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Mercnbeth -> RE: Poll: Health-care reform more popular after passage than before (3/24/2010 3:47:44 PM)
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quote:
ORIGINAL: kittinSol
quote:
ORIGINAL: Sanity
Its the outrageous taxes in Europe, and the level of governmental control over your lives that you put up with that baffle me.
What a load of utter and complete generalizing bollocks rofl.
Wow - I agree with kittin! (But I always thought it was 'bullocks!'?)
quote:
Its the outrageous taxes in Europe, and the level of governmental control over your lives that you put up with that baffle me.
Sorry Sanity, but that representation regarding taxation in Europe is no longer true. I can't speak for every country, and personally although I do consider the 100% tax on an auto purchase I was told existed in the Netherlands, and the 70% tax on liqueur sales in Sweden "outrageous" its not universally the case throughout Europe.
I had my accountant run my taxes through Italy's system this year to see exactly how I will fare once relocated and found even before taking some anticipated real estate investment hedges I'm subject to more "outrage" here than I will be in Italy. Of course, you have to consider that I live in the highest taxed State in the Union, CA, but still - I never expected the result. Status quo - I would have paid considerably less in Italy.
Here's a thumbnail of Italy's system: Taxation of an individual's income in Italy is progressive. In other words, the higher the income, the higher the rate of tax payable.In 2009 the tax rate for an individual is between 23%-43%, In addition to direct taxation (IRPEF), there is also a regional tax of 0.9%-1.4% and a municipal tax of 0.1%-0.8%.There are reduced rates of tax and tax exemptions available to certain income earners. The standard rate of Italy corporate tax (IRES) in 2009 is 27.5%%.In addition, local tax (IRAP) is imposed at a rate of 3.9%, bringing the effective tax rate to 31.4%.
Capital gains is:quote:
The rate of tax payable on capital gains from shareholding is 12.5% for non-qualifying shareholding of up to 25% in a company. For the purpose of calculating a capital gain, the gain is decreased in line with the rate of increase in inflation, from the date of purchase to the date of sale. In regard to capital gains in a corporation, identical relief is allowed at the rate of increase in the Index. Companies pay 27.5% tax on capital gains. In sale of participation, 95% is tax exempt, subject to certain conditions. Compared to the current 35% US rate growing to 39.6% in 2011, for "short term" and 15% to 20% for long term.
There is a VAT on most basic stuff its between 4%-10%; 20% on some big ticket items; but I pay 10% sales tax now. Key for me is the "inheritance and gift tax; 4-8% in Italy. I'm not planning on dying in 2010 when the rate is 0%; come 2011 the US estate tax reverts back to 37% - 55%!
Ciao!
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