volunteervancouver
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Jan 27, 2020 10:59 PM
volunteervancouver
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zeroheadspace
As someone that has been paying taxes for 2 decades, thanks for the education...
kamosey
This doesn't even include write offs yet either.
gnyendegravling
Doesn’t include social cost paid by the employer.
gnyendegravling
Either”
Dooovde
This only applies for self employed / self assessment. If you're PAYE, this is all automatic.
kamosey
Gotcha, that explains a few things.
WorldsSmallestMegaDick
Well it does, if youve chosen the standard deduction as above you cant itemize.
kamosey
Interesting. In some European countries you are in a tax bracket but subtract expenses on top of that.
AGrammeIsBetterThanADamn
Well yes, that's called "itemizing". The other option is to not itemize, and to instead take a "standard deduction"
AGrammeIsBetterThanADamn
So, to be super-extra-clear, those are both methods for determining your "taxable income". That's what goes in the brackets.
MrJimmyRustles
The 0% tax bracket above is actually not a bracket but accounts for what the UK calls a standard allowance (AKA a standard £12.5k deduction)
DrFighterpilotAttorneyAtLaw
In the US It’s a little frustrating because after a certain income level, it caps (around 500k). So it favors the ultra rich.
fredh67
Well, that's a bit misleading - the taxation doesn't stop at 500k, the progression does, and it's over $600k for couples. If you really /
fredh67
have an income in the millions, you're paying 30% or more marginal tax rate - a lot higher rate than the bottom 99%.
painstream
Which is why you see CEOs etc getting multi-million-dollar hiring bonuses, to get past that tax bracket and lure them in.
DiabeticDolphin
It's much more than a tax game but you aren't wrong.
somepersondoingsomethings
Bonuses are taxed differently than standard income.
somepersondoingsomethings
https://turbotax.intuit.com/tax-tips/jobs-and-career/how-bonuses-are-taxed/L7UjtAZbh
kevinsullivanesq
Taxes aren’t bad as long as the revenue is spent correctly.
mikeatike
People still say "if I get a raise bracket creep means I make less." No, you morons.
malikcarr
This is actually true in some cases, although it's almost never predicated exclusively on income tax burden alone.
LaminarFlOwens
If making more disqualified you from exemptions or being able to be claimed as a dependent it can lose your family money.
IAmNotTomBrady
I'm 40 and I just learned this 2 years ago... in my defense I was taught wrong, still should have researched.
DiabeticDolphin
Schooling should tell us this stuff.
jetah
they wont. better to keep churning out hourly workers.
DiabeticDolphin
GoliathSkittles
A big problem is that when I was a kid in school I wouldn't have given two shits about how taxes worked.
nero4ty2
Most school kids wo t care or listen, easily researchable, hell the govt publishes free documentation to teach about it
painstream
It was only an elective when I was in school. (shh, long time ago) I took it upon myself to learn it.
perey
As a maths teacher, I try, believe me, but… well, see @GoliathSkittles' comment. Biggest issues seem to be not getting progressive tax (as ①
perey
in @OP's image) and thinking that "tax deduction" means "you get all that money back". Oh, and not being able to do percentages. ②
nevergoingtogiveyouupnevergoingtoletyoudown
I've been trying to explain this to people since I learned this in HS. They just tell me I'm wrong and put their heads back in the sand.
DiabeticDolphin
Lol put their heads back in sand. My mom does this about abortion.
wadatahmydamie
Yup. I used to work with a guy who insisted that he didn’t want a raise because it would drop his take-home.
animesux
But what about taxes on tea ya limey bastards
butts4hats
Then you can afford tax people to hide away your money like dragons
somethingstupidandclever
Then you start a bullshit 501C3 and stop paying all tax like the NFL or Walmart.
DurendaI
Death, and taxes.
UglyHorribleGrouchyOldMan
liveitup1
I make 60k a year, pay 20k in taxes. Halp.
Sionas
People are literally morons. Higher income always means more money for you. However you get a smaller percentage. As you go up.
Sionas
Except for capital gains. Anything held for a year or longer is taxed at like 15% I think?
Saustino
Still 27.5% is insane. That’s over 3 months of your life you’re working for the government.
PatRudy
Great depiction of the system. 90% of the dullards I talk to don’t understand this no matter how you explain it.
