I am European: our wages are much, much lower than our American tech counterparts, without taxes double, with taxes we're on average making a third of them. And that's same cost of living.
Tech salaries in Europe are a joke. The median IT salary in Germany is less than what I'm paid in India. That's in absolute dollar terms. Factor in the difference in cost of living and the disparity becomes comical.
Ah, that is why all TCS, Infosys and Wipro folks I work with, rather get a way to stay in Germany than go back home, what a set of fouls giving up on such salaries.
Copenhagen is probably one of the most expensive city in Europe and hardly representative of the continent as a whole. Even then, a quick Google search estimates that cost of live in Copenhagen is 15-25% lower than Seattle/LA, without even accounting for the absurd american healthcare costs.