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All the comparisons are apples and oranges usually. In the US if you're someone that works for a living you pay a lot of taxes once you add all the various one
by Gibbon1 6y ago
All the comparisons are apples and oranges usually.
In the US if you're someone that works for a living you pay a lot of taxes once you add all the various ones up. In return the government provides you nothing at all. Where in places like the UK you pay a lot of taxes and you get public benefits in return. Like healthcare, decent schools, maternity leave, things like that.
One year in SF as a single man I calculated my total tax rate was about 45%. Add Federal taxes, withholding, state income tax, and 8% sales tax. Then add $800/mo health insurance.
- apta 6y ago> One year in SF as a single man I calculated my total tax rate was about 45%. I'm assuming that's because of your salary bracket. For a similar level compensation in the UK would most likely be at least 60%-65% if not more.
- Gibbon1 6y agoBut 45% with no benefits at all. Add 8% for healthcare. Add another 15% for retirement contributions. 45% + 8% + 15% -> 68%. But that's just me. I talk to friends that have families that have lived in Europe and the US. And it's much easier in Europe. All the smoke and mirrors doesn't change that. Basically yes if you have a lot of passive income then the US is much better. If you have middle class amounts of earned income it's worse to terrible.
- DanBC 6y agoHow are you getting 65%? https://www.gov.uk/income-tax-rates https://www.gov.uk/income-tax-rates