Quote:
Originally posted by lexr
Here's what we pay:
Consider a self-employed person (most adult producers are self-employed) living in the state of California and paying taxes under President Bush's new tax cut for 2003.
-- 35% to the IRS (if you make over $311k/yr - which is easy if your business is successful).
-- 9.3% to the state of CA.
-- 2.9% for the Medicare tax.
-- 12.4% on the first $87,800 of your income for the Social Security tax.
And that's just income tax. Let's not forget that we have sales tax, excise taxes on just about everything we use and real estate tax. There's also business tax and license fees to take into account.
If you have employees (since you run a business) then there's also unemployment tax paid based on how much you pay them.
We just happen to have lots of hidden taxes people always leave out.. and quite a complicated and miserable tax code as well.
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That sounds bad.
I think Australia sucks.
As soon as you earn over.. I think it's AUD $60k a year, might be AUD $70k now (that's like $40k - $45k USD) you pay 48.5% tax.
This sucks ass obviously, I don't like the idea of being on a 50/50 revshare program with the government.