3 ms·
These percentages can be all over the place due to different definitions of tax. Are you only talking federal or fully loaded? Do you only look at withholding
by willcipriano 5y ago
These percentages can be all over the place due to different definitions of tax.
Are you only talking federal or fully loaded? Do you only look at withholding or do you factor in any refunds? Do you include sales tax? What about increases to the prices of goods you buy due to corporate taxes? Capitol gains on your investments? Various fees that are paid to the government? The cost of compliance with regulations that you wouldn't of done otherwise? What about fines, commonly a large revenue generator in rural areas? Property taxes? Higher prices due to governmentally enforced monopolies? Devaluation of your holdings due to the printing of more currency?
To start we must first agree on what we are counting.
- TheCoelacanth 5y agoEven using the most inclusive possible definition, that doesn't seem plausible. All taxes combined in the US including state, local, corporate and so on, add up to 24.5% of GDP[1]. [1] https://www.oecd.org/tax/revenue-statistics-united-states.pdf https://www.oecd.org/tax/revenue-statistics-united-states.pd...
- deleted 5y ago[deleted]