how UK rich guy survive?

[Lukmat]

@jazzc

Sorry about little offtop this time, but except benefits and social care, there is one more reason, why I don't want to live in USA or even step inside this land.

JAIL - USA is country of prisons, prisoners are used as private workforce as slave. 1,5 mln of prisoners. Sentences are not normal, like 30 years for stealing some cash, not paying taxes or blackhat activity, piracy, etc.
People are not scared to do such activity, they not thinking about sentence until they get it. Some big % of these prisoners are for marihuana, here we have also this problem but <3 years for such things. Weed is legal now but prisoners sentenced before, stay in prisons.

Few year ago some 1and1 company, used hosting from them and forgot to pay for next year. Company assigned me new year and tried to force me for pay. I said them "fck off".
After some time, I tried to get visa to USA and ... consul told me I can be arrested on the airport for 1and1 "debt" lol, "american law"

 

[jazzc]

JAIL - USA is country of prisons, prisoners are used as private workforce as slave.

I don't know details about the US prison system but I find it insane that there are countries who don't force the prisoners to earn their keep. In effect, the people who got damaged by the actions of those jailed are the ones who have to pay the bill for their expenses.

1,5 mln of prisoners. Sentences are not normal, like 30 years for stealing some cash, not paying taxes or blackhat activity, piracy, etc.

Yeah, I've heard of some insane sentences. No idea what percentage they are though.

Few year ago some 1and1 company, used hosting from them and forgot to pay for next year. Company assigned me new year and tried to force me for pay. I said them "fck off".
After some time, I tried to get visa to USA and ... consul told me I can be arrested on the airport for 1and1 "debt" lol, "american law"

Don't let a damn renewal fee block you from traveling to the US, just pay it

 

[Lukmat]

I don't know details about the US prison system but I find it insane that there are countries who don't force the prisoners to earn their keep. In effect, the people who got damaged by the actions of those jailed are the ones who have to pay the bill for their expenses.



Yeah, I've heard of some insane sentences. No idea what percentage they are though.



Don't let a damn renewal fee block you from traveling to the US, just pay it

There is nothing interesting in USA except New Orleans, so I can avoid it to pay $1k+
Renewals in Europe are illegal, if someone not pay, you need to stop service immediately and it's normal for me.

 

[theRevolt]

tax is 40 % and is that madness? usa tax only 2-13%. how uk guy live compare to usa? how they fightback? move to usa?

You know that US tax depends on
- Federal tax rate (7 brackets from 10 - 37% for 2018)
- State Tax rate and say if you are in NYC you'd pay NYC tax as well...

Most other countries you would list function in one tax rate regardless of where you live in the country(to be at least in many European countries.

Now, rich people will always find tax loopholes regardless of which country they are based in. Also, keep in min ANY US CITIZEN is taxed on worldwide income, even if they do not live in the US for years (unless of course, they renounce their citizenship).

Now, if you'd go beyond the simple tax rate, but what your taxes get you in return may look even more different (hint US taxes get you nowhere near what say the "high" taxes in many European countries get you.

 

[lewwy789]

It's common sense only because the common person doesn't understand what an economy is and how it works (or not).

So it's good for the economy for billionaires to sit on massive amounts of money? and what about human decency that ain't worth shit to you?

 

[Shyam007]

In India it's 30% (for moderate income that is..), but if you see the roads and services here.. you will thank yourself to be living in Europe lol. No offense to Indian users as I am from India too.

Its not 30%. Its a slab based tax system. 30% is the highest slab.

Income Tax Slabs Tax Rate
Income up to Rs 2,50,000* No tax
Income from Rs 2,50,000 – Rs 5,00,000 5%
Income from Rs 5,00,000 – 10,00,000 20%
Income more than Rs 10,00,000 30%

You also get various deductions like 80C, 80D etc.

The effective rat of tax comes out to be much lesser.

For a person earning 15,00,000 the effective rate of tax is 15% and for someone earning 25,00,000 it is 21%.

This is assuming only 80C deduction.

I won't get into no of people evading taxes as that's another debate maybe.

 

[jazzc]

So it's good for the economy for billionaires to sit on massive amounts of money?

Nobody is sitting on massive amounts of money. It's capital and capital is working all the time.

and what about human decency that ain't worth shit to you?

What does this even mean? If you mean stealing money to give to fences, yeah, not a big fan of that.

 

[Lukmat]

Nobody is sitting on massive amounts of money. It's capital and capital is working all the time.



What does this even mean? If you mean stealing money to give to fences, yeah, not a big fan of that.

