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6% was probably sales tax. In US we've ALWAYS been taxed twice. Once on the money we get paid (which is what Mark is referencing) and once when we buy (sales tax, the 6% you probably remember).
@@svgchubs6249 good healthcare? A friend of mine has serious mental health issues and has to wait months to get an appointment. Our health insurance is mandatory and really high, it‘s around 7.5% of your income.
I would never live in Europe. Too many taxes which doesn't benefit me And idc about the "social benefits". I don't want to be spoon-fed by the stupid governments
I'm drooling over here. Belgium's rounded numbers are 25% upt to 15k, 40% up to 25k, 45% up to 40k and everything over only at 50% bc they took the top bracket away.
In australia if the raise is minimal, this would accually be the smart thing to do because you’re taxed as a percentage of your income plus a base number determined by your income
Beacuse there's more welfare If you get in a car accident you don't need to spend 3 year of your income to pay for the hospital, College doesn't cost to much,...
It’s exactly like this in the UK though. Up to 50 k taxed at 20 percent and no then a bump up to 40 percent as soon as you see beyond 50k. Beyond 100 k you’re effectively paying 50 k. So I’ve seen some of my colleagues go part time to avoid these penalising tax thresholds.
Erm that literally not how it works in the UK. Up to 50k you get taxed 20% yes. Then anything OVER 50k is taxed at 40% up to 125k. The big problem is once you hit over 125k you lose your personal allowance whilst also having to pay 45% tax so you essentially get double taxed at that point. Also you say at 100k you end up paying 50k tax, which is simply untrue. At £100k you would earn £68.5k after tax, so about 32k in tax. You would have to earn roughly £135k to pay 50k in tax.
I think other issue are losing child benefits (I think 80k) and free childcare hours that can easily be worth it 200-300 per child. So if you got 2 child if you get less than 20k increase basically is not convenient
Yeah it's weirdly not explained to people despite being simple to explain. Even the term "falling into the next tax bracket" gives a misinformational sound to it. If you're taxed 20 percent then the pay rise would mean you get taxed 40 percent it sounded like suddenly you're losing 20 percent more of your money and getting less total, but actually, it's only the money that goes over the limit that is taxed higher so it is only ever a positive. Except for being expected to do more.
Yeah its wild how many people have absolutely no clue about taxes. Had a discussion with a dude claiming with his income he would pay a total of 85% tax when he buys groceries. Turns out it was closer to 40% and he didnt even know the that that already includes social securities so he was also insured aswell.
I'm in aus so, different systems obviously, but similar, yes we have a progressive tax system and a GST (VAT) when purchasing but still the highest tax bracket at 45% is set to 180k @@Alpine_flo92002 When you do overtime, you make more and you might go into the next bracket, and that weeks pay will be taxed (on the portion you go into the next bracket only) as though you will make that every week. However you rarely do, and you get it back when you file your annual tax return anyway.
What's worse is a lot of them think this is actually why a larger portion of their paycheck is withheld. They think it's because they are in a new tax bracket. They don't realize that it's just an estimate based on a pro rated pay period and that they are getting it back if it was too high.
Not true. Goes down by 1£ every 2 you earn. But your tax is 40% so yes your increase in salary over 100k will be really few but there will be always an increase. But I understand sometimes is not convenient because you lose other benefits like childcare, free hours, etc, that yes probably are way more than your increase, specially if you just touch 100k...
I heard from someone that they don't play the lottery because the money would be taxed.. Like sure good on you for not playing the lotto, but you would still come out on top.
This is what my dad still doesn't understand. He has always owned his own business and has actually never officially worked for anyone else in his entire life (he worked in a fruit stall for someone for £2/hr when he arrived in the UK). He knows ONLY about business/corporate tax and still doesnt understand about marginal tax when i explained it to him.
