QUOTE(Reaper527 @ Nov 26 2008, 10:02 PM)
that still seems really high to me. a 15% tax shouldn't be in addition to a 45% tax on earnings. also, i'm not sure what the tax rates on everything else are, but they are probably much higher than i'm willing to accept, and i'm talking about before the hike your article mentions.
originally wasn't the vat designed to 100% replace the income tax? i know with the fair tax proposals here in the states, a vat would be created, at roughly 23%, and the income tax and capital gains taxes would be eliminated.
17.5% Value Added Tax is the norm
if I was to buy something this week it's 17.5%, but I don't think we will see that figure again. 15% for a year then I guess something like 18.5% will be the norm. 45% on earnings is only for high earners I think (a good thing, because most high earners I know do fook all). I fall under the yearly limit on income so I don't have to pay any income tax.
. Don't forget about the 2P fuel tax and they already get 60% on that as it is, and also alcohol and cigarette tax will probably be increased. We even get taxed if we are dead, if you live in this country, as the saying goes you are taxed to death
Edited by bucko, 27 November 2008 - 12:31 AM.