"But the bigger fallacy – the big fat whopper that is being peddled by many during this 2020 election gear-up is that by taxing the rich more, it will raise enough revenue to force society into fairness. The thinking is this will finally achieve government-provided medical care and university education – as a right.
Those making this argument often point to Denmark, Norway and Sweden as shining examples of just such fairness, but they conveniently forget to tell you that the tax burden in these countries is not just left to the rich.
No. No. No. These three countries barely have a progressive tax system – as the financial burden of such massive programs is felt at the middle class and even the lower class levels as well.
For example, in the U.S., a single person earning $60,000 a year using the standard deduction would only be in the 12 percent marginal tax bracket and would pay an effective tax of around 10.75 percent. But in Denmark, where health care and education are free, earning the U.S. equivalent of $60,000 puts that person’s tax rate right around 60 percent.
Does this 60 percent tax on a person making $60,000 sound like taxing the rich? Who are they kidding?"
https://www.foxbusiness.com/busines...tez-tax-the-rich-wealthy-socialism-capitalism
Let's see how that is going to fly with the 44% on the bottom of the income scale who pay no federal taxes.
Those making this argument often point to Denmark, Norway and Sweden as shining examples of just such fairness, but they conveniently forget to tell you that the tax burden in these countries is not just left to the rich.
No. No. No. These three countries barely have a progressive tax system – as the financial burden of such massive programs is felt at the middle class and even the lower class levels as well.
For example, in the U.S., a single person earning $60,000 a year using the standard deduction would only be in the 12 percent marginal tax bracket and would pay an effective tax of around 10.75 percent. But in Denmark, where health care and education are free, earning the U.S. equivalent of $60,000 puts that person’s tax rate right around 60 percent.
Does this 60 percent tax on a person making $60,000 sound like taxing the rich? Who are they kidding?"
https://www.foxbusiness.com/busines...tez-tax-the-rich-wealthy-socialism-capitalism
Let's see how that is going to fly with the 44% on the bottom of the income scale who pay no federal taxes.
