Quote:
Originally Posted by PBO
Tax rates 2010–11
Taxable income
| Tax on this income
| 0 – $6,000
| Nil
| $6,001 – $37,000
| 15c for each $1 over $6,000
| $37,001 – $80,000
| $4,650 plus 30c for each $1 over $37,000
| $80,001 – $180,000
| $17,550 plus 37c for each $1 over $80,000
| $180,001 and over
| $54,550 plus 45c for each $1 over $180,000
|
|
Hmm, that's not too bad. For a married, two-income couple w/ professional degrees, lets say a combined income of 120K. The taxes are almost exactly the same. However, that doesn't acct for all the exemptions, deductions, and other taxes. We also have a payroll tax of 2%(?) on the first ~$100K to fund the gov't pension program for the elderly (social security,) OTOH we get large exemptions for home owners, such as being able to deduct the interest paid on morgages. Alot of the game is hitting these to get taxes down. Sure its the same there, but don't know specifics.
My wife and I both have good jobs and end up in the upper income percentiles (we're not rich by any means, and having two young kids makes us feel broke all the time, lol ;) ) but are federal tax rate ends up close to 20% or so.