Posted on 06/02/2011 9:04:34 AM PDT by SeekAndFind
Tax attacks on the rich may seem extreme in the U.S., but around the world rates are far more aggressive.
A report by KPMG highlights 2010 individual income tax for countries around the world. We ranked the countries based on the income tax rate on $300,000 of gross income and included the income level at which the top marginal rate kicks off.
As a point of reference, America's top marginal rate starts at $373,650 and its percentage 27.9%. That keeps the U.S. out of the top 20.
(Excerpt) Read more at businessinsider.com ...
OECD Corporate Tax Rates - Federal Plus Provincial/State, 2007 and 2008
Rank |
Country |
Corporate |
Corporate |
Change from |
1 |
Japan |
39.54 |
39.54 |
0.0 |
2 |
United States |
39.25 |
39.26 |
0.0 |
3 |
France |
34.43 |
34.43 |
0.0 |
4 |
Belgium |
33.99 |
33.99 |
0.0 |
5 |
Canada |
33.50 |
36.12 |
-2.6 |
6 |
Luxembourg |
30.38 |
30.38 |
0.0 |
7 |
Germany |
30.18 |
38.9 |
-8.7 |
8 |
Australia |
30.00 |
30.0 |
0.0 |
9 |
New Zealand |
30.00 |
33.0 |
-3.0 |
10 |
Spain |
30.00 |
32.5 |
-2.5 |
11 |
Mexico |
28.00 |
28.0 |
0.0 |
12 |
Norway |
28.00 |
28.0 |
0.0 |
13 |
Sweden |
28.00 |
28.0 |
0.0 |
14 |
United Kingdom |
28.00 |
30.0 |
-2.0 |
15 |
Italy |
27.50 |
33.0 |
-5.5 |
16 |
Korea |
27.50 |
27.5 |
0.0 |
17 |
Portugal |
26.50 |
26.5 |
0.0 |
18 |
Finland |
26.00 |
26.0 |
0.0 |
19 |
Netherlands |
25.50 |
25.5 |
0.0 |
20 |
Austria |
25.00 |
25.0 |
0.0 |
21 |
Denmark |
25.00 |
25.0 |
0.0 |
22 |
Greece |
25.00 |
25.0 |
0.0 |
23 |
Switzerland |
21.17 |
21.32 |
-0.1 |
24 |
Czech Republic |
21.00 |
24.0 |
-3.0 |
25 |
Hungary |
20.00 |
20.0 |
0.0 |
26 |
Turkey |
20.00 |
20.0 |
0.0 |
27 |
Poland |
19.00 |
19.0 |
0.0 |
28 |
Slovak Republic |
19.00 |
19.0 |
0.0 |
29 |
Iceland |
15.00 |
18.0 |
-3.0 |
30 |
Ireland |
12.50 |
12.5 |
0.0 |
|
OECD Average |
26.6 |
27.6 |
-1.0 |
The above table is somewhat dated.
See here for instance:
http://ca.news.yahoo.com/conservatives-head-victory-canada-election-022335447.html
Canada Tories to follow tax-cut, pro-business agenda
EXCERPT :
The Conservatives have long planned to cut the corporate tax rate to 15 percent next year from 16.5 percent. Their stated goal: to help business compete in a global market.
They say other tax breaks, including a family-friendly plan that will lower tax rates for couples with children, will follow once they eliminate a record-breaking budget deficit.
The article does not mention the manner of computing effective tax rates. I suspect that the effective tax rate combines taxes on different kinds of income. I also suspect that payroll taxes are ignored. Medicare payroll taxes (unlimited) should be considered in the effective tax rate. The Medicare tax rate increases to 3.9 percent for high income individuals so the top marginal rate is 38.9 percent, not 35 percent. In addition, the Medicare payroll tax will apply to unearned income for high income individuals so the marginal tax rate on unearned income has increased to 18.9 percent from 15 percent.
This argument ignores the fact that most of the “rich” have no income. Their lawyers and accountants insure this.
I know several people with incomes pushing towards, or past, seven digits, and they’re laughing at all the arguments about taxes. They pay very little and are living fat.
The Middle Class pays almost all taxes. Historically, this is the way it’s always been, and probably will be since they seem incapable of recognizing reality.
Slowly boiling pot...meet frog.
Yes! The rich often have no official income. They are not hurt by higher taxes; it is those seeking to become rich who are hurt by higher taxes. Perhaps the elite design things this way to keep the riff-raff out of their neighborhoods. ;-)
$300k a year ain’t rich
“Perhaps the elite design things this way to keep the riff-raff out”
No question. Socialism is about destroying the middle class. They are perfectly happy with the ultra rich like Soros, as long as they are on their side.
Well....the middle class is where the money is. Collectively speaking...............
RE: $300k a year aint rich
I’ll do anything to be that poor :)
I thought HOA’s were designed to keep the out the riff raff.
Or gates. With guards. Like my b-i-l.
Beats the hell out of 80k
You certainly wouldn't do anything.
But seriously....$300k a yr isn't rich. That said, I've co-workers, and friends that think $150k a yr. is rich. I guess it's all about one's perspective...
Be well...
Mebbe not but I'd sure like to give it a try.
The point is...it ain’t rich.
Oh...they have "income" alright...but - as you point out - it is hidden by their accountants and lawyers.
I know several people with incomes pushing towards, or past, seven digits, and theyre laughing at all the arguments about taxes. They pay very little and are living fat.
As do I...in fact, I have three "rich" brothers. Their occupations put them each well over "six figures"...one is just below seven figures. And each of them have the appropriate accounting/legal staff to ensure that their income is "screened" such that their actual taxes usually amount to less than is paid by a wage earner at the $47,500 annual level.
The Middle Class pays almost all taxes. Historically, this is the way its always been, and probably will be since they seem incapable of recognizing reality.
And don't think our wonderful federal and state politicians are not completely and totally aware of this!! Why do our reps tout higher taxes on the rich?? Because they know that they are safe from the tax man! Hell. They write the laws. It isn't the IRS that is the evil in the land; they're just armed collectors. The evil in the land is the representatives...IMHO...ALL OF THEM!!
To me it is. I don’t even know anyone personally that makes that much.
Well...maybe I'm wrong.
To someone making $30k a year...I guess $300k is "rich". To someone making $900k a yr...maybe $2mil a yr is "rich"??
This I know....I can always make more money, but I can't get anymore time.
FREGARDS,
No worries, FRiend.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.