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by willyt
3293 days ago
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Someone earning £80k ($100k) per year in the UK will pay about 30%[0] tax this is inclusive of income tax, local property tax and National Insurance ( mandatory insurance which covers healthcare, basic sickness and retirement benefits ). If you are paying 50% tax, then you are being ripped off by your country because you are not gaining anything in exchange for paying all that money AND giving up all those protections. We have those protections in the UK and they are similar across all of the EU. The highest rate of tax in the UK is 45% and you only pay that on anything you earn over something like £150k ($200k) per year. You have to pay ~2% to national insurance as well, but this is much much cheaper than private healthcare in the US. Local tax is pegged to the value of the house you live in and is typically between £0.8 and £1.5k ($1k-$2k) per year. [0] http://www.moneysavingexpert.com/tax-calculator/ |
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Close-to-50% total taxation is unfortunately pretty common in the West welfare states and yes, you're not getting your taxes worth.