Record Unemployment In Europe--Another Example Of Socialism Imploding (Al Gore, Clinton, how much)
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The OP's premise is correct. What is happening in Europe is a direct result of socialism. And you can't say socialism is the predominant political philosophy in Europe. Many nations there have nationalized health care, government mandated vacation time, serious penalties on who you can fire and under what conditions. Airbus is a company started by several governments. Socialism is taking over in this country also. 1/6 of population on Medicaid, growing numbers on food stamps. 10,000,000 on SS disability, government managed health care. More government regulation on banks. The list goes on and on, but the results will be the same and are already showing up. Home ownership at an 18 year low. The lowest labor participation rate in many years. What you see in Europe will appear in the USA, unless the current course of action is reversed.
no. anyone who earns a salary of a billion dollars a year will pay 35% in taxes on that income.
Wrong. That is before tax loopholes and deductions. No millionaire or billionaire pays that rate. Their real rate almost always comes out vastly lower than the normal middle class person
Wrong. That is before tax loopholes and deductions. No millionaire or billionaire pays that rate. Their real rate almost always comes out vastly lower than the normal middle class person
incorrect. they pay 35% on their income. everyone has write offs and deductions. I think I ended up paying like 5% after my deductions, and I am in the 25% bracket.
Does a single person with a 90k income pay 28% ?
Do billionaires pay 17% ?
No they don't.
It is difficult to say what anyone's individual tax situation would be, but I know when I was younger and single, I was making an income that's in the very low six figures, I didn't own a home and didn't have any children, and my highest effective income tax rate during those years was 19%.
I'd say nearly 100% of the population has no idea of their effective income tax rate. Most people estimate their income tax burden much too high.
I really don't know if billionaires pay 17% on their income taxes.
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