Tell your story to guys from Zimbabwe

 

[jazzc]

Tell your story to guys from Zimbabwe

I stand corrected

 

[Sephrata]

Renewals in Europe are illegal, if someone not pay, you need to stop service immediately and it's normal for me.

Who told you that?

 

[Gogol]

Its not 30%. Its a slab based tax system. 30% is the highest slab.

Income Tax Slabs Tax Rate
Income up to Rs 2,50,000* No tax
Income from Rs 2,50,000 – Rs 5,00,000 5%
Income from Rs 5,00,000 – 10,00,000 20%
Income more than Rs 10,00,000 30%

You also get various deductions like 80C, 80D etc.

The effective rat of tax comes out to be much lesser.

For a person earning 15,00,000 the effective rate of tax is 15% and for someone earning 25,00,000 it is 21%.

This is assuming only 80C deduction.

I won't get into no of people evading taxes as that's another debate maybe.

If you earn let's say .. more than 50,00,000 INR per year, the deductions won't matter lol. I am not implying (or denying) that I do, but it's a sizable income especially because we are in an IM forum and our income not dependent on where we live.

The point is, earning good in a third world country can be a pain, and being poor can be a blessing LMAO. j/k

If our govt. and it's employees were less corrupted, I bet we could do a hell lot better with the amount of direct and indirect tax money we collect per year.

 

[islandman1010]

See one of my earlier posts on the thread, the calculation is there.



The quote is for the direct authority on the matter, so they should know. But even from the citizen side, I pay VAT as a consumer and doesn't look hugely complicated to my wallet. Yes, I buy more than food.



Money is money. Both apples and oranges have a monetary value. You use that and you get aggregates, then you compare.



Because there aren't high state and sales taxes in every state. If you see the Guardian post, it picked a state that has both. We took 401k as roughly the equivalent of a UK pension scheme for this conversation.



It's not impossible at all. Tiring, yes - especially as you try to increase in accuracy. But you can just go to World Bank Open Data and fire up your excel sheet.

If you are using the Guardian figures for the UK why not use their figures further down for the US?

 

[jazzc]

If you are using the Guardian figures for the UK why not use their figures further down for the US?

I already answered that in the very post that you quoted me

 

[islandman1010]

I already answered that in the very post that you quoted me

Exactly my point. You have chosen what you want to include and what not to include... but if I do that it seems you want to ignore it. There is no point to your comparisons.

 

[Deleted member 877043]

I can't really go and do that because I can't find the list of chronic illnesses and their yearly expenses.

Don’t know if you’ve found it allready, but this may provide some insight: https://www.oecd.org/els/health-systems/Health-at-a-Glance-Europe-2016-CHARTSET.pdf

Weird enough the ‘17 version is harder to find on the oecd site

http://www.bedrepsykiatri.dk/media/107015/2017-health-at-glance.pdf

https://ec.europa.eu/health/sites/health/files/state/docs/2017_companion_en.pdf

 

[jazzc]

Exactly my point. You have chosen what you want to include and what not to include... but if I do that it seems you want to ignore it. There is no point to your comparisons.

Of course I chose. What am I, some mindless freak to just read and recite? UK has the same tax rules for all its territory, the US doesn't since different states have different taxes and only the federal rules are the same. The Guardian numbers on the UK specifically say that's for NY and that's because they understand that.

Exactly because I read, understand and choose what to lay down is what makes my comparisons worthy.

 

[islandman1010]

Of course I chose. What am I, some mindless freak to just read and recite? UK has the same tax rules for all its territory, the US doesn't since different states have different taxes and only the federal rules are the same. The Guardian numbers on the UK specifically say that's for NY and that's because they understand that.

Exactly because I read, understand and choose what to lay down is what makes my comparisons worthy.

But to get the true comparison do you take into account Working Tax Credits? Child tax Credits?

 

[jazzc]

But to get the true comparison do you take into account Working Tax Credits? Child tax Credits?

Doesn't Working Tax Credits have a threashold of income of about 14k pounds? Kinda out of the $55k income we're talking about, no? Similarly for the child tax credits.

 

[islandman1010]

Doesn't Working Tax Credits have a threashold of income of about 14k pounds? Kinda out of the $55k income we're talking about, no? Similarly for the child tax credits.

Nope, You can get child tax credits if you have an income up to around $80,000 a year. Just making the point your comparisons are not valid if not everything is included.

 

[jazzc]

tax.service.gov.uk site doesn't seem to agree with you.



@islandman1010