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If the US had European tax rates, it could support its current commitments and more. The risk is political: that the US will default on debts which it has the a
by comicjk 15y ago
If the US had European tax rates, it could support its current commitments and more. The risk is political: that the US will default on debts which it has the ability to pay.
- _delirium 15y agoIn fact it doesn't even have to go to European tax rates to pay off its debt. All levels of government in the U.S. currently take in a combined 27% of GDP in taxes. In Germany, it's 41% (not to mention Denmark at 49%), which leaves quite a lot of fiscal headroom for the U.S. to raise additional revenue while still remaining a relatively low-tax country.