How bad is it? I pay more than 50 percent of my income in various taxes in the United States.
Before anyone asks, federal income, Medicare, Medicaid, social security, state income, state sales tax, local property tax, and lesser- luxury and gas tax.
Before anyone asks, federal income, Medicare, Medicaid, social security, state income, state sales tax, local property tax, and lesser- luxury and gas tax.
It's very true that the Danes receive good free health care and have good universities, but the longer I live here the more I see that a huge amount of tax revenue is squandered on administration. I'm pro taxation, but it's hard to be exposed to such waste.
Many American expats in Europe that have acquired the right for local nationality give up their nationality for that reason.
which states that, worldwide, just over 5,000 Americans renounced citizenship in 2017. There are also about 9 million Americans living abroad and ~1 million living in Europe. So, no, I don't think that even if all 5,000 were in Europe that 0.5% renounced their citizenship would count as "many".
Quick research: Kaiserslautern Military Community has ~50k people. https://en.m.wikipedia.org/wiki/Kaiserslautern_Military_Comm...
Now that's the largest, but by far not only location with US Military presence in Europe.
That's only if you're lucky, and move to a country with a no-double-taxation treaty. There's only a few of them. No tax treaty, you pay the full amount due to both governments (after excluding your US foreign earned income allowance ~$90K).
Worse, if you live in a foreign country and start a business you now own what the US considers a "foreign controlled corporation" and your new nightmare begins. Not to mention many banks won't do business with you abroad because of FATCA and you have to report your balances annually to FinCEN or risk forfeiture of 50% of the balance in the account. And you can't open a brokerage account in a foreign country because you can't have an account not overseen by the SEC.
Then if your child is born abroad with no other connection to America they'll suffer the same fate for the rest of their lives unless they renounce, which itself comes with substantial costs.
I think the number of renunciations is fairly low because most dont make >90K in foreign countries, and FATCA is new-ish.
" Defined that way, you should expect that any person going to work outside of his or her country for a period of time would be an expat, regardless of his skin colour or country. But that is not the case in reality; expat is a term reserved exclusively for western white people going to work abroad.
Africans are immigrants. Arabs are immigrants. Asians are immigrants. However, Europeans are expats because they can’t be at the same level as other ethnicities. They are superior. Immigrants is a term set aside for ‘inferior races’. "
https://www.theguardian.com/global-development-professionals...
Of course, above calculator doesn't include sales, property, luxury or gas taxes.
Now that Donny capped state, local and property tax deductions at $10,000 per year (meaning you get double-taxed on the rest) and reduced the mortgage interest tax deduction cap from $1M to $750K, that number got much closer.
At $300,000 you're paying 48.65% marginal. That doesn't include, in SF, a 9% sales tax, a 1.188% property tax (that of course even renters pay as owners use rental income to offset that cost), and to your point, luxury and gas taxes.
Or maybe people would realize a County like Germany is able to cover the entire County (2x as many people as Medicare) while spending half the Medicare budget. Then, questions of waste and fraud might pop up, which no one involved wants to happen.
Issues are often just ignored until they go away. It usually works fine though, so it's not necessarily bad.
In someways thats part of the reason our Medicare program is so expensive.
In the US we essentially go an entire lifetime without regular/preventative care, then when patients become eligible for Medicare, they have a lifetime worth of chronic illness that is treated on the tax payers dime.
7 out of 10 Medicare have at least 1 chronic condition, and chronic conditions are notoriously expensive to treat. Whereas nearly 100% of chronic conditions could be avoided if the patient had regular/preventative care (for example identifying prediabetics or patients with high blood pressure, or heart disease) while they were young enough to make the lifestyle changes to avoid these conditions altogether. Our system is essentially designed to ensure patients are both chronically ill and expensive before they are eligible for coverage.
They're wrong because Medicare and Medicaid are more efficient and control costs better than the private sector. Costs are already more than doubled once you add in the private sector. Even if taxes were doubled y'all would still end up paying less on the net because your employers are already paying for healthcare, which is a private tax.
So would many Americans. But those defense contractors need their cut. And non-US projects tend to be more expensive than other countries as well.
[1] https://www.healthsystemtracker.org/chart-collection/health-...
For example, as a French citizen, I would expect that if we're in the top 5 in terms of spending (regardless of whether it's done privately or publicly), we should have a system that's in the top 5 in terms of outcomes.
I wasn't in any way trying to suggest the US healthcare system is the "best" or whatever, just pointing out that pure cost comparisons are meaningless.
[1] https://www.oecd.org/unitedstates/Health-at-a-Glance-2017-Ke...
[2] https://en.wikipedia.org/wiki/World_Health_Organization_rank...
I'm not sure what warrants that tone, when I was simply stating something obvious (you can't judge a healthcare system by its cost if you don't look at the outcomes).
Thank you for contributing more valuable data/information.
It's interesting to see that the WHO methodology also got criticized. This points to the complexity of actually picking the right metrics/outcomes you want to optimize for.
Sorry if it didn't come across that way, it was meant to be light-hearted ^_^ tone doesn't always carry well over the internet. I wasn't criticizing you at all.
The OECD data is pretty damning. America leads its peers in obesity, smoking, air pollution and bankruptcies, and lags dramatically (1-2 standard deviations) in consultations skipped due to cost, population coverage, life expectancy, doctors per capita and beds per capita. Mission failed, IMO.
All for the low, low price of twice to three times what most other countries spend.
https://s.kathimerini.gr/resources/2017-12/s3a_3112foroi-eis...
To balance a proper comparison if you're going to include the EU taxes re healthcare, you would have to inflate US wages even higher to account for the benefit that employees receive (money that otherwise would be available for labor competition in the form of salary), which is often a large sum of money given the cost of US healthcare.
US healthcare per capita is typically 100% (double) more expensive than in Western Europe. It's about 130% more expensive versus Britain. It's 200%+ more expensive versus Italy.
A software developer earning $125,000 - $150,000 per year is receiving a minimum of an additional 10% equivalent of their salary in the form of healthcare coverage. More likely 15-20% these days. The cost to put a small family on a good health plan will easily run you $20,000+ per year.