Marginal tax rates in California for top earners (including the medicare surcharge) are already about equivalent to France. 37% fed + 13.3% CA + 1.45% Medicare = 52%. Compared to France's 45% income + 7.5% social security taxes.
- Ineffective spending
- Lower taxes on wealth (i.e. non-income)
- Higher taxes on consumption
- Higher taxes in Europe on employers (i.e. non-personal income)
- Higher taxes on capital income
Do people have good resources to understand the relative source of discrepancy?