iheartscience
Super_Ideal_Rock
- Joined
- Jan 1, 2007
- Messages
- 12,111
Beacon|1340903092|3225202 said:I don't know what the taxes are like in Australia, so can't really say. Here in America we have a top rate at 35%, scheduled to go to 39.5% on Jan 1, 2013. Plus since I live in California, the rate here is 10% at the top end, which you have to pay in addition to the Federal tax. Then there is a "social security tax" which varies a bit these days, but is around 5% of your earnings up til you earn about 108K. There is an additional "Medicare tax" on all your wages of 1.45%. Then in my State, there is a sales tax on things you purchase, around 8.5% of the price.
So it does all all up, I must say.
So maybe it's better if my family does not work so hard.
The current tax rates in the US are at very low levels compared to previous years. Additionally, the US has a much lower tax burden than many other industrialized nations. The trade off is that the other industrialized nations get a lot more for their higher taxes, including free health care, free college, great maternity leave, etc. I would happily pay higher taxes for their benefits. As kenny says, people vary.
I doubt working less hard in order to pay less taxes is truly advantageous, but I'd love to see the math if you have it.