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Income tax in your country

Discussion in 'BlackHat Lounge' started by mqsss, Sep 18, 2014.

  1. mqsss

    mqsss Regular Member

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    So, how much taxes does your country take away from you if you earn let's say... $10k per month and you want to cash it out for your luxury as a reward for all of your hard work? It's an informative question, I'd just like to hear some different calculations.

    If you worked your ass off for a couple of years and you are making $10k of steady profit every month in my country, you can pay out in total about $3600 after all the taxes, social expenses and hours of paperwork. I didn't include some expenses that concern 90+% of businessmen, so the actual number is even lower.

    To make it even worse, there's a freshly established extreme left party in my country that got almost 10% votes few months ago, and their main program is to tax everything that is above $2000 per month even more, so this might become an ever bigger comedy in the future. It's a comedy that this party is run by people who didn't move a finger in their lives. It's a magic of politics.

    What about your country? :D
     
  2. divok

    divok Senior Member

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    30 % income tax , 30% corporate tax . India.
     
  3. Trepanated

    Trepanated Supreme Member

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    I presume you are from Greece?
     
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  4. fxphil

    fxphil Senior Member

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    No income tax in the state of Florida and a few others. However Fed income is inevitable and if you have your own company then the state gets a cut. 28% short term cap gains and like 15% long term but you can set things up here in the good old U.S. of A in your favor.
     
  5. BlackVL

    BlackVL Regular Member

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    Netherlands has 53% taxes for this level of income.
     
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  6. tony_d

    tony_d Elite Member

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    The country where my companies are incorporated has 0% tax on profits earned outside that country - which suits me fine, because I have no local revenue there.

    Anyone in IM who pays tax is doing it totally voluntarily - there are super simple steps that can be taken to bring one down to a 0% tax rate, totally legally. (Except if you're a US citizen!).
     
  7. mqsss

    mqsss Regular Member

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    What do you mean, residency in another country? I agree IM job is as good as it gets and you can work anywhere with Wifi and laptop, but applying for residency in another country is a big step considering you're only allowed to stay in your original country for less than 6-months per year to avoid brutal taxation.

    Residency in dream countries like Bahamas requires few million dollars to invest, residency in Seychelles can get your hands chopped off, or couple of years in prison if they find you with a 0.1g blunt in your hands, so that's another extreme.

    Of course the great plan is to open an offshore company and live on minimum wage to avoid high taxation, but if you want to cash out some of your income, hello 70%+ taxation. With 10k of monthly income in my country, you need to pay $3000 per month just for your social and healthcare security, but when you actually get sick, either you have to wait for 12 months for a doctor, or insurance doesn't cover it all.

    My country is screwed up and even bigger taxes are coming up. People are moving out of the country at a massive rate, and those who work in local factories for 8 hours per day always believe people with a lot of money are stealing from them. They get home, open a bottle of beer and sit on a couch watching TV all day, and they blame people who risked their lives and worked for 16 hours per day for their low paychecks. Fuck socialism.
     
  8. HoNeYBiRD

    HoNeYBiRD Jr. VIP Jr. VIP

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    two words: tax evasion (at all costs)

    the local IRS is on a don't need to know basis about my online income, so i pay a big fat zero after my online income
    other than that the income tax is 16% where i live, but that's just the income tax, after they deducted everything (healthcare, pension), you'll be left with maybe 70% of what you earned, fuck that, they can take a hike
    i rather pay for my healthcare and earn that much that i don't have to worry about my pension, needless to say, i'm not there yet, but at least that's the idea :)
    we can consider ourselves pretty lucky, because IM is a job which can be done regardless age if we stay healthy, and we'll be just getting better and better with time, so we won't even need a regular pension
     
  9. ataraxis

    ataraxis Newbie

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    Very interesting! Would you mind elaborating on this?
     
  10. Vanrithy

    Vanrithy Power Member

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    No tax for local individual IM earning except having legit company or working for big corporation. Tax evasion is easy in my country though.