Trump's Tax Plan

[GMDino]

(09-28-2017, 02:24 PM)Luvnit2 Wrote: Add all taxes we pay

Federal
State
Local
Sales Taxes on food and goods
Social Security and medicare

Yep, we are one of highest taxed nations in the world

http://www.taxpolicycenter.org/briefing-book/how-do-us-taxes-compare-internationally

Quote:Q.
How do US taxes compare internationally?


A. Total US tax revenue equaled 26 percent of gross domestic product (GDP), well below the 34 percent average for developed countries (figure 1).






COMPOSITION OF TAX REVENUE

Income and Profits Taxes: Taxes on personal income and business profits made up 48 percent of US tax revenue in 2014, a higher percentage than in most other OECD countries, where such taxes averaged 34 percent of the total (figure 2). Australia, Denmark, and New Zealand topped the United States in this category, generating just over half of their total revenue from such taxes. In the United States, personal income taxes alone generated 30 percent of total tax revenue compared with 25 percent on average within the OECD.




Social Security Contributions: 


The United States collects relatively less revenue dedicated to retirement, disability, and other social security programs—24 percent of total tax revenue—than the 26 percent OECD average. Some countries were well above that average: the Slovak and Czech Republics, Slovenia, the Netherlands, and Japan all collected more than 40 percent of their revenue from that source.







[b]Property Taxes: Property taxes provided almost twice as large a share of US tax revenue—11 percent in 2014—than the OECD average of 6 percent. Almost all revenue from taxes on property in the United States is collected by state and local governments.[/b]



[b]Goods and Services Taxes: The United States relies less on taxes on goods and services (including both general consumption taxes and taxes on specific goods and services) than any other OECD country, collecting 17 percent of tax revenue this way compared with 33 percent for the OECD. The value-added tax (VAT)—a type of general consumption tax collected in stages—is the main source of consumption tax revenue, employed worldwide in 160 countries including all 34 OECD member countries except the United States. Most consumption tax revenue in the United States is collected by state and local governments.[/b]