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RE: New to list



> -----Original Message-----
> From: owner-st@xxxxxxxxxx
> [mailto:owner-st@xxxxxxxxxx]On Behalf Of
> AnnBonne@xxxxxxx
> Sent: Tuesday, February 22, 2000 3:32 PM
> To: ST@xxxxxxxxxxxxxx
> 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?

No VAT here, but most purchases require paying a sales tax that
varies with location. Here in L.A. County, it's 8.25%, but that's
pretty high. Most places are around 4 or 5%.

> What percentage of your income do you pay to central
> government,

That varies with income. Low-income people pay around 15% of the
net after various deductions while higher income people might pay
as much as 28%, again on the net after various deductions. Those
deductions can be substantial - the standard deduction for a
couple is $8,000.00.

> and do you pay local taxes/rates as well?

That depends on the locality. Some states don't have income taxes
while others have substantial ones. California is (of course) in
the second category.

Aside from VAT, how does it work in old blighty?



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