wake up abi: Tokyo

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Monday, August 4, 2014

The Top Ten Countries with the Highest Tax Rates

Only two things in life are certain – death and taxes. And for some, an extremely high tax rate is equivalent to death. But then again, for most people, any tax rate greater than 0 percent is considered excessive.

In France, there have been proposals to increase the tax rate for those earning more than $1.23 million to 75 percent from the current 48 percent. In the United States, the top tax rate stands at 35 percent, with proposals calling for its increase to 39.6 percent. It was one of the most contentious issues during the last presidential elections.

It is worth noting, however, that in the case of France, only a miniscule .046 percent of the population would be affected by the proposal to increase the tax rate for the upper echelon of society. In the United States, the most vociferous of those who oppose the increase are billionaire businessmen. The last time the United States had such a high tax rate was during the Clinton administration, and those years were marked by economic prosperity.

Maybe they would not complain too much if they compare the rates being levied upon them to those being charged to the upper echelon in other countries. Here are the top ten countries with the highest tax rates in the world.

1. Aruba – 58.95 percent for those with income of at least $171,149

The country is known to have the highest standard of living in the Caribbean. This Dutch territory has the highest income tax rate in the world. It actually used to hover above 60 percent back in 2007. Married individuals who meet the income requirement are charged a slightly lower 55.85 percent. The country also has a 25 percent tax on capital gains. The rate is double than the average rate in the Caribbean, and especially astounding considering the zero income tax regime in the Bahamas, Bermuda and Cayman Islands.

2. Sweden – 56.6 percent for those with income of at least $85,841

Sweden is a welfare state where citizens get free education and subsidized healthcare. Everyone is also guaranteed a basic pension. Even public transportation is subsidized. All these are the results of an aggressive tax scheme by the Swedish government in which those with extremely high incomes are levied a tax rate of 56.6 percent. As this rate will only kick for those with income of $85,841, most Swedes do not worry about it as it is way above the average income of $48,800. Sweden also has a 30 percent tax on investment income, as well as significant rates for property holdings and social security.

3. Denmark – 55.38 percent for those with income of at least $70,633

This rate is actually an adjusted rate already, as the top marginal rate used to be 62.3 percent in 2008. Denmark also taxes dividend income by 28 percent and capital gains by 42 percent. Even the Danish church is not exempt, as they are liable for taxes ranging from 0.4 to 1.5 percent. Gifts to relatives over a certain threshold amount are also subject to 15 percent tax.

4. Netherlands – 52 percent for those with income of at least $70,090

The Netherlands has the highest tax rate in Western Europe, where the regional average stands at 45.7 percent. Its government also charges capital gains tax of 25 percent, land transfer tax of 6 percent and inheritance tax of up to 40 percent. Average income in the country is $57,000.

5. Belgium – 50 percent for those with income of at least $45,037

Just like its neighbor the Netherlands, Belgium’s tax rate is higher than the average for the region. It also charges a social security rate of 13 percent for employees and 35 percent for employers, municipal taxes of up to 11 percent, and capital gains tax of up to 33 percent. The country actually has the highest tax and social security burden in the world, with single taxpayers taking home less than 45 percent of their actual income. Those in the higher income brackets take home less than 40 percent. Average income in the country is $45,037.

6. Austria – 50 percent for those with income of at least $74,442

Austria is one of the best places to live, so long as you are willing to pay for that privilege. Aside from the high income tax rate, it also has a social security rate of 18 percent, bonus payments are charged 6 percent, and capital gains tax is at 25 percent. Money stashed away in Swiss banks is also taxed through a special agreement between the Swiss and Austrian governments.

7. Japan – 50 percent for those with income of at least $228,880

Japan has the highest income tax rate in the whole of Asia, where the average is only at 23 percent. Note however that the high rate only kicks in at $228,880, which is an extremely high income level in a country where the average income is $53,200.

8. United Kingdom – 50 percent for those with income of at least $234,484

This will only last until April 2013, when the rate will be cut to 45 percent. Those earning less than $14,300 are exempted from paying taxes. Social security taxes can be as much as 14 percent, while capital gains can reach 28 percent.

9. Finland – 49.2 percent for those with income of at least $87,222

The top rate used to be 53.5 percent, but this was cut in recent years. Municipal tax can be as much as 21.5 percent, and a church tax of up to 2 percent. Capital gains can reach 28 percent. The government plans to increase taxes in 2015, with the new rates targeting high income and pension owners and those receiving inheritances above $1.3 million.

10. Ireland – 48 percent for those with income of at least $40,696

The top marginal rate has been increasing steadily the past few years, as it stood at only 45 percent in 2008. Social security tax is at 4 percent. Taxes on gifts, inheritances and capital gains can reach as much as 30 percent. It has the lowest corporate tax rate in Europe, however, at only 12.5 percent.