DeitiesFeces
Peasants. The trick is to make so much you no longer have to pay taxes cause you own the government.
TheGrassyKnoll17
Worked at a restaurant in high school, waiters would avoid clocking in until as late as possible so they didn't get "up to the next bracket"
StuntdoublesStuntdouble
Sounds literally like the amortization of your Income
EirikurDC
What if everyone just pays 10% flat tax?
yourmomscheese
The poor will get poorer, the middle class would thrive, the rich would get richer or poorer depending on where their money comes from
madspinner
True. Also this is robbery. Taxation is theft.
GrandProtectorDark
You live in society, you contribute
HanginintherelikeEpstein
Didnt ask to. Is there somewhere i can go live off the grid, reasonable climate, wild game, what am i missing?
nero4ty2
Then go find a nice remote area to live in where you won’t have to ever interact with any of the services paid for by taxes
hollywood429
I just wish I made 100k
LetMeGoogleThatShtForYou
Upper income Republicans know this very well. Lower income Republicans still have no idea what's going on in the picture xD
LordPantsFancy
Except if you earn 10000£ you would actually pay closer to 40k of tax as the top bracket is 45% not 40% and applies to more income. So yeah.
hymenochirus
I don’t know what digit you’re missing from that first number, but the 45% rate starts at £150,000
LordPantsFancy
True, the total tax for an income of 100k is 32.5k. Which is still a ton.
ManicMDMechanic
Flat tax actually harms the poor because often they pay no tax or have exemptions. Not to say the wealthy don’t have built in breaks now...
malikcarr
Any serious flat tax proposal also eliminates most write-offs and deductions as well, which people on this site call "loopholes".
channelranger
Yep. 15% of a poor person's earnings may be all they had left over for food.
TheBisexualestBoyInTheVillage
Places that have higher tax bounty’s reduce this problem somewhat
TheGhostofElizabethShue
What boggles the mind is that's where it stops. Like can we not have a rate for the first, second and third million, and so on?
neozuno
Usually that leads to tax evasion.
TheGhostofElizabethShue
Good job there’s none of that now.
neozuno
A higher incidence
TheGhostofElizabethShue
Good job it isn’t rampant now
omh2
The US used to, had > 20 brackets all the way up to a 91% soft cap in the 60s
TheGhostofElizabethShue
Even then I think the top margin was like 400k or so.
omh2
($400k when the bracket was introduced would be $3.8M in 2019) For a married couple, but that was >60 times the average household income
omh2
the current top tax bracket is only 8.5 times the average household income at $510k
DiabeticDolphin
Then Reagan began to change all the policy.
realistichorsegonadbehavior
Good thing the US would never elect another arrogant hollywood celebrity with no political experience.
packardcaribien
I make a healthy 73k but it's frustrating to see I paid 27.4% of that to fed & state taxes. That's not even counting property & sales tax.
willibar
Why is it frustrating if everyone earning an income is being taxed? Just think of your salary as the net, not the gross.
packardcaribien
It's frustrating because plenty of people that make as much or more pay less tax & because I don't utilize many of the services I pay for.
willibar
But you will at some point. You would have been a drain on the economy for your entire childhood. Now you're repaying that and preparing for
willibar
retirement.
packardcaribien
Hahaha, like social security is going to be around in 40 years, let alone that I'll get back my investment. And I've had a job since age 12.
packardcaribien
And no, not everyone who has income pays tax. My parents make enough to live on, but also get welfare, social security, & pay negative tax.
willibar
So they're making less than you. Sounds like you still end up with more in your account.
packardcaribien
Their take home, w/ welfare, social security untaxed pension, and return is $40k a year, while mine is $50k. But they don't have jobs, I do!
packardcaribien
While I find that extremely unfair, you moved the goal posts. Point is: they make a healthy income and *RECEIVE* $5k per year in tax return
KurtHamster
Holy shit! 12.5 k tax free?!
somepersondoingsomethings
https://money.cnn.com/2018/05/22/pf/taxes/2018-no-income-tax-explainer/index.html
somepersondoingsomethings
40% of the us population pays no federal income tax.
slack3rdav3
'but we dont want no tax increase! we's temporarily embarrassed millionaires!'
rowzdowr
But we do all pay into SS and Medicare. That's a bit that gets overlooked. 6.2% from the employee, same from the employer.
rowzdowr
Unless you're self employed, then you're on the hook for the full 12.4%.
