Instead of focusing on increasing revenue and the associated costs therein, why no focus on cutting costs? Increasing revenue in Australia is a no-win scenario - YOU WILL PAY THE GOVT ALOT IN TAXES.
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Top 10 highest taxes in the world
- Thread starter larky28
- Start date
Instead of focusing on increasing revenue and the associated costs therein, why no focus on cutting costs? Increasing revenue in Australia is a no-win scenario - YOU WILL PAY THE GOVT ALOT IN TAXES.
it doesn't make sense if one is making an income of say $25,000 but wasting time seeking for low tax. However, if ya making 250k or 2.5mil, then it is wise to start looking for tax magic. Why worry so much if ya ain't rich ?
generally, the EU countries also have the best welfare.
We know that the tax credits are nothing compared to what middle-class Americans are going thru. High taxes, raising cost of health insurance, food prices, energy costs, etc.
It is no longer just about you or Paquiao. But betting is up when times are bad. How much do you bet?
Meanwhile, I am loving US Fed zero interest rates. It is channeling into my booming industry .
Nearly half of US households escape fed income tax
Stephen Ohlemacher, Associated Press
WASHINGTON – Tax Day is a dreaded deadline for millions, but for nearly half of U.S. households it's simply somebody else's problem.
About 47 percent will pay no federal income taxes at all for 2009. Either their incomes were too low, or they qualified for enough credits, deductions and exemptions to eliminate their liability. That's according to projections by the Tax Policy Center, a Washington research organization.
Most people still are required to file returns by the April 15 deadline. The penalty for skipping it is limited to the amount of taxes owed, but it's still almost always better to file: That's the only way to get a refund of all the income taxes withheld by employers.
In recent years, credits for low- and middle-income families have grown so much that a family of four making as much as $50,000 will owe no federal income tax for 2009, as long as there are two children younger than 17, according to a separate analysis by the consulting firm Deloitte Tax.
Tax cuts enacted in the past decade have been generous to wealthy taxpayers, too, making them a target for President Barack Obama and Democrats in Congress. Less noticed were tax cuts for low- and middle-income families, which were expanded when Obama signed the massive economic recovery package last year.
The result is a tax system that exempts almost half the country from paying for programs that benefit everyone, including national defense, public safety, infrastructure and education. It is a system in which the top 10 percent of earners — households making an average of $366,400 in 2006 — paid about 73 percent of the income taxes collected by the federal government.
The bottom 40 percent, on average, make a profit from the federal income tax, meaning they get more money in tax credits than they would otherwise owe in taxes. For those people, the government sends them a payment.
"We have 50 percent of people who are getting something for nothing," said Curtis Dubay, senior tax policy analyst at the Heritage Foundation.
The vast majority of people who escape federal income taxes still pay other taxes, including federal payroll taxes that fund Social Security and Medicare, and excise taxes on gasoline, aviation, alcohol and cigarettes. Many also pay state or local taxes on sales, income and property.
That helps explain the country's aversion to taxes, said Clint Stretch, a tax policy expert Deloitte Tax. He said many people simply look at the difference between their gross pay and their take-home pay and blame the government for the disparity.
"It's not uncommon for people to think that their Social Security taxes, their 401(k) contributions, their share of employer health premiums, all of that stuff in their mind gets lumped into income taxes," Stretch said.
The federal income tax is the government's largest source of revenue, raising more than $900 billion — or a little less than half of all government receipts — in the budget year that ended last Sept. 30. But with deductions and credits, especially for families with children, there have long been people who don't pay it, mainly lower-income families.
The number of households that don't pay federal income taxes increased substantially in 2008, when the poor economy reduced incomes and Congress cut taxes in an attempt to help recovery.
In 2007, about 38 percent of households paid no federal income tax, a figure that jumped to 49 percent in 2008, according to estimates by the Tax Policy Center.
In 2008, President George W. Bush signed a law providing most families with rebate checks of $300 to $1,200. Last year, Obama signed the economic recovery law that expanded some tax credits and created others. Most targeted low- and middle-income families.
Obama's Making Work Pay credit provides as much as $800 to couples and $400 to individuals. The expanded child tax credit provides $1,000 for each child under 17. The Earned Income Tax Credit provides up to $5,657 to low-income families with at least three children.
