Wednesday, December 10, 2014
Conveniently ignores state and local taxes in the US, which are 35% of their revenue
So frustrating when influential publications like this trot out blatant lies. By ignoring state and local taxes in the US, they exclude almost half of the tax take (federal is $3.3tn, state and local is $2.7tn). Of state and local, 35% is property tax!!!! (http://taxfoundation.org/article/sources-state-and-local-tax-revenues) H/T Mark Wadsworth. This would put the honest figure well above the UK. And of course wealthy residential landowners in the UK have the luxury of avoiding any meaningful property tax but just not selling as stamp duty is the only tax on houses worth more than approx Ã‚Â£1m, where council tax is capped.