Why nordic tax rates won't work in usa 2019?

Gerald Luettgen asked a question: Why nordic tax rates won't work in usa 2019?
Asked By: Gerald Luettgen
Date created: Sun, Mar 7, 2021 8:35 PM

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đź’» Why nordic tax rates wont work in usa?

Why Nordic “Socialism” Won’t Work In The U.S… People in Nordic countries often get high rates of Seasonal Affective Disorder… But nice things cost money, and people in these countries pay taxes. If you think taxes aren’t money, you’re a snowflake.

đź’» Why nordic tax rates won't work in usa 2017?

Perhaps a longer discussion about why America shouldn’t try to become like the Nordic countries — and would fail if it tried — is in order. 1) The Nordic system kills innovation, and the ...

đź’» Why nordic tax rates won't work in usa 2018?

Why Nordic “Socialism” Won’t Work In The U.S. | Current Affairs. Close. 0. Posted by 2 years ago. Archived ...

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“Economists say high taxes work in the Nordic region because the notion of state welfare is so deeply rooted in its culture,” Jonas O Bergman and Kati Pohjanpalo wrote for Bloomberg.

The good professor finds three quantifiable reasons that may explain why taxes in Scandinavia are high, yet the incentives to be productive remain. The first is third-party verification of taxable ...

1) The Nordic system kills innovation, and the United States’ adopting it would have dire consequences for the world economy. As Daron Acemoglu, an eminent economist at MIT, wrote in 2013:

This is compared to the 15 percent of GDP raised by the United States through its individual income taxes and payroll taxes. In order to raise a lot of income tax revenue, income tax rates in Scandinavian countries are rather high except for in Norway. Denmark’s top marginal effective income tax rate is 60.4 percent. Sweden’s is 56.4 percent.

This system ensures that we can charge much higher total tax rates, up to 25% as some Nordics have them, without seeing too much leakage from tax avoidance and or evasion.

Taxes remain higher than in, say, the UK or the US, but they are falling. In Denmark, for example, the personal income tax rate was cut by more than six percent in 2010, meaning today it is close to its record low. Aside from rates of taxation, other workplace norms are important.

The additional 10 percent tax on yachts caused American boat builders to shutter operations and cut jobs as the rich either skipped out on yachts or bought them cheaper from overseas. The tax did not raise money for public programs; instead, it actually created a revenue loss as a result of the associated job loss.

In recent years, Sweden has been privatizing socialized sectors, such as education and health care; cutting tax rates; and making welfare less generous.

In 2019, workers can contribute up to $19,000 a year to a 401(k) offered by an employer (plus another $1,000 if they're age 50 or older) and up to $6,000 in a Roth or traditional IRA (plus another ...

And they have: the tax rate is up to 48% for income beyond $40,696. This is admittedly above the Irish average of about $30,000 per worker, but still represents a good fraction of individuals giving up almost half their income! #9 Finland: 49.2% on income over $87,222

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