There are also tax credits for college expenses, buying a new home and upgrading an existing home with energy-efficient doors, windows, furnaces and other appliances. Many of the credits are refundable, meaning if the credits exceed the amount of income taxes owed, the taxpayer gets a payment from the government for the difference.
"All these things are ways the government says, if you do this, we'll reduce your tax bill by some amount," said Roberton Williams, a senior fellow at the Tax Policy Center.
The government could provide the same benefits through spending programs, with the same effect on the federal budget, Williams said. But it sounds better for politicians to say they cut taxes rather than they started a new spending program, he added.
Obama has pushed tax cuts for low- and middle-income families and tax increases for the wealthy, arguing that wealthier taxpayers fared well in the past decade, so it's time to pay up. The nation's wealthiest taxpayers did get big tax breaks under Bush, with the top marginal tax rate reduced from 39.6 percent to 35 percent, and the second-highest rate reduced from 36 percent to 33 percent.
But income tax rates were lowered at every income level. The changes made it relatively easy for families of four making $50,000 to eliminate their income tax liability.
Here's how they did it, according to Deloitte Tax:
The family was entitled to a standard deduction of $11,400 and four personal exemptions of $3,650 apiece, leaving a taxable income of $24,000. The federal income tax on $24,000 is $2,769.
With two children younger than 17, the family qualified for two $1,000 child tax credits. Its Making Work Pay credit was $800 because the parents were married filing jointly.
The $2,800 in credits exceeds the $2,769 in taxes, so the family makes a $31 profit from the federal income tax. That ought to take the sting out of April 15.
Stephen Ohlemacher, Associated Press
WASHINGTON – Tax Day is a dreaded deadline for millions, but for nearly half of U.S. households it's simply somebody else's problem.
About 47 percent will pay no federal income taxes at all for 2009. Either their incomes were too low, or they qualified for enough credits, deductions and exemptions to eliminate their liability. That's according to projections by the Tax Policy Center, a Washington research organization.
Most people still are required to file returns by the April 15 deadline. The penalty for skipping it is limited to the amount of taxes owed, but it's still almost always better to file: That's the only way to get a refund of all the income taxes withheld by employers.
In recent years, credits for low- and middle-income families have grown so much that a family of four making as much as $50,000 will owe no federal income tax for 2009, as long as there are two children younger than 17, according to a separate analysis by the consulting firm Deloitte Tax.
Tax cuts enacted in the past decade have been generous to wealthy taxpayers, too, making them a target for President Barack Obama and Democrats in Congress. Less noticed were tax cuts for low- and middle-income families, which were expanded when Obama signed the massive economic recovery package last year.
The result is a tax system that exempts almost half the country from paying for programs that benefit everyone, including national defense, public safety, infrastructure and education. It is a system in which the top 10 percent of earners — households making an average of $366,400 in 2006 — paid about 73 percent of the income taxes collected by the federal government.
The bottom 40 percent, on average, make a profit from the federal income tax, meaning they get more money in tax credits than they would otherwise owe in taxes. For those people, the government sends them a payment.
"We have 50 percent of people who are getting something for nothing," said Curtis Dubay, senior tax policy analyst at the Heritage Foundation.
The vast majority of people who escape federal income taxes still pay other taxes, including federal payroll taxes that fund Social Security and Medicare, and excise taxes on gasoline, aviation, alcohol and cigarettes. Many also pay state or local taxes on sales, income and property.
That helps explain the country's aversion to taxes, said Clint Stretch, a tax policy expert Deloitte Tax. He said many people simply look at the difference between their gross pay and their take-home pay and blame the government for the disparity.
"It's not uncommon for people to think that their Social Security taxes, their 401(k) contributions, their share of employer health premiums, all of that stuff in their mind gets lumped into income taxes," Stretch said.
The federal income tax is the government's largest source of revenue, raising more than $900 billion — or a little less than half of all government receipts — in the budget year that ended last Sept. 30. But with deductions and credits, especially for families with children, there have long been people who don't pay it, mainly lower-income families.
The number of households that don't pay federal income taxes increased substantially in 2008, when the poor economy reduced incomes and Congress cut taxes in an attempt to help recovery.
