A flat tax rate should do. I say 15-20% federal income tax is a decent amount and the government should make do with whatever that amount is-spending only what they have, exactly what Bill Clinton did with the GOP-led congress during his second term. The Fed needs to be more nimble and lean. There is way too much redundancy in bureaucracy and overlapping agencies.
States should be given more pervue imo. Nationalized health care is never going to work cause not every state wants it so give it back to the states so that those who do want a single payer system can get it done already.
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the United States pays 24 percent of its gross domestic product (the sum of all goods and services produced in a year) to taxes collected by all levels of government.
That's a bargain compared with most developed nations.
Australians pay 27 percent; the Japanese 28 percent; Canadians 31 percent; British 34 percent; Germans 37 percent; French 42 percent; and Swedes 46 percent. Danes lead the world at 48 percent.
Economic experts agree America holds a tremendous international advantage because it has the world's largest national economy and one of the most modest tax burdens...
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So we really arent that bad after all.
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Yet, Americans can be forgiven if they believe their taxes are burdensome. The United States leads most of the world in aggressive taxation on income, both personal and corporate, as the primary means of raising government revenue.
"We are the only major country that does not have a broad-based value-added tax. And, in many ways, that means we have a most unfortunate system of taxation," said Gary Hufbauer of the Peterson Institute for International Economics, a research organization in Washington, D.C.
The value-added tax (VAT) is a consumption tax on the estimated market value added to a product or material at each stage of its manufacture or distribution. The levy is much simpler and broader than U.S. sales taxes, paid only by a product's final consumer or buyer.
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Im not understanding the point of VATs.
Dont we sort of already have that on things like cigarettes and gas?
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"The United States has a system of taxation by confession," Supreme Court Justice Hugo Black quipped during a complex tax ruling in 1953.
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So true.
Rest of the article is here:
Nation & World | Americans pay less taxes overall, but more income tax | Seattle Times Newspaper
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