… yet today it seems that a larger percentage of the U.S. economy is government-run than is “Communist” Vietnam’s.
Something to think about on this, the 44th anniversary of the Fall of Saigon?
From Heritage Foundation:
The Socialist Republic of Vietnam remains a Communist dictatorship characterized by repression of dissenting political views and the absence of civil liberties. … All land is collectively owned and managed by the state.
“Communist,” right? Since 1986, about a decade after the U.S. was defeated, the Vietnamese have been running what they call a “Socialist-oriented market economy”. What does it cost?
The top personal income tax rate is 35 percent, and the top corporate tax rate is 22 percent. Other taxes include value-added and property taxes. The overall tax burden equals 18.0 percent of total domestic income. Over the past three years, government spending has amounted to 29.4 percent of the country’s output (GDP)
How about the U.S.? From the same foundation:
The top individual income tax rate is now 37 percent, and the top corporate tax rate has been cut to 21 percent. The overall tax burden equals 26.0 percent of total domestic income. Over the past three years, government spending has amounted to 37.8 percent of the country’s output (GDP)
The above numbers are understated because they don’t include state income taxes, e.g., the top tax rate for someone living in California is over 50 percent (37 percent federal plus 13.3 percent state). But even before state taxes are considered, it seems that the U.S. has a larger percentage of its economy run by the government.
- “How Much Did The Vietnam War Cost?” ($168 billion spent; adjusted from January 1973 to March 2019 that’s just over $1 trillion)