03-07-2008, 17:02 PM
|
#24 (permalink)
|
|
Senior Contributor
Join Date: 01-27-06
Location: DPRK, Democratik People's Republik of Kalifornia
Country: 
|
Quote:
Originally Posted by Adux
Gunnut,
There are tax brackets here,
If you earn under 1,50,000: You dont pay any. Other than some nominal charges
If you earn above1,50,000 : You pay 10% tax
If you earn above 3,00,000: You pay 20% tax
If you earn above 5,00,000 : You pay 30% tax.
There are several deduction for women, agriculture etc,
When I wrote above, it was the way society spends money, It is ingrained in my head by my family, that I have to save atleast 30% of my income. Basically we are very consicous spenders, 10,000 income to 18000 expenditure, is not something you will see in Indian Households.
|
I understand. What I'm saying is that $10k income is not the true income. That might be "taxable" income. The true gross income, along with government handouts, might well exceed $25k. We have an insane amount of deductions in our tax structure. The government really should just switch to a national sales tax of 15% and abolish the personal income tax. The revenue will probably remain the same.
__________________
"Only Nixon can go to China." -- Old Vulcan proverb.
|
|
|