A Review of the Tax System in America & Why Americans are Less Happy than Europeans by Rich Warner

Описание: In this video, Rich Warner provides a panoramic view of the tax system in America - from federal, state and local income taxes, state sales tax, to property and excise taxes. He shows you how the tax system in America has actually led us down the path of income inequality, resulting in much higher Gini coefficients than in social democratic countries like Sweden, Finland, Denmark, Germany and Canada.

Why are Americans less happy than their Northern European counterparts? Why are longevity rates lower, despite the fact that Americans spend twice as much on healthcare as a percent of GDP? Why are their education systems better than ours?

Most important, what changes can we make to the political-economic system in America to try to help the middle and lower classes?

Find out in this enlightening video.

Timestamps
0:10 Introduction
1:00 Taxes as Primary Source of Government Funding
2:10 Regressive Taxes
3:52 Progressive Taxes
7:52 Primary Sources of Revenue for the Federal Government
9:20 How Little in Fact Do Corporations Pay in Taxes to the Federal Government?
11:03 Taxes at the State Level - Primary Revenue Sources
13:05 Overall Tax Burden for the Average American in 2020 - federal, state and local break-down
16:15 The Inverted Tax System in America - Why do we pay the most to the federal government?
19:32 The Unequal Distribution of Wealth in America Since the 1980's
20:22 Gini Coefficient Comparisons Across the Developed World
23:40 Ronald Reagan Starts Ratcheting Down Tax Brackets in Favor of the Rich
24:24 Much Lower Measures of Happiness and Wellbeing for Americans Compared to Nordic Countries and Canada
26:02 Personal Reflections - The Clear Evidence Against Communist Regimes
28:30 But Unrestrained Capitalism Has Created Miserable Living Standards for Many in America
31:14 Why the Game of Capitalism Must Be Regulated
33:28 Did Milton Friedman Get It Wrong?
34:18 The Inevitable Result of Unregulated Capitalism is Revolution and Chaos
34:49 The Polarized State of America Today

You can find more information about the socio-economic system in America as well as learn key strategies for managing your personal finances by reading Rich Warner's book Personal Finance for Progressive Thinkers, available through Amazon.com in the Kindle store at https://amzn.to/3bWT14s

Rich Warner would like to hear what you think about these matters. Please leave your comments and feedback below this video, or on the http://www.wealthmaxbuilder.com web site.

Thank you for watching.