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You must also take into account fees as well as taxes. If they dont want to tax people based on progressive taxation, they hit you with fees which is far worse for ordinary folks than taxes (since payable taxes are dependent on income/wealth). Toll roads are a good example.
You must also take into account fees as well as taxes. If they dont want to tax people based on progressive taxation, they hit you with fees which is far worse for ordinary folks than taxes (since payable taxes are dependent on income/wealth). Toll roads are a good example.
Prevalence of HOA's may be another example of this, as it is essentially a privatized form of taxation and they can have certain stipulations as to what you can and cannot due with your property.
You must also take into account fees as well as taxes. If they dont want to tax people based on progressive taxation, they hit you with fees which is far worse for ordinary folks than taxes (since payable taxes are dependent on income/wealth). Toll roads are a good example.
In my mind fees are more for one time expenses.
A $75 building permit is only done when you are preparing to build a house.
A road toll is only paid when you are crossing a specific spot on one road. In the past I have lived in regions that had toll roads, as a local I learned other routes so I could avoid using the stretch that had a toll.
State Income Tax Rate (if applicable): 3.75% flat
City Tax (if applicable): 0% Property Tax on home: Varies wildly it seems, for me 1.4% Sales Tax: 10.25%
Other Tax:
Vehicle stickers and misc other things
City Tax: 2.40% for residents, 1.20% for non-residents (Hamtramck, Highland Park, and Pontiac are the only Detroit suburbs with income taxes)
Property Tax on home: typically around 3% (or lower in most suburbs)
Sales Tax: 6%
Other Tax: Many historical neighborhoods typically have around $30-$150 in membership fees but are now looking to levy fees on all residents in their neighborhoods regardless of membership. Just within the last month, Detroit's most upscale neighborhood got approved for a neighborhood-wide $500 fee.
State Income Tax Rate: Progressive between 4% and 8.82%. To pay the highest bracket you need to make over $1,062,000 in taxable income per year.
City Tax (if applicable): Progressive between 2.9% and 3.876%. To pay the highest rate of almost 4% you need to make over $500,000 per year.
Property Tax on home: Average citywide is about 0.7% per year (lowest in the state), many people pay less than that due to various deductions. Only 6% of the property market value is taxed.
Sales Tax: 4% state + 4.875% city for a total of 8.875%. However, food is excluded, and clothing and shoes below $110 are also excluded.
Other taxes: Estate Tax: Progressive between 5%-16%. However, people with estates below $2,060,000 are exempt from this tax. By 2019, the exemption will grow to include estates below $5,430,000.
State Income Tax Rate: 5% that's for $10K to $50K. It's a progressive think over $500K is 6.99%.
Property Tax on home: 61% or 62%. Car taxea were capped this year or next year to 30% to 35% I believe.
Sales Tax: 6.35%
Believe gas tax is like 49.3 cents a gallon
There is other small taxes, believe the State is looking at a Mileage tax I think. Packaged food and soda do believe is taxed via the sales tax, don't hold me to that.
Waterbury, Connecticut
Last edited by RunD1987; 07-19-2016 at 11:08 AM..
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