MinerGate is a multicurrency mining pool with the easiest mining software, reliable 24/7 support service and helpful community at your disposal. Start mining now from your PC
Taxes are a big political issue the United States. Progressive Democrats like Alexandria Ocasio-Cortez have proposed higher taxes on wealthy Americans to help fund generous state welfare programs. Sweden, and other Nordic countries, are often now used as successful examples of nations that collect high taxes without hurting employment or their economies. Here’s a look at how Sweden pulls it off.
The April 15 deadline for federal tax returns is fast approaching. At the same time, taxing the wealthy is becoming a big political issue in the leadup to the 2020 presidential election.
Rep. Alexandria Ocasio-Cortez, D-N.Y., proposed a 70 percent marginal tax rate on wealthy Americans as part of her co-sponsored Green New Deal in February. Since then, wealth inequality and taxes have become a common platform among Democratic presidential hopefuls.
That 70% sounds like a big number, but there’s another country where some workers are paying similar taxes. Sweden.
“The short version of the story is that Sweden and other Nordic countries … have high taxes and they have fairly good economic performance,” Torben Andersen, a professor in the Department of Economics and Business Economics at Aarhus University in Denmark, told CNBC. “And the simple explanation is that you cannot judge the effect of taxes without knowing what they are financing.”
Sweden is known to have some of the highest taxes in the world. At the same time, unemployment is low and the country has posted better GDP numbers than the United States in recent years. Here’s how a country with fewer than 10 million people pulled it off.
» Subscribe to CNBC: http://cnb.cx/SubscribeCNBC
» Subscribe to CNBC TV: http://cnb.cx/SubscribeCNBCtelevision
» Subscribe to CNBC Classic: http://cnb.cx/SubscribeCNBCclassic
About CNBC: From ‘Wall Street’ to ‘Main Street’ to award winning original documentaries and Reality TV series, CNBC has you covered. Experience special sneak peeks of your favorite shows, exclusive video and more.
Connect with CNBC News Online
Get the latest news: http://www.cnbc.com/
Find CNBC News on Facebook: http://cnb.cx/LikeCNBC
Follow CNBC News on Twitter: http://cnb.cx/FollowCNBC
Follow CNBC News on Google+: http://cnb.cx/PlusCNBC
Follow CNBC News on Instagram: http://cnb.cx/InstagramCNBC
How Sweden Balances High Taxes And Growth
- 60For many people who struggle with anxiety and depression, it's a huge challenge to find a therapist that they can afford. So now, a growing group of apps, including Talkspace and The Difference, are looking to solve the problem by using technology to improve access. » Subscribe to CNBC: http://cnb.cx/SubscribeCNBC…
- 58For forty years, the U.S.-led global economy has produced an enormous improvement in human welfare. The percentage of the world’s population living on less than $1.90 per day fallings from 42% to 10%. At the same time, income inequality has surged in countries with advanced economics. Nowhere has it surged…