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Old 23rd March 2001 | 20:03
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MachOverspeed
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Well, here in the USA one cannot (in my opinion) really say what the tax rate is.

Sure, we have a graduated (Marxist)tax scheme based on income, but with deductions for home mortgage interest and other business and work related write-offs, capital losses, depreciations etc its virtually impossible to know how much tax one pays untill the end of the year when you compute your taxes and send in the form (and sometimes a hefty check).

Add to that the fact that some States have an additional income tax and some do not. Texas, for example, has a State sales tax of 5% on non-food items, and each city has an additional 2 to 3.5 % additional sales tax. Then there is the school tax that real estate owners must pay, and the other property taxes, some of which may be deducted from the Federal taxes....way too complicated.

Suffice it to say that two guys, with identical incomes, may be literally thousands of dollars apart in the taxes they each pay. One may be single. The other, married with children. One may have incurred capital losses and the other did not. One may own a home and the other might be renting an apartment. There are quite literally thousands of permutations in the basic formula.

The good news is that I filled my Speed Triple with gas yesterday, and only paid $1.40 per gallon (about sixty cents of which are taxes!)