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Is the United states tax system too complicated?
Topic Started: Apr 4 2016, 02:10 PM (78 Views)
+ Pelador
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I was just reading up on it because I wanted to make fun of America in spam but then I thought no, this could be a serious discussion. I just thought it was funny how you revolted against the tea tax but now you seem to have this system that is pretty confusing at first glance compared to the British method where everything for regular incomes is direct debit.

The exceptions are.

you are self-employed - you can deduct allowable expenses

you got £2,500 or more in untaxed income, eg from renting out a property or savings and investments.

your savings or investment income was £10,000 or more before tax

you made profits from selling things like shares, a second home or other chargeable assets and need to pay Capital Gains Tax

you were a company director - unless it was for a non-profit organisation (eg a charity) and you didn’t get any pay or benefits, like a company car

your income (or your partner’s) was over £50,000 and one of you claimed Child Benefit

you had income from abroad that you needed to pay tax on

you lived abroad and had a UK income

you got dividends from shares and you’re a higher or additional rate taxpayer

your income was over £100,000

you were a trustee of a trust or registered pension scheme

you had a P800 from HMRC saying you didn’t pay enough tax last year - and you didn’t pay what you owe through your tax code or with a voluntary payment

Certain other people may need to send a return (eg religious ministers or Lloyd’s underwriters) - you can check whether you need to. You usually won’t need to send a return if your only income is from your wages or pension.

Apart from those circumstances everything is done automatically by the state. No fuss, no mess. But from what i could tell, everything in the US is self assessment. People must make loads of mistakes. I mean I can barely add up numbers larger than ten so I wouldn't want to have to do it.
Edited by Pelador, Apr 4 2016, 02:12 PM.


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