In 2007, about 38 percent of households paid no federal income tax, a figure that jumped to 49 percent in 2008, according to estimates by the Tax Policy Center.
In 2008, President George W. Bush signed a law providing most families with rebate checks of $300 to $1,200. Last year, Obama signed the economic recovery law that expanded some tax credits and created others. Most targeted low- and middle-income families.
Obama's Making Work Pay credit provides as much as $800 to couples and $400 to individuals. The expanded child tax credit provides $1,000 for each child under 17. The Earned Income Tax Credit provides up to $5,657 to low-income families with at least three children.
There are also tax credits for college expenses, buying a new home and upgrading an existing home with energy-efficient doors, windows, furnaces and other appliances. Many of the credits are refundable, meaning if the credits exceed the amount of income taxes owed, the taxpayer gets a payment from the government for the difference.
"All these things are ways the government says, if you do this, we'll reduce your tax bill by some amount," said Roberton Williams, a senior fellow at the Tax Policy Center.
The government could provide the same benefits through spending programs, with the same effect on the federal budget, Williams said. But it sounds better for politicians to say they cut taxes rather than they started a new spending program, he added.
Obama has pushed tax cuts for low- and middle-income families and tax increases for the wealthy, arguing that wealthier taxpayers fared well in the past decade, so it's time to pay up. The nation's wealthiest taxpayers did get big tax breaks under Bush, with the top marginal tax rate reduced from 39.6 percent to 35 percent, and the second-highest rate reduced from 36 percent to 33 percent.
But income tax rates were lowered at every income level. The changes made it relatively easy for families of four making $50,000 to eliminate their income tax liability.
Here's how they did it, according to Deloitte Tax:
The family was entitled to a standard deduction of $11,400 and four personal exemptions of $3,650 apiece, leaving a taxable income of $24,000. The federal income tax on $24,000 is $2,769.
With two children younger than 17, the family qualified for two $1,000 child tax credits. Its Making Work Pay credit was $800 because the parents were married filing jointly.
The $2,800 in credits exceeds the $2,769 in taxes, so the family makes a $31 profit from the federal income tax. That ought to take the sting out of April 15.
That is wrong.
Americans are paying a lot of direct taxes.
The latest one is Higher healthcare cost "tax".
Ben the helicopter just continued the Zero-internet rate "tax".
But with the current deficit, it will take less than 10 years for Americans to use 100% of their tax collection just to pay the interest on the debts they are having.
The wealth of Americans are like the illusions of David Copperfield.
http://www.usdebtclock.org/
The LOONEY is ON PAR WITH THE AMERICAN.
Latest update: UK has moved up the rank in term of taxation. Hope no idiot will emigrate. For those who have, hope you have keep your Spore citizen , at least you can still crawl back.
This is not including 17.5% VAT and other additional taxes on petrol!
http://blogs.telegraph.co.uk/financ...sty-surprise-in-next-months-salary-statement/
A nasty surprise in next month's salary statement
By Ian Cowie Your Money Last updated: April 8th, 2010
Next month’s salary statements will contain a nasty surprise for hundreds of thousands of middle class families.
While the political debate focuses on National Insurance (NI) increases proposed for next year by Labour and opposed by the Conservatives, the highest rates of income tax seen in decades took effect on Tuesday.
Those affected are hardly fat cats. Head teachers, doctors and anyone earning more than £100,000 a year is being hit by a new 61.5pc marginal rate of tax. As usual with stealth taxes, it ain’t straightforward. This time, the manoeuvre involves gradually withdrawing the personal allowance – £6,475 a year which everyone used to be entitled to receive before paying tax.
The clawback is being imposed by cancelling £1 of personal allowance for every £2 earned above £100,000. That means the personal allowance is lost altogether if earnings reach £113,000.
So anyone earning between those two figures is paying nearly £2 to the taxman for every £1 they earn. This is the highest rate of tax seen since 1988, when the top rate of income tax was cut to 40pc.
Mike Warburton of accountants Grant Thornton explained: “Combining the 40pc top rate of income tax with National Insurance at 11.5pc and the withdrawal of personal allowances above £100,000 has created a new marginal rate of tax of 61.5pc.
“This is a clear breach of Labour’s manifesto pledge not to raise income tax above 40pc in the life of this Parliament.”
