The TTC (Total Tax Contribution) for business is explained here.
"The World Bank put the TTC in the UK at 52.9 per cent compared with just 21.5 per cent in the US and 34.6 per cent in Japan." How on earth is Britain supposed to remain competitive, and an attractive place to do business in while this is going on?
Anyone aware of similar calculations done for NZ? I figure we would be closer to the UK than the US.
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2 comments:
I have always maintained, and people have refused to believe me, that by the time you figure in income tax, GST, rates, secondary taxes like petrol, booze, etc you end up over 50% for the average NZer. But worse, there are non-average NZers such as low income and retired people, that have seen rates creep up between 60 and 100% over the last 10 years, and facing 10-15% rises right now all over the country. Their TTC is easily a whopping 50-60%! And don't even get me started on "hidden" taxes such as school "donations" and all the fairs, car boot sales and galas we contibute to to fund medical equipment, computer facilities or even basic running costs of essential services. I don't mind funding them through fund raising, but when the Government takes so much tax and spends it on, say, giving $0.5M to Hamas, and not to (insert name here) Hospital for a (insert cool tech gadget like MRI here), then having to do fund raising AS WELL gets very, very annoying.
What is not widely appreciated is that every dollar a corporation pays in taxes is one less dollar it pays its staff or one dollar more it charges for its products.
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