I don’t know a soul who likes to pay taxes. While it helps our country operate: protect & defend us from outside and internal threats and provide a stable economy, I found it very interesting to see where the US ranks compared to other countries. Currently, the United States comes in as the 15th most heavily taxed nation in the world according to TurboTax (who better to know what we’re really paying).
On the contrary, the actual tax percent paid by corporations appears to be substantially lower. The country’s listed federal corporate tax rate is 35% but it only takes in approximately +/- 23 percent.
After reviewing the list, I don’t think I’d like to move to Sweden, who ranked as the most highly-taxed country, with a income tax rate of 56.5 percent. Of the 15 nations with the highest tax rates, 8 also are listed among the 15 most thriving countries, according to Gallup. Germany, Italy, France, Portugal, Japan and Austria all failed to make the cut, and it was only Austria that had a thriving majority.
So print it out and start discussing how we can lower our taxes. Collect what is rightfully due and make sacrifices where we must to get our countries debt under control too.
Here’s an interesting graph the WhiteHouse recently released in light of the August 2, 2011 Debt Ceiling increase deadline. Now we all know that the main result of getting into this mess was weak oversight. This didn’t just happen. We did this to ourselves. The recession along and reduction in spending by the US consumer alone amounts to 25% of the problem… tax cuts another 25% and so on… However, the waste in spending in DC alone needs to be further examined. The status quo cannot continue. That is what the Obama administration and Congress (Democrats, Republicans and Tea Partiers alike) – need to deal with today.
Sure, we may be able to raise the debt ceiling, but what about future generations and managing what we do have today? Let’s pull together and make some tough decisions now before we’re back to where we are today.
I love this country. It has so much to offer it’s people. With the recent talks about the US defaulting on it’s debt, it brings me back to asking about financial responsibility we all have as citizens. Our President Obama needs to lead us through this crisis. It hasn’t happened yet – but if we take a page from history, there was a good lesson we learned with a previous President – Ronald Reagan.
Twenty four years ago – on Sep 26, 1987, Reagan addresses the nation with the following:
“[Unfortunately,] Congress consistently brings the government to the edge of default before facing its responsibility. This brinkmanship threatens the holders of government bonds and those who rely on Social Security and veterans benefits. Interest rates would skyrocket, instability would occur in financial markets and the federal deficit would soar. The United States has a special responsibility to itself and the world to meet its obligations. It means we have a well-earned reputation for reliability and credibility—two things that set us apart from much of the world.’”
Much hasn’t changed. But today, there is talk about a budget amendment which could help for future generations. There is also a lot still at stack with Social Security and benefits. But one thing he DID include was his position on taxes…
“This decision is not easy. I have no choice but to sign this bill to guarantee the United States government’s credit. But I also will not permit Congress to dismantle our national defense, to jeopardize arms reduction, or to increase your taxes. I am determined that will not happen.”
Well, we were in strange times back then (cold war era) as we are today (economic uncertainty) and it seems that politicians haven’t changed much at all. Perhaps we can get things straightened out for the next generation. May God continue to bless our country and people!