/biz/ - Business & Finance

>China is a communist country.
>Europe is a socialist pseudo country.
>USA is a capitalist country.
Right ? Yeah, right....

>china
has a relatively low tax burden compared to many developed countries.
Personal income tax rates range from 3% to 45%, with the highest rate applying to high-income earners.
Corporate income tax is generally 25% for most companies.
Value-added tax (VAT) rates range from 6% to 13%, with different rates for various goods and services.
Social security contributions are mandatory for employees and employers, with rates varying by location and type of insurance.

>USA
has a diverse tax system with federal, state, and local taxes.
Personal income tax rates are progressive, ranging from 10% to 37% at the federal level, with additional state income taxes in many states.
Corporate income tax rates range from 15% to 35% at the federal level, with additional state corporate taxes.
Social Security and Medicare taxes are levied on employees and employers to fund these federal programs.
Sales tax rates vary by state and locality, ranging from 0% to over 9%.

>Europe
encompasses a wide range of countries with varying tax policies, but the average tax burden tends to be higher than in China and the USA.
Personal income tax rates are generally higher, with top marginal rates exceeding 50% in some countries.
Corporate income tax rates vary but tend to be competitive globally, with rates ranging from around 20% to over 30%.
Value-added tax (VAT) rates in Europe range from 17% to 27%.
Social security contributions fund extensive welfare systems, including healthcare, pensions, and unemployment benefits.