UPDATE: We are the New Old Europe.
"Many countries have higher tax rates — and the United States has had higher tax rates — without stifling growth or encouraging the concentration of income in the hands of the very rich.
'In a way, the United States is becoming like Old Europe, which is very strange in historical perspective,' Mr. Piketty said. 'The United States used to be very egalitarian, not just in spirit but in actuality. Inequality of wealth and income used to be much larger in France. And very high taxes on the very rich — that was invented in the United States,' he said."
Read The New York Times, For Two Economists, the Buffett Rule Is Just a Start, which include this graph:
"The complexity of our tax code allows us to believe that we’re not a welfare state, but that’s false. . .
The Organization for Economic Cooperation and Development recently calculated how much each affluent country spends on social programs. When you include both direct spending and tax expenditures, the U.S. has one of the biggest welfare states in the world. We rank behind Sweden and ahead of Italy, Austria, the Netherlands, Denmark, Finland and Canada. Social spending in the U.S. is far above the organization’s average."
Read The New York Times, America Is Europe.
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