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My bad..... in 2017 one could expect to pay 70% or more of their gross income into taxes.
No you are still getting it wrong. To calculate your tax rate you add the flat rate, the bracket tax if your income is high enough, and the national insurance rate. You don't add VAT as you do not spend your entire income on top rate VAT products. For goodness sake, don't argue about other countries' tax systems when you are incapable of understanding them. https://www.nordisketax.net/main.asp...or/eng/i12.asp
Norway's pension fund now owns and average of 1.3% of all companies in the world. Norway's pension system is now so ludicrously wealthy that it'd equate to over $190,000 per person in the country. And here I thought countries with more socialized forms of health care, education, and taxation systems were doomed to utter failure?
How can it be? Their middle class is in the highest income tax bracket. PLUS, they have a 25% VAT tax. We could have the same here in the US if we put the middle class in the 39.6% income tax bracket AND charged everyone a 25% VAT tax:
5 million people created a fund worth 1,000 billion? With a Universal health Care system? How in hell did the tax cheats and market speculators ever let that happen?
Maybe Norwegians work harder and are ready to pay progressive taxes if they know they will actually get something at the end of the day? We might try telling our thieves and speculators that the game is over and they will have to give some of their stolen money back to the people they stole it from.
Their tax system is actually FAR more regressive than ours here in the US. Their middle class is in the top tax bracket, AND they all pay a 25% VAT tax. Read my prior post.
Norway's pension fund now owns and average of 1.3% of all companies in the world. Norway's pension system is now so ludicrously wealthy that it'd equate to over $190,000 per person in the country. And here I thought countries with more socialized forms of health care, education, and taxation systems were doomed to utter failure?
Their population is tiny and they have HUGE amounts of natural resources.
Taxes aren't necessarily a bad thing..if we increased payroll taxes at the federal level we could easily fund a universal Medicare system. We are clearly doing something wrong somewhere. Population shouldn't matter, but when you have 1 pct of the people screwing over everyone else, then I guess it does.
We can't fund universal health care via a payroll tax. We have only a 62.9% Labor Force Participation Rate. That means 37.1% of those who are of working age aren't employed, not even part-time.
EVERYONE would have to be taxed to pay for universal health care. I've suggested a 25% VAT tax, as Norway has.
Did you guys just come out a Communist Manifesto study party?
They obviously got their talking points from party central. There are currently several threads all revolving around the same themes. Easily proven farcical with actual facts and sources, all of which involve taxing the bottom 99% MUCH more, which they absolutely refuse to do.
Norway's pension fund now owns and average of 1.3% of all companies in the world. Norway's pension system is now so ludicrously wealthy that it'd equate to over $190,000 per person in the country. And here I thought countries with more socialized forms of health care, education, and taxation systems were doomed to utter failure?
Effective income tax rate in Norway is 43% if you make $500 000.
Nowhere near 70%.
You have to include ALL the taxes, not just income tax. It is indeed 70% or higher.
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