02-10-2019, 12:08 AM
Quote:For a real world example, critics and fans alike should look to Sweden. The Nordic country has a marginal tax wedge -- the difference between the cost to the employer and what a worker takes home -- of 69.7 percent on salaries above $79,000. That’s almost 30 percentage points higher than in the U.S., and it kicks in a lot earlier than Ocasio-Cortez is proposing. The Marginal Squeeze Sweden takes 70% from top earners Source: OECD Note: Marginal income tax plus employee and employer contributions less cash benefits. Single with income of 167% of average wage. Critics of high taxes claim the policy stifles economic growth by reducing the incentive for people to work. But Sweden’s employment rate is 77.5 percent, beating the U.S.’s 71 percent. The Nordic country has also surpassed the U.S. in terms of economic growth this decade, expanding 2.7 percent a year, on average, compared with 2.2 percent for the U.S.Ocasio-Cortez's 70% Tax Rate Has Real-World Example in Sweden - Bloomberg
Quote:Sen. Elizabeth Warren (D-Mass.) will reportedly introduce a tax on wealthy Americans who have more than $50 million in assets. The Washington Post reports that Warren's “wealth tax” is aimed at addressing growing income and wealth inequality in the country. The proposal could help the progressive lawmaker stand out in the 2020 Democratic presidential field, though it is likely to receive scrutiny from her opponents. Emmanuel Saez, a left-leaning economist advising Warren, said her plan is to impose a 2 percent tax on Americans with more than $50 million in assets and a 3 percent tax on those with more than $1 billion in assets.Warren to propose 'wealth tax' on those with more than $50M in assets | TheHill