4 ms·
Your not including the flat ~%15 social security / medicare taxes that you get, the ~%3-%9.5 state taxes. New york has city taxes if you live there making your
by woolvalley 9y ago
Your not including the flat ~%15 social security / medicare taxes that you get, the ~%3-%9.5 state taxes. New york has city taxes if you live there making your high income.
Also not including the ~%1 or more property tax rate, which doesn't really exist at the same level vs. places like the UK. That can add $2000-$10000 per year to your tax bill.
- adventured 9y agoAt $47k, Federal income tax + FICA + average state + local + deducations, you're looking at about 18%-20% all-in. The VAT tax also doesn't exist in the US, you're not accounting for that, and it's dramatically higher in most of Europe than the US sales tax. In the US we think a 6% or 7% sales tax is high; in Europe 15% to 20% VAT rates are common. We don't need to go over all of that however, we have the disposable income figures to reference. The US median disposable income figure is among the highest: http://www.pewresearch.org/fact-tank/2017/06/05/through-an-american-lens-western-europes-middle-classes-appear-smaller/ http://www.pewresearch.org/fact-tank/2017/06/05/through-an-a... The US is better of in terms of median income than all of Europe except for a few nations (that gets even more exaggerated if you select for full-time employment): https://mises.org/blog/if-sweden-and-germany-became-us-states-they-would-be-among-poorest-states https://mises.org/blog/if-sweden-and-germany-became-us-state... And per the OECD, when it comes to taxation progressiveness, the US is the leader among developed nations: https://taxfoundation.org/news-obama-oecd-says-united-states-has-most-progressive-tax-system/ https://taxfoundation.org/news-obama-oecd-says-united-states...