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Just read an article in Huff post about Bernie Sanders becoming a millionaire. To be honest I'm not entirely sure what a Bernie Sanders might be.
The term 'progressive taxation" was mentioned, as if the US doesn't have it. I always assumed US had a progressive tax system. IE the higher your income ,the higher the percentage tax you pay.
Eg in Oz, below a certain income, no income tax is payable. Minimum rate is 35%, then it goes up to 42%. I forget the maximum rate. Of course rich people pay nothing like that.
There is saying here "I want to be rich enough not to pay taxes"
I know the economist Keynes is out of favour. Not with me. That's because in the great financial meltdown, governments all over the world defaulted to Keynesian economics to deal with the problem. Instead of allowing the market to adjust, governments made massive loans to business.
MY POINT; Keynes said that for a healthy economy, 3 things are needed;
Full employment ;defined as no more than 3% unemployed
If the OP has a question, I missed it. I can't see this thread being anything but a black mirror to provoke a debate about how holy/hypocritical Bernie is, without even a guiding first thought or question.
The US does have a progressive tax system. In terms of federal income tax, the bottom 44% of wage earners pay nothing.
Any married couple making under $78,750 pays no capital gains tax today.
44% Fluck! How many people is that
At what point does income tax become payable?
What about indirect tax?
We have local and federal. By law, all advertised prices, must include tax. Each state has its own sales tax, and the federal government has a 10% goods and services tax. Proceeds from this tax are distributed proportionately to the states. Plus of course there is the 2.5% medicare levy.
Sale of one's domicile does not attract capital gains tax. You must have lived in a property for a year.
An aside: Japan has the highest rate of private saving in the world. There is no tax payable on interest from personal savings. I have no idea of the cut off point .
Perhaps unrelated; it is traditional in Japan for the wife to handle all family income.
We have local and federal. By law, all advertised prices, must include tax. Each state has its own sales tax, and the federal government has a 10% goods and services tax. Proceeds from this tax are distributed proportionately to the states. Plus of course there is the 2.5% medicare levy.
Sale of one's domicile does not attract capital gains tax. You must have lived in a property for a year.
An aside: Japan has the highest rate of private saving in the world. There is no tax payable on interest from personal savings. I have no idea of the cut off point .
Perhaps unrelated; it is traditional in Japan for the wife to handle all family income.
The first $24k can be deducted as a family. Then you also get $2000 per kid as a family tax credit. So roughly $60,000 USD for a family of four. My wife and I paid $60,000 in federal taxes this year alone. We also paid almost $20k in state and local taxes.
Taxes for lower and mid level income earners in the US are fairly low. The top 10% of households in the US earn $180k and up, and there are about 130 million households here.
About 75 million, but the figure is widely misrepresented. It is NOT 44% (or 47%) of all those who work or have income; it is 44% of all Americans. It includes those with no income (about 40%) and many with income too low to incur any tax liability. It includes marginal earners who get tax breaks and credits that eliminate tax liability. And it refers to federal income tax alone - not other payroll taxes and deductions, which are largely not floored or exempted for anyone, not sales taxes, not even state income taxes. NO ONE in the US pays "no taxes," and those who slide under income tax limits take disproportionate hits on the others.
Quote:
An aside: Japan has the highest rate of private saving in the world. There is no tax payable on interest from personal savings.
Taxation of savings interest is largely trivial (especially in this long era of trivial interest rates) and has very little to do with the low rate of US savings.
We have local and federal. By law, all advertised prices, must include tax. Each state has its own sales tax, and the federal government has a 10% goods and services tax. Proceeds from this tax are distributed proportionately to the states. Plus of course there is the 2.5% medicare levy.
Sale of one's domicile does not attract capital gains tax. You must have lived in a property for a year.
An aside: Japan has the highest rate of private saving in the world. There is no tax payable on interest from personal savings. I have no idea of the cut off point .
Perhaps unrelated; it is traditional in Japan for the wife to handle all family income.
2.5% medicare levy? Is that like American medicare, for senior citizens, or national health care for everyone?
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