OECD countries cut taxes in the past year in hopes of jump-starting growth. Of 26 countries that reported provisional 2008 data to the OECD, 17 saw their tax-to-GDP ratios fall. And further recession-induced declines are expected when data for this year become available.

With trillion-dollar budget deficits forecast for several years and rising entitlement costs as Baby Boomers retire, many analysts say the U.S. tax take will rise.

"It's going to be politically painful. ... But our competitors are, for the most part, taxing themselves at higher rates," says Andrew Reschovsky, a professor of applied economics at the University of Wisconsin.
More...


You Quote Dean Baker who is probably the dumbest economist to ever get on tv. Baker would argue that a 90% tax rate is too low. Any productive family in the us is paying over 40% total tax if they are not in one of the 7 non state tax states. The bottom 30% who pay no federal tax creates the low number of 28% you cite.
 
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