KurtHamster
But they pay payroll tax?! What’s the difference?
somepersondoingsomethings
The standard deduction of 12k or itemized returns deducting state and local income taxes and property taxes usually negates it for most.
Chols
It’s $24.8k in US for married filing jointly.
DiabeticDolphin
Psh unless your income gets subjected to his higher tax bracket and I pay more taxes than i should...
DiabeticDolphin
But I shouldn't complain. I'm a student so I got it all back. Remember that kids
drakewarnock
Well when you're filing jointly you're basically saying all the income belongs to both of you. If you guys aren't treating your finances 1/
drakewarnock
2/ that way then you should probably just file separately.
Xero999
You can do the same here so £25k
channelranger
I mean, if all you make is 12.5k per year in the US you probably don't *have* much for money left over to tax.
KurtHamster
Sure. It’s just like 4-5 k in my country, so it seems like a lot to me. :)
channelranger
I don't know where your country is, but cost of living is a thing- with 12.5k you are either living in someone else's house here (free) or-
channelranger
actively getting money from the government or currently living in a cardboard box. It's not even close to a living income here.
KurtHamster
Not here either. But the tax free bracket is for everyone. Not just people who only earn 12.5 k.
Kregular365
Everything will be better once UK left the EU. No taxes, everybody can make their own laws and hump their cousins
MuffinButter
... to the place, I belong, West Virginia, mountin' mama ... good times.
Totallynotapointwhore
Technically cousin humping is already legal here.
amificus
I got taken to dinner by a Saudi student of mine and his wife. When I asked how they met I ended up spitting out my drink. Tis normal in SA
Hesslich
comacomacomacomachameleon
does my cousin need to agree first
NachosConKaezo
yes, it could make the Family reunions awkward otherwise
mglaive
I think that last part is how both our countries got in our respective messes.
ImNotTaylorSwift
I bet the English will take all the pretty sheep and the poor Welsh will be stuck with their cousins. I'm sad for them.
drakewarnock
......I have an idea for a movie. Think Welsh Robin Hood.
charminglily832718
When the English get weird, the celts ends up with a jumper cable beating. It is known.
CatWheezle
Missed the chance for: "when English get foolish, Celts get welts"
charminglily832718
Damn
TheBisexualestBoyInTheVillage
The welsh lost wars in the past about silly things like freedom. The English would lose a war with the welsh about taking their sheep
ITTOOKALONGTIMETOTHINKOFTHISNAME
Move to Alabama, you can already hump your family
Mobileuserwholikestoberandom
I’m pretty sure there’s only like 1 family populating Alabama.
BillogUncle
Humping family can happen in any country, as long as you're not caught
HogwartsAlumnus
So long as they are e opposed sex.
KronianSerpent
Live in Alabama, can confirm
FauxRealYo
Sup cuz! How you doin?!?
KronianSerpent
Not bad. Rocket City is a nice place.
FauxRealYo
Representing huntsvegas, Bailey cove side.
TrialOrc
Save some cousins for the rest of us!
KronianSerpent
Tbf, I don't have any relatives here, I'm in immigrant to this state.
TrialOrc
Better start makin' some!
slack3rdav3
you'll never find someone to have sex with you! how unfortunate
sadstory
Isn't cousin humpin how ya'll got the monarchy in the first place?
Yossarian9
Are you saying the Germans that occupy the throne are inbred?
spartanatreyu
Well, there are members of the royal family actively trying to leave the royal family
Fnarrrr
And others trying to hump the rest of the planet with little interest in their consent or age
tschallacka
Then you get tax on fuel, vat, tax on water, electricity, taxes for car, tax for city, tax for watermanagement, tax for this and that.
MrKibbs
Bold of you to think I get taxed on fuel my friend
Maxgaap
Tax to pay for the tax collectors
Relykwastaken
There is an "administration fee" on my property taxes. They straight up charge you money, to charge you money
WeekendMashSomeTatoes
Well then obviously we need somebody to charge money for the people who carge money, so we need a tax collector tax as well
TheKholdOne
Don't forget the TV license.
