Is The US Headed Towards A Denmark Economy ? ie. 63% taxes

Libertad, either countries cut spending, raise taxes or print money to pay for it's needs.

Cutting spending is of the table obviously, like it or not.

This leaves raising taxes VS printing money.

Which one would you rate the most honest out of these two if you had to choose?

Cheers.
 
There will be Tax revolts and an uprising in a couple years when these taxes start getting tough on the working class...

At that time unemployment will be at 20%
 
Actually ....going to something better is relative to where one has been....

If one has always used margarine....one does not know butter....
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Interesting question....

1) Cut spending

2) Raise taxes

3) Print money

4) Create more debt

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Perhaps another few should be options....

5) Change the accounting rules

6)Change the taxation rules

7) Change the political structure


The US went through trials and tribulations before the "mark to market" accounting rules were adopted....ie A 30 year bond paying a 2% reward would be performing till due....Now the bond is valued on the books at every transaction....

The political structure is the root cause of the current problems....The model should change to a nonadvertising non lobbyist model....

Taxation is interesting because when the economy is very bad....the progressive tax will produce less revenue than a 10% consumption tax....

Furthermore a consumption tax only change will lift the human spirit of freedom....will make every decent company want to locate in the US because of the tax friendliness, along with it a remaking of the manufacturing base in the US....

I would opt for 5,6,7....to make it a better day....
 
"
Furthermore a consumption tax only change will lift the human spirit of freedom....will make every decent company want to locate in the US because of the tax friendliness, along with it a remaking of the manufacturing base in the US...."

tell that to the retired person who you just recycled their post-tax savings into pre-tax income

savings that has already been attacked by every conceivable for of theft imaginable: accounting fraud, high income taxes, inflation, ultra low interest rates, state tax, property tax, exise tax, stock market crash, interest tax, alternative minimum tax

now you want to make it 'pre-tax' income - nice
 
"...63 percent marginal tax rate paid by top earners in Denmark - a level that hits anyone making more than 360,000 Danish kroner, or about $70,000."

$70,000*.37= $25,900

At least they are allowed to have enough money to pay the 25% VAT, property tax, and other direct and indirect taxes.
 
Consumption tax would mean....

When one makes a purchase of a tangible consumable product, one would pay a 10% tax....

The current system is also a consumption tax....

ie One walks into a store and buys a tube of toothpaste which has a pricetag of $1.00....

Today's progressive system....

Person 1 pays 10% tax rate......Cost $1.10

Person 2 pays 20% tax rate..... Cost $1.20


Person 3 pays 34% tax rate..... Cost $1.34

The 10% consumption tax

All persons pay $1.10 for the same tube of toothpaste....

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There would be no tax on intangibles such as bonds or stocks....this would keep interest rates and the cost of capital very competitive....
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There would no longer be individual income taxes or corporate taxes....no more IRS....no estate taxes....no other taxes....

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The government could not spend more than the tax take from the consumption tax....No debt would be allowed....

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The number one issue is re-establishing the manufacturing base....which will not happen by being a liticious/tax hell....which it now is ....this must change....
 
We already pay at least 63%. By the time you add up all the various taxes you get deducted from your paycheck to all the various taxes you pay once you begin to spend your paycheck I'd be it adds up to somewhere in the area of 63%. Whatever the number, the current tax code is oppressive and it's going to get worse.
 
A consumption only tax will never happen in the US because the current tax code gives the government an incredible amount of control over the masses. If Obama and Co want to put hedge funds out of business, for example, they simply raise taxes to the point where hedge funds will exit the market and seek other means of generating income. If the government wants everyone to start driving electric cars in 10 years they simply give citizens nice tax breaks if they buy electric cars. With one simple stroke of the pen the US Government can control the actions of 300M people. Why would they ever give that up? The IRS is not in place to collect revenue, it's in place to control society -- Period! Ah yes, the pen is indeed mighter than the sword.

Quote from swtrader:

"
Furthermore a consumption tax only change will lift the human spirit of freedom....will make every decent company want to locate in the US because of the tax friendliness, along with it a remaking of the manufacturing base in the US...."
More...
 
Quote from the1:

A consumption only tax will never happen in the US because the current tax code gives the government an incredible amount of control over the masses. If Obama and Co want to put hedge funds out of business, for example, they simply raise taxes to the point where hedge funds will exit the market and seek other means of generating income. If the government wants everyone to start driving electric cars in 10 years they simply give citizens nice tax breaks if they buy electric cars. With one simple stroke of the pen the US Government can control the actions of 300M people. Why would they ever give that up? The IRS is not in place to collect revenue, it's in place to control society -- Period! Ah yes, the pen is indeed mighter than the sword.
More...
The strokes of the Tax Pen are enforced at gunpoint.
 
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