Sunday, April 11, 2010

TAXED ENOUGH ALREADY?

Not so much, really.
US tax bite smaller than other nations'

With the April 15 filing deadline in view, American taxpayers may be surprised to find that their tax burden is less than those in most industrialized countries.
By Mark Trumbull, Staff writer / April 11, 2010
Christian Science Monitor

The average American pays wage-based taxes that are similar to what Britons pay – and not much lower than in France. Japanese citizens enjoy the lowest rates among the Group of Seven large industrial economies, or G-7. This includes national and local income taxes, plus payroll levies such as the employee share of Social Security.

But wage and payroll taxes are just part of the picture. Add in sales taxes, capital gains taxes, property taxes, and corporate taxes, and the US sends 28 cents of every dollar of output to the government. That still matches Japan for the lowest ratio of tax revenue to gross domestic product (GDP) among the G-7 nations. France and Italy score highest
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