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I'd strongly question the witch words 'heavily taxes'. The US federal government has some of the lowest income tax rates (both stated and effective) in the West
by dbspin 6y ago
I'd strongly question the witch words 'heavily taxes'. The US federal government has some of the lowest income tax rates (both stated and effective) in the Western World [1]. And it's corporate tax rate is only slightly higher than the EU average [2], while in practice easily avoided [3] by large corporate entities like Google and Amazon.
Sources:
[1] https://taxfoundation.org/taxing-high-income-2019/ https://taxfoundation.org/taxing-high-income-2019/
[2] https://taxfoundation.org/publications/corporate-tax-rates-around-the-world/ https://taxfoundation.org/publications/corporate-tax-rates-a...
[3] https://www.irishtimes.com/business/technology/big-six-tech-companies-accused-of-aggressive-tax-avoidance-1.4101815#:~:text=The%20report%20singles%20out%20Amazon,and%20profits%20of%20%2426.8%20billion https://www.irishtimes.com/business/technology/big-six-tech-....
- beagle3 6y agoBut you have to add state taxes - in NYC and CA the state+federal is comparable to European taxes: and in Europe, those taxes include healthcare and academic education, which you pay for independently in the US.
- fomine3 6y agoHow US unique is that they have tax haven states inside the country.
- beagle3 6y agoFor companies. The same is not afforded for individuals. A minority of states have no state personal income tax - and in those states, the effective top bracket is indeed ~30% lower than the European average - but these cover a small percentage of the population. NY and CA have rates of 10-15%