[SkyDancer]

Their reply would be that they are more educated and can make socialism work since those in power in Venezuela don’t know how to run it.

[joshua c]

Their reply would be that they are more educated and can make socialism work since those in power in Venezuela don’t know how to run it.

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Like the Swedes. We should follow the Swedish system.

Per Wikipedia:
Sweden has a progressive income tax, the rates for 2014 are as follows:

0% from 0 kr to 18,800 kr (~0 – 2,690 USD)
Circa 31% (ca. 7% county and 24% municipality tax): from 18,800 kr to 433,900 kr (~2,690 – 62,140 USD)
31% + 20%: from 433,900 kr to 615,700 kr (~62,140 – 88,180 USD)
31% + 25%: above 615,700 kr (88,180 USD and up)[4]

Plus 30% social security tax, plus 25% VAT tax. Everybody ready to sign up?

Oh and capital gains tax is 30%.

They do know that capitalism is needed to fuel a socialist system so corporate income tax is 15%.

[rbg81]

Their reply would be that they are more educated and can make socialism work since those in power in Venezuela don’t know how to run it.

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Exactly right. America is a richer country so it would take longer to milk it dry. Maybe add another 10-20 years before the inevitable collapse. Or, more likely, it would eventually look like Romania under Ceausescu.

[lepton]

...like Ted Kennedy to Milton Friedman.