(Oh ya they have officially stopped printing pennies in Canada, there still there but in another 10 years or sooner they will be gone and everything can be adjusted up 5 cents, can't wait for that. Read this Canada's penny withdrawal. Yep if you read it, all businesses are to collect their pennies and turn them in for cash where they will be melted away).
So Canada is finally going off the Copper Standard, eh?
Actually, your system is very similar to ours, but I think your banks are a bit more honest than ours in their practices.
Seriously, with the US debt in the TRILLIONS, currently about 15.7, each Citizen owes about $50,000. Each
Tax Payer, however, owes about $138,000.
I am a Tax Payer, and I was, am now, and forever will be f*cked.
For an idea how
fast the US debt is rising, go here:
http://www.usdebtclock.org/.
Taxes are applied to individuals on Federal, State, County, and municipality bases.
Federal tax is a percentage of your income (defined by the Internal Revenue Service (IRS) as "anything that comes in". Essentialy, since you are assigned a Tax ID # as soon as you are born, if you are a kid mowing lawns for beer money you have to pay a tax on whatever you make that year. And if you're dumb enough to file for the first time, the IRS has their claws in you and can Audit your returns any time they feel like it. Realistically, if you're under 18 years of age they can't touch you because you're not considered
able to consent. (Considering the appaling condition of our educational system this doesn't surprise me.) But the more you make, the higher percentage you pay. As soon as you hit the $50,000 mark your percentage increases by almost 50%. When you hit the $100,000 mark it doubles. This, of course only applies to the working stiff. NOT to the "beautiful" people.
SO every yyear anyone who can put up with the headaches can itemize their "allowed" expenses to attempt to reduce their tax burden.
Interestingly enough, the IRS, the single most powerful organization in the country can operate with impunity wherever and whenever they wish all without any Judicial Authority. A look at the listings of United States Codes reveals that Title 26 of the US Codes still has never been passed into Positive Law. No, don't even go there. I fought the good fight, but lost anyway.
Current Tax percentage for me is 17%.
State Taxes are Income Taxes just like the Feds, but you are limited what you can itemize. There are still a few states that don't have Income Tax, but they hit you in other ways. Some hit you with both Income and Sales Taxes. Sales Taxes are lost money, unless you save EVERY receipt for that year ( in New Mexico) and can prove you paid more in Sales Taxes than Income Taxes. Then you MAY be entitled to a refund of the difference. Current State Income Tax is 4.5%
Federal Tax Percentages do not include so-called Social Security and Medicare which add another 2% to the mix. Taxes on gasoline (petrol) is currently about 5%, and is called an Excise, or Hidden tax because you never see it at the pump, as it's built into the price per gallon (3.8l).
County Taxes are solely based on your property value, and you have not much say in the matter.
City taxes are mostly bed taxes here, but due to the size of Albuquerque they are incorporated into bond generation and contribute to the County Tax.
Add it altogether: Feds - 17%, State IT - 4.5%, State ST - 7%, County Property Tax - 2%. Fed Excise of 5% and the Grand Total for this year is approximately 35% of my total income.
Be nice if they'd all get together and just hit me each payday for 35% and be done with it. Be even nicer if the supporters could get the law passed limiting the Fed Tax to a flat 10% across the board. But no, that eliminate the IRS and God knows we certainly wouldn't want
that to happen now, would we?
.1/5 of which are none irish and at any time can go home 
which can bring that estimate up to well over 30 grand ![=D]](./images/smilies/eusa_clap.gif "Applause"){kind=small}
, this doesn't include the taxes that will have to be raised to actually run the country. at least in greece they have the sun.
.
