true that. Singapore, a sovereign city nation w a population of < 6 million, w an area 1/15 the size of Los Angeles County, has the closest thing to a stratified flat tax, not much tax loopholes / deduction.
I have said repeatedly to throw him in prison. Jared and Ivanka too. And Joe and Hunter. Eric and Don, Jr. All of them. Personally, I think the charges related to paying to cover up the Stormy Daniels affair are the strongest (although I am not a fan of the extension of the statute of limitations for being "out of state" when they knew quite well where to find him for four years, so that might be susceptible to a speedy trial motion). The Georgia charges seem the weakest, then the January 6 charges. I say take him down for corruption for getting Ivanka those trademarks from China. This thread is about the debt limit, so I don't know what the relevance is. So lower than the US then?
for someone like Trump, his Singaporean counterparts—-missing out on tax loopholes—-would have a higher effective tax rate
As someone who lived in Singapore from the outside it appears to be this great low tax haven. Singapore though does have a GST and very high taxes on things like automobiles. It also mandates personal savings though the Central Provident Fund, sort of like a national SSI / HSA. On top of they there are all sorts of fines for public behavior. If you don’t like the idea of taxes being used for social policy and an intrusive state Singapore isn’t the place for you.
Singapore's GST (their version of VAT or sales tax) is 8%. Where I live it is 9.25%. The average in the United States is 6.57%. That isn't going to swing Singapore higher than the US.
Fmr. GOP Sen. Gregg: If previous Gov't shutdowns are any indication, the GOP gets hurt every time; they have accomphished nothing insofar as spending cuts adversely impacted GOP membership in the House, as many Repub ended up losing elections in swing districts.
They also have an 8% VAT and they don't zero rate any goods or services sold internally. So its an 8% tax across the board on every single thing you buy (not just goods but also any service or digital item that you pay for). Also while they dont have American style capital gains taxes, they have a stock stamp duty tax. Each time you sell a stock, you pay a tax of 0.2% of the total value of the shares sold. This is regardless of whether there is a gain. So both gains and losses end up getting taxed since its just based on the total value of the shares sold. Lastly, Singapore social security tax is 20% for employees. Singapore's CPF system is a little different from US social security in that you can use parts of it to also pay for a home or as an HSA. But fundamentally its a mandatory savings tax that's similar to the US FICA tax.
That's the Brazilian Dollar question. Trump deficit spent 2 Trillion leading up to covid. Even then, the yield curve inverted a few months before the covid lockdowns. We'll get to fixing the deficit when we get to fixing the deficit... The chart would better if it were based on a percentage proportional to our GDP or how much the public holds. It's still terrible, but not hockey puck climate science bad. We haven't seen the percentage of debt to GDP since post-WW2, and that was the height of financial repression (80% taxes for >200k earners then).
Anyone want to guess how much Trump’s tax policy adds to the debt? Hard choices: Tax the wealthy a bit more or cut Medicare, Medicaid, and Social Security? Of course, the political answer is neither. So, stop pretending you care about the deficits when you aren’t willing to consider both revenue and spending.
Why does everybody lend money to the US government? The US government borrows a lot of money. Currently, they owe roughly $29 trillion—~~~100% of their GDP. And a big chunk of this—Almost $7 trillion comes from other foreign countries. the biggest lender of them all — Japan. As of April 2020, the country held $1.266 trillion worth of US Debt. China is the 2nd biggest, w ~~ $1 trillion. But they, US allies and foes, aren’t doing it out of some misplaced sense of benevolence. They are doing it because it’s in their best interest to do so.
Glad to know you won't vote for Trump again. If I believed a candidate was actually going to fight the deficit, I'd vote for them, but instead none of them will because cutting the deficit is bad for the economy in the short-term and that is bad for their re-election.
... but, mccarthy was able to schedule the impeachment inquiry just before the debt limit showdown. Priorities and schedule to distract from his inability to do anything that will help the American people...
