How long before this hits the Vancouver and Bay Area money laundering/real estate market? https://www.moneycontrol.com/news/business/personal-finance/budget-2019-india-income-tax-peak-super-rich-tax-4174261.html
Indian government is simply saying “we don’t give a fuck for you hard working highly talented people. You can go to other countries. We can’t increase our tax base - will keep screwing the working class.”
what kind of jobs pay >5crore per annum in India?
Chairman of board at <daddy’s successful business>
1) Early employees of successful startups 2) Top management and Directors of Ola, FK , 3) CXOs of top companies like L&T, Infosys, Wipro, ... Very few jobs actually compared to very large number of businessmen, farmers and politicians who escape the tax net without paying much.
Umm, the peak rate in the US is 50% when you factor in state income tax and phaseout of deductions.
I pay more than 42% marginal here in California. I imagine all the single 500k plus earners in the Bay Area do. This seems inline with US, we just have a tax system that splits state, local and Federal taxes.
You're not on your top game with that 500k in CA
US rate is way too low with too many loopholes.
You must be in lower brackets. You can feed a village on what some of blinders pay in taxes
You could but since when were taxes ever spent effectively on those in need in India or the US?
India's poor don't pay any taxes because there are no records of their income. India's rich don't pay taxes because they are businessmen with means to con the taxman. The country lives off the labour and taxing of the middle class, and it's no surprise everyone with a good education tries to leave to Canada, Australia or the US. I.e. there's virtually no one paying the peak tax rate in India. Probably not in the U.S. either.
Is this actually the highest effective marginal rate? Pretty sure that would be NYC (at least in the US), with: 39.7% federal + 8.82% NY state + 3.8% NYC = 52.32% top marginal rate EDIT: actually CA, with: 39.7% federal + 13% CA = 52.7% top marginal tax rate However, a single filer earning less than around $850k would have a higher combined effective tax rate in NYC than CA, according to the calculator on smartasset.com
NY State top tax rate is 8.82% no? Pretty sure CA takes the prize at 13.3% top bracket.
Corrected. Thanks Despite this correction, effective income taxes in NYC are still higher, up to around $850k for single filers.
why do you care about India's tax?
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Nothing will change. Trump has nothing on Indian businessmen when it comes to evading taxes. Hiding income is a pro sport in India.
Hiding doesn't work for salaried employees like we peasants.
You peasants making less than 2 and 5 crores are unaffected by this change