Quote from max401:
No wonder the Aussies are trying to go offshore. From the same newspaper on today's front page:
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Overseas a better system for expats
By Rodney Dalton, New York correspondent
February 25, 2004
NO one likes paying tax, but Australian expatriates Ryan and Katrina Dudley have plenty of reasons to prefer the the American tax system they now work under.
For a start, high marginal income tax rates kick in at much higher incomes in the US than in Australia.
This top US rate does not apply until an individual or a married couple filing jointly earn more than $311,950, capturing only the top 3-4 per cent of income earners.
In contrast, the top 15 per cent of Australian taxpayers are hit by a 47 per cent marginal tax rate that kicks in at $62,500.
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47% gaffe at $62.5K? Ouch!
You lucky Aussies,
Admitted you are less lucky then USsies, did you ever think about those poor EU victims that pay 60+ per cent. Of what remains they still pay VAT (often around 20%).