Cptmike
Lol... Subjects
Cptmike
With a quality in educational television programming we only wish we could achieve.
HerrBisch
Which is why lots of people argue that things like sales taxes should be reduced and replaced with higher income tax rates, as that shifts>
HerrBisch
> the tax burden towards more wealthy people.
fredeight
And parking tickets.
verifieddbag
Sin tax, entertainment tax, etc.
HoSlappa
sin tax is bs. why the fuck you deserve a piece cause i wanna ingest bad substances. wheres the sin tax on fast food or school lunches
verifieddbag
Some places have soda taxes as a sin tax lol
channelranger
Yeah, modern civilization handles a lot of shit for us and that shit ain't free.
greevesr711
Or, instead of taxes, the state raises fees for all kinds of licenses, annual car inspections, etc etc.
DavidHawa
A tax to watch TV! No joke.
gearsmith
Don't forget the air tax, intent to procreate tax, free thought tax (optional, gov recomends skipping this one), and the tax tax.
kirjo
invest your taxed money and get taxed on the interest on that.
cantspellmanslaughterwithoutlaughter
Yeah but NHS.
PanzerIVAsufH
Margaret Hutchinson
TieBandit8
One Tax, Two Tax, Red Tax, Blue Tax
PostMoThoin
Some taxes are to modify behaviour. Water is a finite resource so it's taxed to disincentive use
AndrewCowbell
Salt tax
NobodyWorthThinkingAbout
And the tax for a license to pay taxes.
db17k
My favorite tax is every time a vehicle changes ownership the state gets sales tax.
Tonkatruck321
Yup
Tonkatruck321
Oh, and cellphone tax
UlphSvenson
A good thing.
iwantyoutothrowmeaway
.......... TAX MAN ..........
zErrix
FIGHTER OF THE FREE MAN. ahhh AHHHH ahhh
TheLeprechaunn
UglyHorribleGrouchyOldMan
Link01
Well the rich and corporations refuse to pay their fair share so the government has to get the money from somewhere.
Tonkatruck321
lets not forget (in the US at least) that employers also pay around 70% MORE then you do in employment taxes. 1/2
Tonkatruck321
So if you paid 27k in income tax, your employer paid another $60k, that you never saw.
digitalWhale
And they said the monarch was over. Lol no.
UnremarkablyInteresting
Don't forget the tv licence.
Bonesy84
Oie! You got a permit for that license?
Cutwail
Oi mate you got a loicence for that joke ?
geaux750
But that’s what the standard deduction is for.
cosmic0killa
What have the Romans ever done for us!
freeandydufresne
The Aqueduct?
rowzdowr
All right, but apart from the sanitation, the medicine, education, wine, public order, irrigation, roads, a fresh water system...
cosmic0killa
It's safe to walk the streets at night!
lesbianwholovesbeerandcheese
SPLITTER !
missmanaged
Cell phone tax
erikleorga
Yup, stop paying all taxes, it'll be fine. World governments can pay on words and kindness.
slack3rdav3
the ultimate goal of the republican party in the US
erikleorga
You fuckers downvoting me either don't understand the sarcasm, or think we literally shouldn't pay any taxes.
KinetoPlay
You forgot the magic third option: We think you're an annoying idiot.
Sfinski
...taxed to buy a house, tax for money transfer, tax for giving gifts, tax for receiving heritage, etc. plus 24,4% pension contribution.
slack3rdav3
you also get taxed for TV, dont forget about that one. even if you dont have it hooked up to anything.
YonastySauce
And all of those modern services we've come to depend on - taxes are not bad, the funds just need to be managed properly, accountability
BaNaNaNaNaNaNaNaNaNaNaNaNaNaNaNaBATMAN
Taxes are great, I honestly love taxes because they pay for so much I benefit from every day. Sincerely, a Norwegian.
n0th1n
Norway has a lot of things organized differently though, it's a difficult comparison. Don't you guys have a lot of private roads too?
Spoopytoad
As a currently unemployed norwegian, seconded...
dylanamanhouilhan
I dont trust politicians or bureaucrats to spend it efficiently. They dont have to earn a cent of that money. We just eat horrible inefficie
dylanamanhouilhan
Programs and corruption and told "we need more money" and then the tax man comes again
AncientSeraph
Yeah, but you wouldn't pay for your street maintenance either, because you know your neighbor wastes his money on coke, so why would you?
diage
then stop voting dipshits into office.
twoblackhands
Thank you
dylanamanhouilhan
I try. They just lose because they arent corrupt
xanthassilver
The alternative is no roads, no police, sewage, government services, health care if you are lucky enough to not be thr US.
