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View Full Version : Notice where austerity tax increases hit



tailfins
11-27-2012, 04:59 PM
The measures in the budget include:


a rise in the standard income tax rate from 24.5% to 28.5%
a rise in the top rate from 46.5% to 48%, plus a special 2.5% "social solidarity" tax
a lowering of the threshold for the top rate from 153,300 euros (£123,700; $198,200) to 80,000 euros (£65,000; $104,000)
an additional 3.5% surcharge on all incomes in 2013




The tax increases are especially hard on Portugal's middle class. Due to the changes, someone earning €41,000 a year will pay 45% income tax from January compared with 35.5% now.

Most people fall into the €7,000-20,000 annual income bracket. Those will pay 28.5% income tax, up from 24.5%.



€41,000 < USD 55,000 folks!!

http://www.rte.ie/news/2012/1127/bailed-out-portugal-adopts-stiff-tax-hikes-business.html

Not only do they have crap wages, almost half of that low income is siphoned off in taxes.

Robert A Whit
11-27-2012, 05:09 PM
When you ADD up ALL of our taxes, we come damned close to losing half of our income too.

Some states with no income taxes or sales taxes still take taxes to run those states.

But I believe that we are not under taxed, they overspend in DC.

DC is worse than states when it comes to spending.

Kathianne
11-27-2012, 05:29 PM
When you ADD up ALL of our taxes, we come damned close to losing half of our income too.

Some states with no income taxes or sales taxes still take taxes to run those states.

But I believe that we are not under taxed, they overspend in DC.

DC is worse than states when it comes to spending.

Fed Tax, State Tax, County tax, utilities tax, county tax, municipal tax, even the poor are over 20%.

Robert A Whit
11-27-2012, 05:52 PM
Fed Tax, State Tax, County tax, utilities tax, county tax, municipal tax, even the poor are over 20%.

There are over a hundred taxes I believe. Surely it is on the internet.