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post #1 of 12 Old 04-30-2008, 8:20 PM Thread Starter
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High Income Earners & Tax

Go out work hard, work smart and earn more than the bloke down the road and the new goverment here in Australia is going to slug you more in taxes for your efforts. Does it work like this in the US?
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post #2 of 12 Old 04-30-2008, 8:30 PM
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Re: High Income Earners & Tax

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post #3 of 12 Old 04-30-2008, 8:45 PM Thread Starter
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Re: High Income Earners & Tax

They did something out here called a baby bonus, a one off bonus of about $2k or more - Plazma TV sales went through the roof. The more you give people the less they will do the more they will expect.
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post #4 of 12 Old 04-30-2008, 8:47 PM
 
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Re: High Income Earners & Tax

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Originally Posted by Bigdaddy75 View Post
Go out work hard, work smart and earn more than the bloke down the road and the new goverment here in Australia is going to slug you more in taxes for your efforts. Does it work like this in the US?
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post #5 of 12 Old 04-30-2008, 9:20 PM Thread Starter
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Re: High Income Earners & Tax

IMO it would make more sense to try and stimulate the low and middle income earners to make more money rather than spoon feeding them soul destroying handouts. I will assume the government wants to keep them in their place to protect their voter base. Australia is now officially being run by the worlds second biggest idiot.
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post #6 of 12 Old 04-30-2008, 9:52 PM
 
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Re: High Income Earners & Tax

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Go out work hard, work smart and earn more than the bloke down the road and the new goverment here in Australia is going to slug you more in taxes for your efforts. Does it work like this in the US?
Sure 'nough, up to a point. Once you are SUPER filthy rich then there are a lot loopholes and breaks. Warren Buffet (one of the richest) did a national news story on how only about 9% of his income goes to taxes but his secretary who makes around $100K a year pays out 35% of it to taxes. He said that he felt like it would be much easier for him to pay 35% than it is for her to pay that much. He was basically on the news saying that he thought the govt. should increase his taxes.

I think there should be a straight flat tax. 15%, 25% whatever it takes to balance the budget but everyone should pay the exact same percentage except maybe the absolute lowest income earners. With basic adjustments for number of children, etc.
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post #7 of 12 Old 04-30-2008, 9:59 PM Thread Starter
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Re: High Income Earners & Tax

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I think there should be a straight flat tax. 15%, 25% whatever it takes to balance the budget but everyone should pay the exact same percentage except maybe the absolute lowest income earners. With basic adjustments for number of children, etc.
This kind of thinking we can only wish for in government. The problem we have is this clown in charge now is aware of where the votes come from so he panders to them with this knight on a white horse approach. This will be to the detriment of Australia. Oh yeah and he's slapped a big tax on mixed drinks to try and curb binge drinking, yep that's gonna stop the kids in their tracks. Not.
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post #8 of 12 Old 04-30-2008, 11:55 PM
 
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Re: High Income Earners & Tax

for me if I do 2 OT days in a week its almost not worth it. that second day basically means I worked for chump change because they take so much of it in taxes. its ridiculous, I work harder make more money only to not make more money.

if you can't convince them, confuse them.
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post #9 of 12 Old 05-01-2008, 1:02 AM
 
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Re: High Income Earners & Tax

Look up something called the Fair Tax. I don't know if Australia has an equivalent, but I'm sure someone's thinking about it. Flat, end-consumer-item consumption tax. Ends up being around 23%, if I remember correctly. Sounds like a lot, but when you think about how much money you're losing to income tax right now, it makes a little sense. Everyone pays tax on whatever they want to pay for. So, Joe Schmoe pays taxes on his groceries, and so does Bill Gates, but Bill is the only one payin tax on his new yacht.... Great concept. Also calls for reform in social security and medicare, but that's a little off-topic.

If stupidity got us into this mess, why can't it get us out?? - Will Rogers
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post #10 of 12 Old 05-01-2008, 6:36 AM
 
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Re: High Income Earners & Tax

Here in the UK the amount of tax you pay depends on how much you earn..

Between £0 and £2,230 you pay 10% tax (see note below)
Between £2,231 and £34,600 you pay basic rate tax at 22%
Over £34,600 you pay the higher rate tax at 40%

(The government here has recently abolished the 10% tax band for lower income families, so they are now paying 22% instead.. The political backlash has been incredible and the government is now trying to 'fix' the situation as poorer families (the ones they are supposed to be helping) are now worse off than they were before..)


In addition to the taxes above we also 17.5% value added tax on practically all goods and services we buy.. from a can of beans to the electricity we use to a new bike... and everything in between.. a few things are exempt, but not many

The tax on fuel is about 65%.. currently we pay just over £5 ($10) a gallon here, so if we took off the tax fuel would be about $3.50 a gallon

For those who smoke the tax on cigarettes is around the 80% mark.. currently about £4.50 to £5.50 ($9.50 to $11) for a pack of 20 depending on brand

And we pay duty (tax) on all alcohol purchases as well... a pint of beer costs on average £2.50 ($5) here, but that depend where you live as some places are more expensive than others..

In addition to these we also have inheritance tax, stamp duty (a tax on homes if you buy one), Vehicle Excise Duty or road tax (there are proposals afoot to double the road tax on bikes in the UK next year, I'm posting the link to the petition against it in every forum I'm a member of), hell we even have to pay a tax on our insurance premiums!!! and thats only naming a few things.........

Plus thats just the things we notice.... after all of the above there are the 'Stealth' taxes, things where the government has changed the lower brackets or 'simplified' things or altered stuff which means we end up paying more for something than we did before.. sneaky 'baskets'... Its enough to make you

Last edited by LoopyLee; 05-01-2008 at 6:44 AM. Reason: adding stuff!!!
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post #11 of 12 Old 05-01-2008, 6:42 AM
 
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Re: High Income Earners & Tax

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Originally Posted by Bigdaddy75 View Post
Australia is now officially being run by the worlds second biggest idiot.
Who is the worlds no.1 idiot then... Maybe we should vote on this...
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post #12 of 12 Old 05-01-2008, 7:00 AM
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Re: High Income Earners & Tax

One of my favorite bumper stickers:

"Annoy a liberal......work hard and be happy."



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