What is interesting to me there is that there is no tax-free
threshold - if I earn $10 in a year in the US I'd owe the IRS a
dollar? That's harsh. Here there's a threshold of somewhere around
$6-7K where no tax is payable. Good for schoolkids with part-time
jobs flipping burgers. Then it kicks in at around 15%.
I have a superannuation pension of around $500 per week - I set it at
that level because with a tax break for superannuants, I'd pay no tax
on it (it had already been deducted from taxed income). From July
this year that pension no longer counts as part of my taxable income
at all so that whatever I earn on top is assessed from the zero
point. Great!
I'm almost as well off as Walt - time to look for a sports car and a
Leica?
Andrew Fildes - "We HAVE overcome...!"
afildes@xxxxxxxxxxxxx
On 13/04/2007, at 9:31 AM, Chuck Norcutt wrote:
> You're quite correct. Murkins wouldn't stand for it. Here, from the
> horse's mouth are the *progressive* 2007 US federal tax rates.
> <http://www.irs.gov/formspubs/article/0,,id=164272,00.html>
> The maximum tax rate for anyone is 35% and for most people that only
> occurs on taxable income above about 350,000.
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