Hillary and taxes
Just a brief note- there’s a link on Drudge right now to an article in Politico about comments by Hillary regarding taxes. “The rich are not paying their fair share.” She specifically mentions Brazil as a model, because taxes there are “high” but “Guess what, they’re growing like crazy”.
So… I googled (sorry about that, should have startpaged) ‘brazilian tax rates’, and up popped a link to www.worldwide-tax.com. It says that the top individual tax rate in Brazil is 27.5%, which is about half of the top US rate in high-tax states.
Capital gains are taxed at 15%. Get this- dividends from Brazilian companies are tax free!!
It is true, however, that social security taxes in Brazil are huge. Employers pay 8% of wages to a “deferred salary account”, plus 20% to a public retirement system and yet another 8.8% to other social charges. Individuals pay 8-11%. These payments, as in the US, are capped.
So, the bottom line is that the very wealthy in Brazil (whose wages presumably are well above the cap for social security charges) pay far lower taxes than the very wealthy in the US.