tailfins
11-27-2012, 04:59 PM
The measures in the budget include:
a rise in the standard income tax rate from 24.5% to 28.5%
a rise in the top rate from 46.5% to 48%, plus a special 2.5% "social solidarity" tax
a lowering of the threshold for the top rate from 153,300 euros (£123,700; $198,200) to 80,000 euros (£65,000; $104,000)
an additional 3.5% surcharge on all incomes in 2013
The tax increases are especially hard on Portugal's middle class. Due to the changes, someone earning €41,000 a year will pay 45% income tax from January compared with 35.5% now.
Most people fall into the €7,000-20,000 annual income bracket. Those will pay 28.5% income tax, up from 24.5%.
€41,000 < USD 55,000 folks!!
http://www.rte.ie/news/2012/1127/bailed-out-portugal-adopts-stiff-tax-hikes-business.html
Not only do they have crap wages, almost half of that low income is siphoned off in taxes.
a rise in the standard income tax rate from 24.5% to 28.5%
a rise in the top rate from 46.5% to 48%, plus a special 2.5% "social solidarity" tax
a lowering of the threshold for the top rate from 153,300 euros (£123,700; $198,200) to 80,000 euros (£65,000; $104,000)
an additional 3.5% surcharge on all incomes in 2013
The tax increases are especially hard on Portugal's middle class. Due to the changes, someone earning €41,000 a year will pay 45% income tax from January compared with 35.5% now.
Most people fall into the €7,000-20,000 annual income bracket. Those will pay 28.5% income tax, up from 24.5%.
€41,000 < USD 55,000 folks!!
http://www.rte.ie/news/2012/1127/bailed-out-portugal-adopts-stiff-tax-hikes-business.html
Not only do they have crap wages, almost half of that low income is siphoned off in taxes.