TAXES and Stuff.

Response to a friend's Facebook posts.

I ALWAYS come across anti-rich memes that talk about “taxing the rich” as though they don't pay taxes at all. Clearly, the message refers to “wealth tax” or tax specifically imposed on the upper 1 percent in the income bracket.

       Fact is, majority of countries, rich or poor, don't impose wealth tax. Some in Europe impose very low as in 1 percent or 0.7 percent.        

       The highest wealth tax is excised by Luxembourg (7.18 percent over tax revenue) and Switzerland (4.77 percent). All others impose tax per personal income tax. Russia, 13 percent. U.S., 10 to 37 percent. China, 3 to 45 percent. 

       Corporate tax: U.S., 21 percent. Europe, 21.3 percent. Asia average, 19.80 percent. China, 25 percent. Saudi Arabia, 20 percent. 

       Anyhow, high tax or low tax, what matters is how a government uses taxes. The U.S. spends too much taxpayer money on military spending: $825 billion (750 military bases abroad) versus China's $231.4 billion (1 military base, in Djibouti) and Russia's $109 billion (21 military bases). 🏛🗽🏛