manlymatt83
Lifer
Am I insane, or did I read that taxes in the UK are 40% of your salary?
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Wow. Taxes in the UK are 40%?
- Thread starter manlymatt83
- Start date
Snapster
Diamond Member
It's something like
Starting rate for savings: 10% - £0-£2,440
Basic rate: 20% - £0-£37,400
Higher rate: 40% - Over £37,400
Super rate: 50% - Over £150,000
UK average wage is about £25,000
I doubt it considering how much the UK gets reamed in the ass with things like VAT.[/quote]
Bingo, it was 17.5% for many a year but it's currently 15% and will go up to about 18.5% later this year to make up for the temporary cut to 15% (stupid decision in the first place)
Starting rate for savings: 10% - £0-£2,440
Basic rate: 20% - £0-£37,400
Higher rate: 40% - Over £37,400
Super rate: 50% - Over £150,000
UK average wage is about £25,000
I doubt it considering how much the UK gets reamed in the ass with things like VAT.[/quote]
Bingo, it was 17.5% for many a year but it's currently 15% and will go up to about 18.5% later this year to make up for the temporary cut to 15% (stupid decision in the first place)
GodlessAstronomer
Lifer
I'm paying 19.5% here in New Zealand, plus 12.5% GST (good & services tax) on anything I buy. Plus an absurd tax levy on smokes and alcohol, both of which I buy far too much.
Edit - but I'm in the lowest tax bracket, I believe it goes up to around 39% at the highest bracket.
Edit - but I'm in the lowest tax bracket, I believe it goes up to around 39% at the highest bracket.
GodlessAstronomer
Lifer
About the same. My brand (Marlborough Lights) cost $14.10 for a pack of 25, I think around $12.90 for 20.
Edit - after GST.
boomerang
Lifer
The more Socialistic the society, the higher the taxes. That stuff has got to be paid for. As was mentioned, the Nordic countries being the worst where basically everything is paid for, cradle to grave.
You team it up with the taxation associated with a service economy and the rich start leaving. How many brit entertainers live here in the U.S? They got fed up with the tax rates.
The direction our leaders want us to go here in the U.S. is becoming clearer everyday. Make sure it's really what you want. There is absolutely no going back.
You team it up with the taxation associated with a service economy and the rich start leaving. How many brit entertainers live here in the U.S? They got fed up with the tax rates.
The direction our leaders want us to go here in the U.S. is becoming clearer everyday. Make sure it's really what you want. There is absolutely no going back.
13Gigatons
Diamond Member
Both countries are going broke despite the taxes.
it is actually not so bad in UK. i like it better than in US.
The prices you see in the store or restaurant are generally included with the 15% VAT. if I see a shirt on sale for 15 quips, I am really paying just 15 quips for it.
The tax rate band is progressive like someone has mention above. you aren't paying 40% on all your income. the gov't will be taxing the people with making 150k pounds individuals at 50%. it was 40% before.
still, brits can work all over EU. unlike US, UK only taxes on the residents, not citizens. the brits that works in Dubai pay no taxes! also, the benefits are better.
The prices you see in the store or restaurant are generally included with the 15% VAT. if I see a shirt on sale for 15 quips, I am really paying just 15 quips for it.
The tax rate band is progressive like someone has mention above. you aren't paying 40% on all your income. the gov't will be taxing the people with making 150k pounds individuals at 50%. it was 40% before.
still, brits can work all over EU. unlike US, UK only taxes on the residents, not citizens. the brits that works in Dubai pay no taxes! also, the benefits are better.
techs
Lifer
That's interesting because here in the US many states with an income tax like New York, etc when combined with the top rate of the Federal tax also pay about 50 percent.
And if the national health care is paid for out of that 50 percent, you actually do better than in these states in the US since Americans are usually paying a portion of their health insurance out of their salaries, plus the employer paid part is really part of their salary, plus we in the US have co-payments on our insurance.
Cuda1447
Lifer
Yes, but when we get UHC here in the US our taxes will go up more. Probably more than what I pay a month for my healthcare (about $60 for my wife and I a month). Government is NEVER efficient, so why would you assume they would make paying for healthcare cheaper than what the private industry does?
Except that as a proportion of GDP, the US spends more than any other country except the Marshall Islands. Source: http://www.who.int/whosis/whos...N_WHS08_Table4_HSR.pdf
And that's relative to any other countries being held up as shining beacons of UHC. (or lousy/socialist, etc, etc... depending on your POV)
So yes perhaps UHC might be more efficient overall than the current status of the US health industry
DrPizza
Administrator Elite Member Goat Whisperer
But to compare apples to apples, it's only fair to include health insurance. It's part of my compensation which I never see in the form of cash. At the beginning of the year, my employer shows us exactly how much is paid for us in the form of other benefits such as health insurance.
Also, what many people miss is half of the social security - one half is deducted from the paycheck, one half is paid by the employer. This merely hides what percentage employees pay. There would be absolutely no difference if the employer paid the employee that little bit of money more, then the employee paid 100% of the social security tax.
But, Miri over-looked that health insurance doesn't change a whole lot. Thus, as a percentage of income, it really depends on the level of income. For someone making 40k per year, and with a family plan, considering the 10k paid for health insurance, that would be like 20% of their salary. But, for someone with the same family plan, making 100k per year, it'd only be about 9%.
If you earn £15000 you pay £1705 in tax (11.4%)
If you earn £30000 you pay £4705 in tax (15.7%)
If you earn £45000 you pay £9225 in tax (20.5%)
If you earn £100000 you pay £31225 in tax (31.2%)
If you earn £200000 you pay £76235 in tax (38.1%)
It's heavily variable and difficult to get to 40% unless you're earning more than enough to be comfortable.
If you earn £30000 you pay £4705 in tax (15.7%)
If you earn £45000 you pay £9225 in tax (20.5%)
If you earn £100000 you pay £31225 in tax (31.2%)
If you earn £200000 you pay £76235 in tax (38.1%)
It's heavily variable and difficult to get to 40% unless you're earning more than enough to be comfortable.
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