I did the math in the USA. When I was married with kids my effective rate for a the highest year was 52%. My last year as a single male and all kids over 26, it was 46%. Effective, not marginal, because that matters in the USA as we don’t track those “other salary deductions” for taxes. Effective for those ready to argue include stupid shit like deductibles, copays, uncovered care, out of network care (that happens more than you think with kids). one year we spent 40k (max. In network deductible) because one of my kids had a spiral fracture of his leg on a growth section that had he not endured 3 (THREE) surgeries, he would be left side shorter. That was 190k for all surgeries and 40k out of pocket. Dental, HSA, FSA, Vision, Medical… People need to realize that even though its pre tax, you’re still paying for it and that needs to be considered for effective rate.
I was offered a job in Denmark, so I know this for fact: Denmark was a near match at marginal rate to USA effective rate assuming I never needed critical care in the USA (i would be in debt). BUT, Denmark has effective tax rates in the 40% for those making less than 85k (USD). I think there’s a rich person tax above that at 49%, but I never accepted the job because my Ex wife was a shithead so I didn’t find out.
I’m now in spain paying around 47% effective, but get Beckhams law will make that be 24% at tax time for the next 10 years. After that I need to pay like everyone else and at 10 years I get a pension (small one) for spain.
Also wages might be higher in well paying jobs that people on Lemmy seem to have, but plenty of people in the US are dirt poor even with jobs. In Europe that happens as well but I feel like they often have more stability though tenant and worker rights and things like that. So at least you won’t be fired on the spot from your lousy job or have to renegotiate rent every few months.
Yeah, here in the UK if you’ve worked somewhere for longer than three months then your employer has to have good cause to let you go. Thanks to the Tories, we don’t get full employee rights until two years, so if, after two years we’re made redundant, we can claim redundancy pay. But in the meantime, if you feel you’ve been treated unfairly you can claim unfair dismissal. You might have some success at getting some lost earnings, but you’ll have to represent yourself because there’s no hope of getting legal aid for that. However, the tribunals who hear the cases often tend to lean towards the employee. Or at least, that was the case when I went through it some years ago.
And if you are let go, then you can immediately claim unemployment benefits, which really aren’t great, but they do come with the added benefit of free prescriptions.
190k is a very large amount, I’m not sure if by 40k out of pocket you mean the insurance covered the rest.
Still, 40k is a lot of money and 190k is pretty much my salary for the next 10 years. I’m sure jobs are a bit better paid in the US; but I’m also quite convinced it is not that common to have that amount of money laying around.
An expense like that falling on you can definitely ruin your life.
I did the math in the USA. When I was married with kids my effective rate for a the highest year was 52%. My last year as a single male and all kids over 26, it was 46%. Effective, not marginal, because that matters in the USA as we don’t track those “other salary deductions” for taxes. Effective for those ready to argue include stupid shit like deductibles, copays, uncovered care, out of network care (that happens more than you think with kids). one year we spent 40k (max. In network deductible) because one of my kids had a spiral fracture of his leg on a growth section that had he not endured 3 (THREE) surgeries, he would be left side shorter. That was 190k for all surgeries and 40k out of pocket. Dental, HSA, FSA, Vision, Medical… People need to realize that even though its pre tax, you’re still paying for it and that needs to be considered for effective rate.
I was offered a job in Denmark, so I know this for fact: Denmark was a near match at marginal rate to USA effective rate assuming I never needed critical care in the USA (i would be in debt). BUT, Denmark has effective tax rates in the 40% for those making less than 85k (USD). I think there’s a rich person tax above that at 49%, but I never accepted the job because my Ex wife was a shithead so I didn’t find out.
I’m now in spain paying around 47% effective, but get Beckhams law will make that be 24% at tax time for the next 10 years. After that I need to pay like everyone else and at 10 years I get a pension (small one) for spain.
So yes, Americans pay more. Waaaaay more.
Also wages might be higher in well paying jobs that people on Lemmy seem to have, but plenty of people in the US are dirt poor even with jobs. In Europe that happens as well but I feel like they often have more stability though tenant and worker rights and things like that. So at least you won’t be fired on the spot from your lousy job or have to renegotiate rent every few months.
Yeah, here in the UK if you’ve worked somewhere for longer than three months then your employer has to have good cause to let you go. Thanks to the Tories, we don’t get full employee rights until two years, so if, after two years we’re made redundant, we can claim redundancy pay. But in the meantime, if you feel you’ve been treated unfairly you can claim unfair dismissal. You might have some success at getting some lost earnings, but you’ll have to represent yourself because there’s no hope of getting legal aid for that. However, the tribunals who hear the cases often tend to lean towards the employee. Or at least, that was the case when I went through it some years ago.
And if you are let go, then you can immediately claim unemployment benefits, which really aren’t great, but they do come with the added benefit of free prescriptions.
Correction: We pay waaaay more for waaaay less.
190k is a very large amount, I’m not sure if by 40k out of pocket you mean the insurance covered the rest.
Still, 40k is a lot of money and 190k is pretty much my salary for the next 10 years. I’m sure jobs are a bit better paid in the US; but I’m also quite convinced it is not that common to have that amount of money laying around.
An expense like that falling on you can definitely ruin your life.