Wednesday, December 10, 2014

Conveniently ignores state and local taxes in the US, which are 35% of their revenue

Britain has highest property taxes in the developed world, but how do the rest stack up?

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 £1m, where council tax is capped.

Posted by mombers @ 02:11 PM (2203 views)
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2 thoughts on “Conveniently ignores state and local taxes in the US, which are 35% of their revenue

  • Juncker must win that one! The whole game is tilted in favour of big corporations.

    Suggest you Google Lux Leaks, new revelations come out all the time. Yesterday it was a Disney fraud. FFS, haven’t they got enough money? That’s why all those “stars” are wailing about mansion taxes.

    Hardly surprising all the countries in Europe are suffering austerity and low youth employment. The 99% are the slaves – Err, remind me who are the bosses.

    Watch out…speaking out may make you a target of the next US torture programme (or does the Fed say program?)

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  • The way the Telegraph keeps pushing this nonsense is irritating.

    Sure, we have too many property taxes, but if our property is so heavily-taxed, why is everyone from all over the world queuing up to buy it?

    Answer: once they own it, they pay some of the lowest property taxes in the world.

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