Tax rates

benz

We are in the middle of an election campaign in New Zealand. The main
opposition National Party has put forward a proposal for tax cuts. This has
become the major election issue. I'm curious about what the tax rates are
like in other jurisdictions.

What are the tax rates where you live?

And are they considered too high or too low?

New Zealand

Current

Income tax (includes accident compensation levy):
up to $9,500 (6,600 USD): 16.2%
$9,501 to $38,000 (27,000 USD): 20.7%
$38,001 to $60,000 (42,000 USD): 34.2%
$60,001 to $92,190 (64,000 USD): 40.2%
$92,190 and over: 39.0%
Corporate tax: 33%
Goods and services (sales) tax: 12.5%
There are special taxes on alcohol, cigarettes and petrol

National Party proposal

Income:
up to $12,500 (8,700 USD): 16.2%
$12,501 to $50,000 (35,000 USD): 20.2%
$50,001 to $92,189 (64,000 USD): 34.2%
$92,190 to $100,000 (70,000 USD): 33.0%
$100,001 and over: 39.0%
Corporate tax: 30%
GST and other taxes: no change

Sources:
http://www.ird.govt.nz/income-tax-individual/itaxsalaryandwage-incometaxrates.html
http://www.national.org.nz/Article.aspx?ArticleID=4979
http://www.xe.com/ucc/

biga57

In any way you look at our tax rates , my dear kiwi, you are much better off than anyone living in developed Europe.

I have no detailed figures but I can give you some rough numbers that range closely to reality:

VAT 20% (your sales tax I guess)
Corporate Tax (There are so many taxes to be compounded and all confusing, however, what it counts anyway is the final result. Well talk to any CPA in Italy and they'll tell you corporate tax is well above 50% , I repeat including all ancillary and related taxes ).
Minimum personal tax ranges, in the first applicable braket , at around 26-27%.

So..do not complain...

Laughing

wistom

oh, we do so. but i dont know the full of them.

benz

gonzo

What in the name of blue does anyone need with 42% of MY MONEY? I want to be able to spend like that: spend money without having to earn it, run a debt and NEVER pay it back, and print money from my room without risk of conviction.