HM Revenue & Customs estimates that more than 500,000 people are paying the new top rate of tax.
While the personal allowance clawback was set out in last year’s budgets, many busy people with better things to do than pore over fiscal regulations will be surprised when they see the effect of this pay cut in next month’s salary statements, mostly issued in the middle or end of the month. It’s just as well for the Government that they will have voted before then.
This is not including 17.5% VAT and other additional taxes on petrol!
http://blogs.telegraph.co.uk/financ...sty-surprise-in-next-months-salary-statement/
A nasty surprise in next month's salary statement
By Ian Cowie Your Money Last updated: April 8th, 2010
Next month’s salary statements will contain a nasty surprise for hundreds of thousands of middle class families.
While the political debate focuses on National Insurance (NI) increases proposed for next year by Labour and opposed by the Conservatives, the highest rates of income tax seen in decades took effect on Tuesday.
Those affected are hardly fat cats. Head teachers, doctors and anyone earning more than £100,000 a year is being hit by a new 61.5pc marginal rate of tax. As usual with stealth taxes, it ain’t straightforward. This time, the manoeuvre involves gradually withdrawing the personal allowance – £6,475 a year which everyone used to be entitled to receive before paying tax.
The clawback is being imposed by cancelling £1 of personal allowance for every £2 earned above £100,000. That means the personal allowance is lost altogether if earnings reach £113,000.
So anyone earning between those two figures is paying nearly £2 to the taxman for every £1 they earn. This is the highest rate of tax seen since 1988, when the top rate of income tax was cut to 40pc.
Mike Warburton of accountants Grant Thornton explained: “Combining the 40pc top rate of income tax with National Insurance at 11.5pc and the withdrawal of personal allowances above £100,000 has created a new marginal rate of tax of 61.5pc.
“This is a clear breach of Labour’s manifesto pledge not to raise income tax above 40pc in the life of this Parliament.”
HM Revenue & Customs estimates that more than 500,000 people are paying the new top rate of tax.
While the personal allowance clawback was set out in last year’s budgets, many busy people with better things to do than pore over fiscal regulations will be surprised when they see the effect of this pay cut in next month’s salary statements, mostly issued in the middle or end of the month. It’s just as well for the Government that they will have voted before then.
Still nothing compared to the 80-90% taxes in the past.
Ouch! But Australia is not far behind. Australia has many direct and indirect taxes - 10%GST, tax on petrol, tax on tobacco, etc etc etc
Yes, please avoid Australia because you need to pay a lot of taxes.
Please enlighten me which country give me easy stable high income and low tax?
Perth offers easy stable high income and high tax, so I need to go to cheap countries like Japan for holidays.
Usually, high tax countries have loads of social justice policies.
Countries like Singapore only practice socialism for PAP club and its connected people
But, is USA turning socialist as well?
Obama advertises tax breaks ahead of Tax Day
Obama urges Americans to take advantage of tax breaks for homebuyers, college students, others
Buzz up! 6
Print
President Barack Obama speaks about the retirement of Supreme Court justice John Paul Stevens and the West Virginia mine tragedy, Friday, April 9, 2010, in the Rose Garden of the White House in Washington. (AP Photo/Charles Dharapak)
Erica Werner, Associated Press Writer, On Saturday April 10, 2010, 6:08 am EDT
WASHINGTON (AP) -- Just ahead of Tax Day, President Barack Obama is urging Americans to take advantage of tax credits for first-time homebuyers, college students and others.
Obama used his weekly radio and Internet address Saturday to promote some of the tax benefits in last year's stimulus bill, saying they could save people hundreds or even thousands of dollars and were available to more than 100 million Americans. Even those who file before the April 15 deadline can amend their returns if there are savings they missed, Obama noted.
"No one I've met is looking for a handout. And that's not what these tax cuts are," Obama said. "Instead, they're targeted relief to help middle-class families weather the storm, to jump-start our economy and to bring the fundamentals of the American dream -- making an honest living, earning an education, owning a home and raising a family -- back within reach for millions of Americans."
Credits taxpayers may be eligible for include:
--Up to $8,000 for first-time homebuyers. The credit will be available through the end of April.
--Up to $2,500 for college expenses.
--Up to $1,500 for making energy-efficiency improvements to homes.
