3 ms·

Germany paid net €12bn. California has net federal tax receipts of $450bn. Not identical types of figures, but comparing the tiny transfer payments in the EU to

Germany paid net €12bn. California has net federal tax receipts of $450bn. Not identical types of figures, but comparing the tiny transfer payments in the EU to the gigantic ones in real financial unions is where the difference lies.

OscarTheGrinch 7y ago
Pretty sure that billions in Europe have three extra zeros.
- opless 7y ago
  Not when it comes to finance. Everyone appears to use the short billion these days, and it caused me significant cognitive dissonance!
- mcv 7y ago
  I think everybody here is talking about US-size billions, not European-size billions.
Reason077 7y ago
> "Germany paid net €12bn. California has net federal tax receipts of $450bn" It is meaningless to compare a net transfer to gross tax receipts. California's large, wealthy population generates high federal tax receipts, but it's net contribution is actually negative because the federal government currently spends more in California than it receives in taxes. Source: https://www.governing.com/week-in-finance/gov-taxpayers-10-states-give-more-feds-than-get-back.html https://www.governing.com/week-in-finance/gov-taxpayers-10-s...
- WillySchu 7y ago
  It's pretty unlikely that this is still the case. The article you link to appears to be citing a 2017 report which itself uses data from FY2015[1]. This means that it doesn't take into account the 2017 federal tax overhaul which, among other things, capped deductions for state and local taxes paid. This means high tax high income states will almost certainly be paying more in federal taxes. Unfortunately, I don't think the data is available to confirm or refute this yet. [1]: https://rockinst.org/wp-content/uploads/2018/02/2017-09-28_Balance-of-Payments-Report.pdf https://rockinst.org/wp-content/uploads/2018/02/2017-09-28_B...

3 ms·

Germany paid net €12bn. California has net federal tax receipts of $450bn. Not identical types of figures, but comparing the tiny transfer payments in the EU to

by peteretep 7y ago

OscarTheGrinch 7y ago
Pretty sure that billions in Europe have three extra zeros.
- opless 7y ago
  Not when it comes to finance. Everyone appears to use the short billion these days, and it caused me significant cognitive dissonance!
- mcv 7y ago
  I think everybody here is talking about US-size billions, not European-size billions.
Reason077 7y ago
> "Germany paid net €12bn. California has net federal tax receipts of $450bn" It is meaningless to compare a net transfer to gross tax receipts. California's large, wealthy population generates high federal tax receipts, but it's net contribution is actually negative because the federal government currently spends more in California than it receives in taxes. Source: https://www.governing.com/week-in-finance/gov-taxpayers-10-states-give-more-feds-than-get-back.html https://www.governing.com/week-in-finance/gov-taxpayers-10-s...
- WillySchu 7y ago
  It's pretty unlikely that this is still the case. The article you link to appears to be citing a 2017 report which itself uses data from FY2015[1]. This means that it doesn't take into account the 2017 federal tax overhaul which, among other things, capped deductions for state and local taxes paid. This means high tax high income states will almost certainly be paying more in federal taxes. Unfortunately, I don't think the data is available to confirm or refute this yet. [1]: https://rockinst.org/wp-content/uploads/2018/02/2017-09-28_Balance-of-Payments-Report.pdf https://rockinst.org/wp-content/uploads/2018/02/2017-09-28_B...