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RE: Taxes



Ann,
a bit off topic, but.......

> From: AnnBonne@xxxxxxx
> Subject: Re: New to list
> 
> In a message dated 22/02/00  22:40:09, you write:
> 
> << Correct me if I'm wrong, someone, but don't quoted UK prices include
> VAT
>  @17.5%?
>  
>  £8,000 inc. tax becomes £6,808 tax out, so perhaps the math isn't so new.
>   >>
> Hi Robert,
> I'm a bit naive about the American tax systems.  Do you pay value added
> tax 
> on everything you buy, or nowt at all?  
	[Mort Harries:]  Nowt.  No such thing as VAT over here.  Most states
and some cities do have a sales tax (e.g., here in NJ it's 6%; across the
river in New York City its 8.25%).  But this is a tax on the final sale to
the consumer; unlike VAT which I understand gets imposed at each step of the
process from original raw materials to final sale of finished products. 
> What percentage of your income do you 
> pay to central government, and do you pay local taxes/rates as well? 
	[Mort Harries:]  We pay Social Security tax (like National Insurance
in the UK), and income tax to the Federal Government; and most States, and
some cities have their own income tax too.  And then there's real estate tax
that you pay to your local town/city on any piece of property you own.
Federal taxes get reduced somewhat by claiming deductions for kids,
mortgages, saving for retirement, and how much taxes you're paying to the
State and localities.  As an all too typical middle aged, middle classer
with kids and mortgage, I pay about 30 - 33% of my total income to various
government extortion/tax agencies.  ... Mort H.
> Ann, 
> Kent, Britain. 
> 
> 

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