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Politics : Foreign Affairs Discussion Group
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To: Nadine Carroll who wrote (100134)6/4/2003 3:54:46 AM
From: Elsewhere  Read Replies (2) of 281500
 
US taxes mostly on income (federal, state, and payroll taxes). Europe taxes mostly on VAT and sales. Is VAT counted as tax on profit here? How do property taxes compare? I smell an apples to oranges comparison.

Here's the tax composition in the USA vs. EU-15:

                  USA   EU-15
Income & profits  49.1  34.9
Social security   23.9  27.5
Property          10.7   4.9
Goods & services  16.4  30.4
Payroll            -     1.2
Other              -     0.8

Source: oecd.org

"Goods & services" probably includes VAT in Europe though it should be mentioned that businesses needn't pay it, "only" consumers.
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