Do you support the Scandinavian tax rate?

In my heart i find that who is lucky enough to make a lot of money thanks to the system they thrive in, they should pay more tax than the less lucky.
This means (to me) the same percentage of the income for all should be taxed.
Or maybe even a higher percentage for the lucky ones.
I'm not an expert in this, but i prefer fairness.

Yes, but only if that means we get free Swedish meatballs and those little candy fish from the gubbermint. I don't want my taxes going to things I can't directly benefit from.

Mountainmanbob said:

Let's see I think we are paying a 25% tax on income at this time?

A jump to 60% would be a killer.

It's the middle class that would get hurt the most.

M-Bob

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2018 Income Tax Brackets (set to expire in 2025, if not extended)

Rate......Individuals......................Married Filing Jointly
10%......Up to $9,525...................Up to $19,050
12%......$9,526 to $38,700...........$19,051 to $77,400
22%......$38,701 to $82,500.........$77,401 to $165,000
24%......$82,501 to $157,500.......$165,001 to $315,000
32%......$157,501 to $200,000.....$315,001 to $400,000
35%......$200,001 to $500,000.....$400,001 to $600,000
37%......over $500,000................over $600,000

Mountainmanbob said:

Scandinavian income taxes raise a lot of revenue because they are actually rather flat. In other words, they tax most people at these high rates, not just high-income taxpayers. The top marginal tax rate of 60 percent in Denmark applies to all income over 1.2 times the average income in Denmark. From the American perspective, this means that all income over $60,000 (1.2 times the average income of about $50,000 in the United States) would be taxed at 60 percent.

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Rather than ask people’s opinions, let’s just look at the facts:

https://www.usnews.com/news/best-countries/quality-of-life-rankings

Why Denmark dominates the World Happiness Report rankings year after year

Denmark tops the rankings as the country with the best quality of life in the world

Mountainmanbob said:

Let's see I think we are paying a 25% tax on income at this time?

A jump to 60% would be a killer.

It's the middle class that would get hurt the most.

M-Bob

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When taxes are used to provide things for people that they value, people support the higher rates.

https://www.usnews.com/news/best-co...-20/why-danes-happily-pay-high-rates-of-taxes

Progressive tax systems don’t tax everyone at the same rate.

Progression in the income tax system - Skatteministeriet

Each of the Scandinavian countries has its own tax system. And its own system of benefits. Nobody in Sweden pays 60% tax from their employment income. Probably the majority pay no more than about 31%. And when higher marginal taxes kick in, they only apply to the income over and above the break point(s). So even if the marginal tax in Denmark is 60%, that is not the percentage paid on ALL income.

For the year 2018 up to about $US 50,588 (at 9 SEK to the US Dollar) Swedes don't pay any income tax on employment income to the State - only to the local governments. On the income above that amount, they also pay 20% to the State, and beyond $75,000 they'd pay 25%. The breakpoints go up each year. In 2019 the first one is a little over $US 54,000. There are a variety of deductions and exemptions, as in most countries.

Capital income is taxed separately, and is paid to the State, not the local government. It is a flat rate, with its own deductions & exemptions.

But Swedes, like other Scandinavian country residents, get value for their taxes. For example, tertiary education (tuition fees) is free, and students get pretty generous terms for Student Grants and Loans. Even children going to private schools do not pay fees for attending them. Private schools are not permitted to charge for education - they get the equivalent budget allocation per child from the municipality where the child is resident. After all parents pay income tax that is supposed to cover education.

Not only so, the Tax authority is regularly voted the best, or among the best, appreciated government authorities in the country because of the assistance they provide anyone who asks for it. And because submitting a tax declaration in the country is so painless.

tax the people with over 3 billion dollars at 60 % more $$$ than anyone could ever spend or need. Tax the mega corporations who pay no taxes in off shore schemes . Restore the $$ system back to congress . No more banks charging interest . Only the gov can charge a small interest rate which would lower the taxes for everyone .Why should people be charged 3x what their house is worth in interest ? When is benefits the overall economy everybody to build and own a house ? . Why should small business be penalized by interest to burrow $$ to start a company that benefits everyone ?

How does one define "defence?" I'm guessing you, M-Bob mean military forces.
Sweden has not engaged in offensive or defensive war for 200 years. (It remained neutral in both World Wars, and suffered as well as benefited as a result.) It does participate in quite a few peace-keeping operations (including in Afganistan). The country is not formally part of any military alliance, though it is on fairly friendly terms with NATO. Norway and Denmark are both NATO members.

In 1917 the World Bank estimated that Sweden spent 1.37% of its GDP on the military forces. It was over 3% in 1960. However, Sweden is an arms exporter. Our new Government, with the backing of Parliament, has promised to increase military expenditure.

Why don't the Swiss people demand and end to the Swiss banking system ? A safe haven for organized crime , dictators , criminals , elites hiding their $$$$ is it cause its a major source of income for the country ?

Mountainmanbob said:

Let's see I think we are paying a 25% tax on income at this time?

A jump to 60% would be a killer.

It's the middle class that would get hurt the most.

M-Bob

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Yes but you also wouldn't have to pay medical insurance anymore. You wouldn't have to pay for education any more etc.

It isn't just an arbitrary money grab. It goes back to the people and clearly works given how happy Scandinavians are. They're consistently ranked the happiest countries in the world.

How much does the average American pay for the basic human right of healthcare? Probably 10-15% of their net income. Now you're up to 40% before factoring in any other benefits.

Monna said:

But Swedes, like other Scandinavian country residents, get value for their taxes.

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The government taking your money and giving it back as services sounds good if you trust the government to do a good job.

For example, here in Australia the government takes our tax dollars to give us a subsidy on medicines, but it uses its influence to negotiate a really good deal for us. What we pay in taxes plus what we pay in the pharmacy is still much less than what people in the US pay.

Mountainmanbob said:

How much do they spend on defense over there?

Next to zero possibly?

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Quite a lot, actually. Not being part of NATO, they have a "go it alone" defence policy (for example, they have more fighter aircraft per capita than the US has). But, of course, they're not currently fighting a war.

You might find this comparison interesting. Notice that Sweden spends much less than the US on healthcare.

Mountainmanbob said:

Well, I retired after working in 32 years for City government and I don't trust them with my money.

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I don't blame you.

Like I said, in Australia the government takes our tax dollars to give us a subsidy on medicines, but it uses its influence to negotiate a really good deal for us, and that pays off.

Not every government works that way (and ours doesn't work that way all the time).

I support a 100% tax on anything over, say about, $2 million a year.