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50% tax, will US follow suit?

Discussion in 'Economics' started by MohdSalleh, Apr 6, 2010.

MohdSalleh
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Quote from Ghost of Cutten:

More than half, since you get taxed at 17.5% VAT on goods you buy, and with what you have left, you get taxed on the interest & capital gains (40%/18% respectively). So overall if you make more than Â£150k per annum then you work about 8 months a year for the government.

This is one of the main reasons I emigrated to a low tax jurisdiction.

Don't think the USA is immune. In the 1930s, the top rate of income tax went up to 79%. And in the land of the "free", you can't become a tax exile either - you are Uncle Sam's living financial asset for life.
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Did you emigrate to Malta or gibraltar? Please help the poor brits out, Cutten.

#31 Apr 13, 2010

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