--For new vehicles purchased between Feb. 17-Dec. 31, 2009, the state and local taxes can be deducted.
--An expanded child tax credit providing $1,000 for each child under 17.
--The earned income tax credit now provides up to $5,657 to low-income families with at least three children.
Many workers have already received, through adjusted withholding in their paychecks, the "Making Work Pay" credit of as much as $800 for couples and $400 for individuals. For those who haven't yet received the full amount due, they will get the additional money when they file.
Those who already have the full amount must claim the credit on their return. Due to an IRS glitch, however, some workers will owe money; in some cases, withholding tables gave people more than they should have received.
In their weekly address, Republicans accused Obama of raising taxes and expanding government too much with the health care bill and other initiatives.
Sen. Jon Kyl, R-Ariz., noted that taxes would rise Jan. 1, when President George W. Bush's tax cuts expire.
"So, these are two Republican ideas: first, reining in Washington spending; second, keeping taxes at a manageable level. If we do these two things, private businesses and American families will be able to save, invest and plan for the future," Kyl said.
Obama wants to extend Bush's tax cuts, except for individuals making more than $200,000 a year and couples making $250,000
Countries like Singapore only practice socialism for PAP club and its connected people
But, is USA turning socialist as well?
Obama advertises tax breaks ahead of Tax Day
Obama urges Americans to take advantage of tax breaks for homebuyers, college students, others
Buzz up! 6
President Barack Obama speaks about the retirement of Supreme Court justice John Paul Stevens and the West Virginia mine tragedy, Friday, April 9, 2010, in the Rose Garden of the White House in Washington. (AP Photo/Charles Dharapak)
Erica Werner, Associated Press Writer, On Saturday April 10, 2010, 6:08 am EDT
WASHINGTON (AP) -- Just ahead of Tax Day, President Barack Obama is urging Americans to take advantage of tax credits for first-time homebuyers, college students and others.
Obama used his weekly radio and Internet address Saturday to promote some of the tax benefits in last year's stimulus bill, saying they could save people hundreds or even thousands of dollars and were available to more than 100 million Americans. Even those who file before the April 15 deadline can amend their returns if there are savings they missed, Obama noted.
"No one I've met is looking for a handout. And that's not what these tax cuts are," Obama said. "Instead, they're targeted relief to help middle-class families weather the storm, to jump-start our economy and to bring the fundamentals of the American dream -- making an honest living, earning an education, owning a home and raising a family -- back within reach for millions of Americans."
Credits taxpayers may be eligible for include:
--Up to $8,000 for first-time homebuyers. The credit will be available through the end of April.
--Up to $2,500 for college expenses.
--Up to $1,500 for making energy-efficiency improvements to homes.
--For new vehicles purchased between Feb. 17-Dec. 31, 2009, the state and local taxes can be deducted.
--An expanded child tax credit providing $1,000 for each child under 17.
--The earned income tax credit now provides up to $5,657 to low-income families with at least three children.
Many workers have already received, through adjusted withholding in their paychecks, the "Making Work Pay" credit of as much as $800 for couples and $400 for individuals. For those who haven't yet received the full amount due, they will get the additional money when they file.
Those who already have the full amount must claim the credit on their return. Due to an IRS glitch, however, some workers will owe money; in some cases, withholding tables gave people more than they should have received.
In their weekly address, Republicans accused Obama of raising taxes and expanding government too much with the health care bill and other initiatives.
Sen. Jon Kyl, R-Ariz., noted that taxes would rise Jan. 1, when President George W. Bush's tax cuts expire.
"So, these are two Republican ideas: first, reining in Washington spending; second, keeping taxes at a manageable level. If we do these two things, private businesses and American families will be able to save, invest and plan for the future," Kyl said.
Obama wants to extend Bush's tax cuts, except for individuals making more than $200,000 a year and couples making $250,000
Yes, please avoid Australia because you need to pay a lot of taxes.
Please enlighten me which country give me easy stable high income and low tax?
Perth offers easy stable high income and high tax, so I need to go to cheap countries like Japan for holidays.
You guys should ask the US Republicans to visit Australia. According to them, tax is now "the enemy that prevents families from living a decent lifestyle" according to the Republicans if you are paying more than 10% income tax per year you are bearing too much of a burden.
