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62% (This consists of 40% income tax on the GBP 100k–125k band, an effective 20% due to the phase-out of the personal allowance, and 2% employee National Insurance). The marginal rate then drops to 47% for income above GBP 125k (45% income tax plus 2% employee National Insurance) [ 241 ] [ 242 ]
R160,001–R250,000 R28,800 plus 25% of the amount above R160,000 R250,001–R346,000 R51,300 plus 30% of the amount above R250,000 R346,001–R484,000 R80,100 plus 35% of the amount above R346,000 R484,001–R617,000 R128,400 plus 38% of the amount above R484,000 R617,001 and over R178,940 plus 40% of the amount above R617,000
[b] In India on the other hand there is a slab rate system, where for income below INR 2.5 lakhs per annum the tax is zero percent, for those with their income in the slab rate of INR 2,50,001 to INR 5,00,000 the tax rate is 5%. In this way the rate goes up with each slab, reaching to 30% tax rate for those with income above INR 15,00,000. [42]
Data are in current U.S. dollars. Dollar figures for GDP are converted from domestic currencies using single year official exchange rates. For a few countries where the official exchange rate does not reflect the rate effectively applied to actual foreign exchange transactions, an alternative conversion factor is used. [ 2 ]
The rate was increased in 1917 during World War I. [25] The top marginal tax rate was reduced to 58% in 1922, to 25% in 1925 and finally to 24% in 1929. In 1932 the top marginal tax rate was increased to 63% during the Great Depression and steadily increased, reaching 94% in 1944 [ 26 ] (on income over $200,000, equivalent of $2,868,625 in 2018 ...
USD 190 to 255 billion in annual tax revenues are lost due to i. above; USD 7.3 to 9.3 trillion is represented by individuals from a subset of 139 "low to middle income" countries for which data is available; These figures only include "financial assets" and do not include assets such as Real Estate, precious metals, etc.
(25%) in 1916, and 6s. (30%) in 1918. Altogether, taxes provided at most 30% of national expenditure, with the rest from borrowing. The national debt soared from £625 million to £7,800 million. Government bonds typically paid 5% p.a. Inflation escalated so that the pound in 1919 purchased only a third of the basket it had purchased in 1914.
The market convention is to quote most exchange rates against the USD with the US dollar as the base currency (e.g. USDJPY, USDCAD, USDCHF). The exceptions are the British pound (GBP), Australian dollar (AUD), the New Zealand dollar (NZD) and the euro (EUR) where the USD is the counter currency (e.g. GBPUSD, AUDUSD, NZDUSD, EURUSD).