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steelersrock01 Posted: 23:29 Jun11 2022 Post ID: 3458237
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Ah, yeah, the tax bill is much lower here. Our system is progressive, so different amounts of money are taxed at different rates. Here, $100,000 falls into the 24% bracket which is $89,000 to 170,000, but only the amount over $89,000 would be taxed at that rate, with the amounts below 89k being taxed at progressively lower rates. So someone making $100,000 would pay roughly 22,600 in federal taxes, which is income tax + Social Security and Medicare, and your state income tax would vary, New Jersey's is very high, that that would be another ~$4200 for a total tax bill of around $27,000 on that 100,000 income. But most other states have a lower (or none) state income tax and there's various ways to lower your tax bill.

So by those numbers the UK tax rate is roughly double, depending on the state you live in.
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Sanzano Posted: 08:54 Jun12 2022 Post ID: 3458241
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I see now why rich people in the UK want to go and live in America, it's not the scenery, it's to pay less taxes and hang onto their wealth.

Lewis Hamilton and Tyson Fury are the two biggest money earners in sport in the UK, Lewis fled to Monaco to escape paying taxes while Tyson Fury remains and pays. Lewis is almost shunned by the British public despite being the best race car driver the country has ever produced while Tyson Fury is given godly status by the inhabitants of Britatin. What makes this even more remarkable is Tyson Fury is a Gypsy who are usually frowned upon in the UK.

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steelersrock01 Posted: 10:33 Jun12 2022 Post ID: 3458244
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Yeah, when you get into the millions of dollars a year in income I imagine the tax bill is much, much lighter, especially in a place like Monaco.
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Warrior13 Posted: 17:26 Jun12 2022 Post ID: 3458251
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Yeah, I'm indifferent about the tax code in the US. I get needing to fund the government, but I don't think it's fair to simply tax the rich. Like what type of message are you sending to kids? Everyone wants to be rich and famous when young, but if you grow up and are lucky enough to be, they are gonna take close to half (or more) of all your hard work. I've always been in favor of a flat tax for all, but I'm not delusional in thinking that it's even possible these days.

I've never claimed myself--just to be safe with not owing--so I'm usually taxed between 20-25%. I think I usually make between 50-60k each year.
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steelersrock01 Posted: 18:20 Jun12 2022 Post ID: 3458252
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Yeah, I'm on pace to make roughly 50k this year and I'll be taxed about the same, but I'll get a good chunk of it back when I file next year because I'm getting the maximum taken out of my paycheck.
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Warrior13 Posted: 19:38 Jun12 2022 Post ID: 3458255
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Exactly, same here. Better to be safe than sorry.
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Sanzano Posted: 15:02 Jun13 2022 Post ID: 3458257
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Luckily for me my taxes get stopped at source so I don't have to worry about it. I get a tax rebate because I pay a little too much.

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