I love politics. One very interesting fact about the US is the most democratic state - California - is the most broke - yet the Democrats want to raise taxes - and the most Republican - Texas is the Richest - but is it due to low taxes? What makes Texas so successful while California is languishing?
Its very interesting.....
Keeping Spore citizen is like keeping a "liability".. I'm sure some quitters already received letters from MINDEF demanding return for reservist. ?
My withdrawal of CPF has helped my asset/equity to grow from 100-200%.. may I ask why continue to receive 2.5 / 4% interest ?
Everyone is pretty sure one day, quitters will crawl back to SG, sadly the reality may shock us !.. Pls continue with to put "Fear" on us, while stronger ones will continue to go for the mission impossible.. creating history..
USA has economies of scale. With 300 million people, they can afford to tax less.
Australia has 21 million people.
If USA tax each person $1, USA can get $300 million dollars. In contrast, Australia has to tax her citizens $14 per person to raise the same amount of money.
Australia is also a continent, it costs a lot to maintain a continent. Perth has 4 domestic air terminals and 1 international.
Favourite Peter G. Peterson quote (to date):
"There's no such thing as a tax cut without a cut in spending. That's a tax deferral plan."
But still, America has always maintain a budget deficit, rather than asking the taxpayer to pay more tax.
Healthcare cost per person in USA is twice of that of Australia, yet, they have no universal coverage. Obama is just scratching the surface of a socialised health program and it is uncosted - paid from debt, not taxpayer money.
http://www.pgpf.org/newsroom/press/IOUSA-Solutions-Premiers-on-CNN/
Yes, please avoid Australia because you need to pay a lot of taxes.
Please enlighten me which country give me easy stable high income and low tax?
Perth offers easy stable high income and high tax, so I need to go to cheap countries like Japan for holidays.
Bro, for sometime we have been having good and fruitful discussions without this loser cockroach and his shit. Now its slowly starting all over again. And it appears that no one other than you and Axe are entertaining him. Why can't we let the good discussions flow without the shit of this cockroach? The last thing any of us would want is to let this forum lapse into the rubbish dump it was before where there was only this loser cockroach talking rubbish to himself under multiple nicks..
It is about giving Aussie Prick a second chance.
Even cockroaches are living things.
I believe that it is possible to engage Aussie Prick civilly.
Noticed that my responses are sometimes not just to him, but to people who want to know more.
I also believe in Newton's 3rd Law of motion.
Ha these days I have no desire to engage in my previous posts - where I continually poked fun at you Oz people.
No, now I feel its actually enjoyable to have some idle banter.
Why not? It would seem we are living in very interesting times after all. I see the negative effects of Captialism gone awary in the US and the postive effects of Capitalism in Australia. But I wonder - how is the middle class faring in today's Australia? Singapore and the US has obviously passed the middle class by - the rich are afraid they will have to share thier wealth thanks to equitable wealth distribution due to democracy. In the US at least, in the near future, the "good times" for the elites is over. It would seem the "elites" in Australia are in an American style feeding frenzy. Singapore has had its fair share but I wonder if Australia will end up being controlled by the top 1% too.
Democracy is truly the game changer in the West. A non-elite has an equal vote to an elite. How wonderful and interesting life must be in the west where in Singapore such concepts are nonexistant.
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1. History is a good indicator of winners and losers.
2. These are the watershed years where we see the practice of Capitalism being misinterpreted "deliberately?" and hijacked by those who can (the elite?).
3. In some ways, Australia has always been the rebel among the English speaking developed world. Canada is another country who, perhaps of its proximity to USA, want to be different as well.
4. In Singapore, The political game is more dangerous because the party equates itself as the country. Is that a good thing? Does it create more accountability to the people and fiscal responsibilities? What if the strongman dies?
As far as I know, I only live once. Why not make the most of it. No need to get angry with Lee Kuan Yew, Gorgan Brown, Kevin Rudd or Mr Taxman or Australia's inefficiency.
In the past, I cannot make peace with myself, from my Toa Payoh flat.
But I am able to now that I am breathing and living life, from my Mt Lawley house.
And after counting the different varieties of birds that visit my garden birdbath this morning.
Yes, some life experiences are priceless.
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