This morning Daisy Barton shared with me a pictograph she helped develop about Taxes Around the World and asked if I'd share it. It's interesting - click here for the link.
A few interesting points:
- 82% of Americans pay payroll or income taxes (or both). This is a good reminder. We sometimes hear that about 50% of individuals pay no income tax. We don't hear though that this group is mostly people with income below $40,000 and if they have wage or self-employment income, they are paying payroll taxes of 15.3%.
- The top marginal tax rate for individuals is higher in many countries including Sweden, Spain, Japan and Canada.