Tonkatruck321
No $200k a year for ever congress person ever alive. No $600billion for the military. No $70million in local mismanaged projects.
Strugg1eBuss
No alternative is all of it ends up privatized and costing a fortune to use any of those services (if you can afford it)
painstream
When every road is a toll road, I wonder how anti-tax folks would feel.
Strugg1eBuss
I’m sure it would be bundled into some kind of monthly subscription service where you may even get to choose 10 of your favorite roads!
painstream
Like my old Friends & Family plan! And then, when the service gets big enough, Unlmiited Roading for only $65/month!
VinerialBlumpkin11
Or, you know, you could not be a dumbass with all the extra money you save on taxes and be a responsible adult.
DD19447119BAF097C358B4F06856132491C74159
How are you going to build roads with your own money?
DiabeticDolphin
You dont understand, with no government, there is NO law. No property rights on which capitalism is built. No tax = no gov't = no job
D3ath71
Common Law affords human beings property rights.
Armored0Titan0
Common law requires government.
CmdrRockAwesome
MUH ROADS.
TacticalZombie
People can build their own roads
paddleup
True, but they don't
EandAbaybay
BaNaNaNaNaNaNaNaNaNaNaNaNaNaNaNaBATMAN
Yeah I'm sure those roads would be great and safe.
godzilladc
Great. I'm going to build one right next to or on top of your house. Good luck defending your property rights against my road company.
ABillionDucks
With blackjack and hookers
FlexGunship
Seriously doubt this. There were private roads before governments. Enough people like sewers that someone would build and lease them.
CheetoDustedMalcontent
Ancient roads pre government were dirt trails for walking and animals. So yes, they didn't cost anything.
godzilladc
No. People lived in squalor until government assumed the responsibility of infrastructure. There's not sufficient economy of scale otherwise
Criscartersfallguys
God this is such a shit ass opinion.
FlexGunship
You strike as someone who has never heard the arguments against your opinion.
Criscartersfallguys
I have dual degrees in History and Political Science. I’ve heard all the arguments against it. It’s also why I know yours is wrong.
FarmerFrance
Don't forget property tax and inheritance tax.
robulosity
Not everywhere has that
JasoSpaks
Very few people pay federal inheritance tax. Only the wealthy.
Eldibs
Rule of thumb - if you're worried that an inheritance tax might destroy your finances, you're not wealthy enough to have to pay it.
mdzmdz
Destroy no, but it can make it difficult to inherit the family home especially with how house prices have gone.
Eldibs
Unless your family home is worth millions of dollars, it's not going to affect you.
00110001001001111010000110110110011
You and a spouse can leave your kids ten million before your kids have to pay inheritance tax......
mdzmdz
In the UK it's 40% of the amount over ~425,000 dollars.
FarmerFrance
You don't understand how small farmers wor. Our operation might be worth millions but too take a hit like that would be hard to recover.
Eldibs
You don't understand how the estate tax works. Only about 0.2% of estates are big enough to qualify, and if you do, it's not a "small" farm.
FarmerFrance
Again, you don't understand what a small farm is or what it takes to operate.
Eldibs
And just to clarify, that's not 2%, it's 0.2%.
DiabeticDolphin
Cause your wealth is absolutely not correlated with your family's wealth...
FarmerFrance
What? I owe you money because my father died.. makes sense!
hardytardigrade
You could look at it as he owes money on the gift he gave you, so you only get the after-tax money. But don't worry, up to $10 mil is exempt
FarmerFrance
You get to 10 mil quick as a farmer. People think we're rich because of the money we throw around but we need that to operate.
OperationRustysBlanket
I’m not from a wealthy family, but it does come across as double dipping.
hardytardigrade
It's not double-dipping. Transactions are taxed, not money. And if you're not from a wealthy family, you don't pay inheritance tax.
FarmerFrance
Farmers get accused of being wealthy often because of the large amounts of $ getting used but we need that to operate.