Happy 4th of July to my fellow Americans! And I suppose to the British, who by now are probably pretty damned glad they got rid of us back then.....
Thu Jul 05 2012 09:08:41 AM EDT from IGnatius T FoobarAnd to think, we fought a war of independence to escape taxes that were a tenth of what the current regime now levies.
Nyah! Nyah!
<laughs>
Well, I wouldn't be so quick to give Bella her belly laughs....unless you know what *their* tax rates are like today. ;-)
Fleeb,
That was pretty exciting news, actually. Though they seem to be somewhat cagey in stating it definitively....
Eh, that's physicists for you.
Statistically, it's still possible that they're wrong, just extremely unlikely.
I think UK's sales tax is like 20%, but it's called VAT.
Even ours is lower. It's been 16% for a while, but now it's going back up to 17%. Oh frabjous day!
It does seem unfair that after the country takes over a third of your salary, they then turn around grab another 17% from everything you buy, including food.
carberators!).
I also liked the short Higgs mention. Would someone that knows physics well enough start a room for folks that know a little bit? I passed modern physics classes, but would love it if we had a non condescending Neil Degrasse-Tyson around that
would help the masses out.
Thu Jul 05 2012 06:14:11 PM EDT from triLcatI think UK's sales tax is like 20%, but it's called VAT.
Even ours is lower. It's been 16% for a while, but now it's going back up to 17%. Oh frabjous day!
It does seem unfair that after the country takes over a third of your salary, they then turn around grab another 17% from everything you buy, including food.
Ouch. What's the rest of the structure like, though....income, re, etc.? Just wondering what other folks deal with.
As it is, we are about to get smacked with one of the biggest tax hikes in history (conveniently scheduled to take place *after* those who voted for it are up for re-election).
Surprised Congress hasn't figured out yet how to exempt themselves from sales and income taxes the way they have from various investment requirements or standard healthcare options.
For the average Joe/Joanne Income tax is 20%, then there is "National Insurance" which is 12% (both calc'd on the gross figure, tax is only paid above a threshhold, but N.I. is payable by all earners.)
National Insurance covers things like the N.H.S. and the State Pension, while Income Tax, is for well, who knows? the military, civil service, and whatever else the Govt. sees fit...
Then there's Road Fund Licence, an annual tax paid on cars, buses, and trucks. This varies depending on a set of criteria (emissions, engine size, etc)
Stamp Duty, is a tex on the purchase price of a house. There are more, and increasingly complex taxes, but remember, the wealthy, can usually minimise their tax liability using loop-holes, and clever accountants.
Hmm. LS and Rag have much better heads for the #s than I. But simplistically, it doesn't sound all that much different from here once it's all added up, aside from the 20% VAT....
Consumption based taxes have been talked about in the US. It's a goodI don't think it would happen because people would never understand how it works. Not to mention all the IRS agents, all the tax
idea, but implementing it here would be *very* dangerous. The problem
preparers and tax lawyers would be out of a job.
Fri Jul 06 2012 09:32:14 PM EDT from zooerConsumption based taxes have been talked about in the US. It's a goodI don't think it would happen because people would never understand how it works. Not to mention all the IRS agents, all the tax
idea, but implementing it here would be *very* dangerous. The problem
preparers and tax lawyers would be out of a job.
And this would be differeent from today? ;-)
year.