Monday, August 15, 2005

The Alliance Party: The new right wing?

Today I saw a few posters for that party which Jim Anderton had such a clusterfuck with back in the day. 2002 election campaign? Anyway, with slogans like Tax the Rich! and No Fees! I couldn't help taking a peek. In some ways I almost feel like voting left simply out of self-interest. I am a student with a giant debt, and I am hardly rich. Loan at ~$40k.

Anyway, investigation to their website has lead to some interesting results. No tax for the first $10,000, and mega tax for $100,000+ (no, that's not the punchline). There is also this table:

Individual Income Tax Table
IncomeTax PaidMarginal Rate
$0$00%
$10,000$024%
$20,000$2,40026%
$30,000$5,00030%
$40,000$8,00040%
$50,000$12,00042%
$60,000$16,20046%
$70,000$20,80050%
$100,000$35,800

54%

Now, it seems to me that if you're earning $50,000, you are paying %24 tax. If you earn $100,000 just under %36. Either way, it seems you're doing better than what you are now. Is my maths screwed up?

p.s. After writing this post, and going to the time of working out how to import a table, I realised how blatantly stupid I was. People don't pay 33 cents in every dollar - just that which is above the threshold. Nevertheless, I shall publish this post. Someone else might still be similiar to my old innocent, paying-very-little-tax self.

0 Comments:

Post a Comment

<< Home