Pilots paying Tax

Aussie

Aussie

New Member
G'day boys,
just a quick one. I dont know what the law is it the US, but here in Oz, if you earn over AUD $60000, you pay 48.5%tax.
Now, Virign Blue CPT may make 125K a yr, but after Tax, hed essentially be maing half that...thats not exactly that a great deal of money.
If that the Go in the US? Do you pay as much tax as us?
Maybe theres a way around it, like invest all your money into property or something....I dont know, but when people say pilots make 120K, it seems alot, till you realise half of that goes straight to the government!
Maybe im not seeing this the way it is, if anyone knows better, please speak up!

Cheers

Aussie
 
Ouch! 48.5% tax!

I'm not sure what the actual tax rate is for > 60 K (The navy pays no where near 60 K) here in the US, but I don't think it's ANYWHERE as much as that!
 
Taxes are relative.

You might be in the 35% tax bracket, but then you're paying state income tax, social security, auto registration tax, medicare, sales tax, property tax, etc so the effective tax rate in the US is appreciably more than 35%
 
we need meaningful tax relief. did you know by the way that the top 50% of wage earners pay 96.03% of the income taxes in the US? That means the lower 50% pays less than 4% of the burden!
 
We'll never, in a million billion years see a true tax reduction no matter what the politician du jour says. Never ever ever.

Unless, of course, we either:

(a) End all automatic income tax withholding,

(b) Go with a flat-tax

or

(c) Go with a consumption tax.

Tax revenue means power to buy votes to stay in power. A 48-pound tax code book means that the average American never truly knows what his real tax burden is until April. And when he realizes how much money he's spent to support the government, he's placated with a small morsel of joy when he gets his refund -- just like a shot of morphine.

I'm one of those flat-tax weirdoes!
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I don't mind paying taxes, it's just that when I see a DC-9 being operated to transport one government official around is kind of a waste of our money. Why isn't he being flown around in a Citation or something more economical? Now I understand that the president has a whole crew that he roles with but what about these damn senators that produceobscene expenses.
 
Yeah, well in Oz its 48.5%
So effectivley, any pilot in the airlines is making half of what they are "apparently" making.
If that makes sense.
I guess thats what makes airlines such as Qatar and Emirates attractive, no tax at all!!

Doug, when you first heard how much you would be earning did you think, "hey this is nice" and then realise that after Tax ect, it wasnt so much after all?

Cheers Guys

Aussie
 
A long time ago, yes, but then I got my first "big" paycheck and realized it wasn't really all that much. If I showed you my gross income compared to my net, you'd probably lose your lunch!
smile.gif
 
Ye thats what i figured.
I know that if you buy investment homes in Oz, you can claim a heap of tax return, so i know a fair share of pilots do that.

I dont know how it works in the US, theres always loop hole though.

Thanks again!!

Aussie
 
Well, if the Aussie tax system works like the US tax system, he doesn't really pay 48.5 percent in taxes. He'll pay around 15 percent on the first 20K, then 28 percent on the money from 20K to 70K, and then 31 percent on the money from 70K on up. Or something like that.

I think that after all was said and done, in my salad days back before the telecom bubble burst, I was paying an effective tax of around 22 percent. Not something I liked to do, but far less than the theoretical rate of 31 percent that I was supposed to.
 
That is income tax. Think about all of the oher thousands of taxes you pay each day as well. My phone bill has 4 seperate taxes on it. Every gallon of gas, every beer or cigarette. Every purchase at a restaurant, etc. Its crazy how much it all adds up to.
 
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That is income tax. Think about all of the oher thousands of taxes you pay each day as well. My phone bill has 4 seperate taxes on it. Every gallon of gas, every beer or cigarette. Every purchase at a restaurant, etc. Its crazy how much it all adds up to.

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The average American pays 50% in taxes, fees for government services and surcharges every year. Anything over 15% is robery and diverts money from the real economy of the country.
banghead.gif
 
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real estate is always a good investement!


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and a great tax shelter.
when I start making that kind of money, believe me the government is not getting 35% of it. There are plenty of ways to shelter your money.
 
Taxes just give politicians the ability to campaign on something when they really stand for nothing. They always promise tax relief or a tax cut, but it's just shuffling.

Like going to the store. "All whole turkeys are half off!" but everything else you purchase in the store is upticked by 15% so you're actually pay MORE.

So basically "Party A" will say that "Party B" are tax 'n spend 'blanks', but "Party B" instead of taxing and spending, is doing nothing more than "borrowing and spending", but the money has to be paid back with tax revenues anyway...

GRRR... Politicians, don't get me started.

Kind of like people going to Wal Mart for cheap prices, but then complaining that their state taxes went up because the largest employer in their state doesn't give health bennies out.
 
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[ QUOTE ]
real estate is always a good investement!


[/ QUOTE ]

and a great tax shelter.
when I start making that kind of money, believe me the government is not getting 35% of it. There are plenty of ways to shelter your money.

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What are some other good ways to shelter your money then mate?
 
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What are some other good ways to shelter your money then mate?

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1. Owning a Home
2. Having a business in that home
3. Owning any kind of business
4. Charity
5. Owning Rental Properties

Basically, find a good accountant, open a business with profit motive, and write off everything.
 
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[ QUOTE ]
What are some other good ways to shelter your money then mate?

[/ QUOTE ]

1. Owning a Home
2. Having a business in that home
3. Owning any kind of business
4. Charity
5. Owning Rental Properties

Basically, find a good accountant, open a business with profit motive, and write off everything.

[/ QUOTE ]

Aaaargh, so much to learn! I'm lost, I better start learning this stuff.
banghead.gif
 
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