An average tax rate of 48%... Welcome to America, an amazing chart!

 
It's been a generally accepted principle that the US offers lower tax rates than Europe, which allows its citizens to choose where/how to spend their disposable income. However the recent Biden proposal will now see the average federal/state tax rates be 48% with my beautiful home state of California leading the way of course at 56.7%. Want to find out where you stand, see the graphic below:


Now of course, this being America, a recent Wharton study found that the richest Americans would still be able to avoid 90% of these taxes, leaving the middle class to hold the bag. Ultra wealthy 1 - rest of America 0.

What's the solution? Simplify the damned tax code. I know that won't happen anytime soon, but hopefully we can start making some steps as Biden does seem intent on doing the right thing. Suspense for everyone involved!


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