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.
Here is the link to the sponsorship site for my parachute jump: jump4pounds
I'll appreciate any amount anyone sends. I know there's not much money about these days, not even for hard working geeky types :-D
There is a comment section, it'll really help things if you could remember to note there that your sponsorship is for me.
Thanks guys.
I'm planning on hosting a BBS with downloadable applications for Windows and UNIX.
Consumption based taxes have been talked about in the US. It's a good
In general, I'm in favor of them if they're Pigouvian, but we really don't need new taxes right now. The appropriate tax rate for the next 12-18 months is 0%.