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Funding public services
We have all heard the cry “Tax the rich” when it comes to public funding of services. The U.S. tax system is very progressive; the more you earn, the higher your tax rate. The “top” 1 percent of earners paid over 42 percent of federal income taxes, whereas the bottom half of earners only pay between 2 to 3 percent. Now, let’s compare that to the European tax system. European countries have Value-Added Taxes, or VATs, which is a national sales tax applied to almost all products Europeans and tourists buy. Tatyana Deryugina, writing for Medium, explains who pays for social services by comparing U.S. and European tax systems. Read Ms. Deryugina’s article here…
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