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How to Fund the Burgeoning Deficit in the US
“Every social democracy in the world has far higher tax rates for the middle class than the U.S.” For example, in the UK: 40% income tax on incomes of just $52,100, without standard deductions, 20% value-added tax on all goods and services, and $3 per-gallon gas tax. In Denmark: the top rate of 55.9% kicks in at $86,500, and a 25% value-added tax. “If the progressives want ‘a social democratic utopia’, they will have to persuade middle-class Americans to pay for it.” – Big government supporters should beware of what they wish for. Only taxing the rich does not work in social democracies. (Olsen, The Washington Post)
“Every social democracy in the world has far higher tax rates for the middle class than the U.S.” For example, in the UK: 40% income tax on incomes of just $52,100, without standard deductions, 20% value-added tax on all goods and services, and $3 per-gallon gas tax. In Denmark: the top rate of 55.9% kicks in at $86,500, and a 25% value-added tax. “If the progressives want ‘a social democratic utopia’, they will have to persuade middle-class Americans to pay for it.” – Big government supporters should beware of what they wish for. Only taxing the rich does not work in social democracies. (Olsen, The Washington Post)
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Barry Young
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