Wednesday, October 9, 2013

Top 10 Cars That Only Billionaires Can Afford

Luxury dream cars are oftentimes associated only with the wealthiest class. These super expensive cars come from different manufacturers and companies and in reality, one will need a large amount of money in order to buy these cars. Well, as the saying goes, “if you have to ask, then you probably can’t afford it”. Surely, the majority of the world’s population will never see these cars upfront, let alone own one. However, this does not prevent one from admiring some of the finest pieces of cars that the world has to offer. So, here are the top ten most expensive cars in the world that only billionaires can afford.

10. McLaren F1 – $1,000,000

Despite the fact that it has been over a decade since its debut, the McLaren F1 still remains as one of the fastest cars ever created. It was designed to have an unbelievable speed of 240 mph, reaching around 60 mph in just 3 seconds. Aside from its speed, McLaren F1 is also one of the most expensive cars on the globe. It is worth $1 million and is often referred to as a supercar featuring seating for three persons and packed with luxury amenities. One more thing about the F1 is that it is very rare, with only 106 units produced.

9. McLaren P1 – $1,100,000

The McLaren cars are known to be among the most luxurious in the world. The McLaren P1 is also included in our list of the most expensive cars that only billionaires can afford. The P1 is a very impressive car, featuring an electric motor that is attached at the back of a 3.8-liter twin turbo V8. This motor creates 903 horsepower, and has a speed of 217 mph. With this speed, the P1 can reach 60 mph in less than three seconds. Like the F1, the P1 is also rare. There were only 375 units made in its manufacturing history. This luxury car is worth $1.1 million.

8. Hennessey Venom GT – $1,100,000

Hennessey Performance Engineering is known for producing cars that are speed-slashers, just like their Venom GT Spyder. This car features 1,500 horsepower and a 7.0 liter twin turbo V8 engine. The Hennessey Venom GT is so fast that it can reach 60 mph in just two seconds. It has a top speed of 287 mph and is worth $1.1 million.

7. Zenvo ST1 – $1,200,000

Denmark may not have been known for its automobiles but the Zenvo ST1 gives the country a mark on the map as a producer of high-end luxury cars. The Zenvo ST1 has a 7.0 liter V8 engine that is both supercharged and turbocharged. The engine powers the car to run 233 mph, reaching 60 mph in just three seconds. It is sold for $1.2 million as the company only produces three units of this car annually.

6. Maybach Landaulet – $1,200,000

Among the sleek and most expensive supercars, the slowest is the Maybach Landaulet. It is a 4-door limousine-like vehicle that features a convertible roof. Whoever owns this car is recommended to have his/her own driver. It features an automatic partition between driver and passenger, an intercom system between the front and rear, hand-polished champagne flutes and a rear-seat refrigerator that would add to its $1.3 million price tag.

5. Ferrari LaFerrari – $1,300,000

The next in line in the Enzo supercar is Maranello’s $1.3 million Ferrari LaFerrari. It is described by many as very stunning and sometimes, words are not enough to describe the beauty of the car. This Italian stallion releases a powerful 789 hp and 516 lb-ft of torque. With an electric motor that powers the Kinetic Energy Recovery System (KERS), the power output of this car can increase up to 950 hp and 664 lb-ft torque. It is a rare model and there are only 499 units produced for the market.

4. Koenigsegg Agera R $1,600,000

The Koenigsegg Agera R is one of the fastest cars ever made. This $1.6 million car runs on a 5.0 liter twin-turbo V8 engine, has a maximum output of 885-lb ft and an astounding 1,115 horsepower. This car only takes less than three seconds (2.9) to race from 0-60 with an ultimate top speed of 260 mph. The owners of the Agera R must first sign a waver for the Swedes to unlock and increase the speed limit to 270 mph.

3. Lamborghini Reventon – $1,610,000

The $1.6 million Lamborghini Reventon is the third most expensive car and originates from Sant’Agata Bolognese. It gets its name from a prized Spanish fighting bull that fought during the 1940′s. It features a 6.5-liter v12 engine that makes 650 hp and 478 lb-ft of torque. The top speed is estimated at 211 mph while the sprint to 60 mph takes 3.4 seconds. The manufacturers of this car only made 20 units, which is why it comes at such a high price tag.

2. W Motors Lykan Hypersport $3,400,000

Middle East’s first supercar is the W Motor’s Lykan Hypersport, which is sold for $3.4 million. It has a top speed of 245 mph, thanks to its turbocharged 6-cylinder engine. Amazingly, it can reach 60 mph in just 2.7 seconds. Aside from its nerve-racking speed, it also has gold-stitched leather seats, LED lights coated with diamonds, and a holographic interface. These features made the Lykan Hypersport the first ever sports car to have such catchy aesthetics.

1. Lamborghini Veneno – $4,000,000

Lamborghini has always been known for producing fancy and luxurious cars. Every car they launch seems to be jaw-dropping, just like their Lamborghini Veneno. The Veneno was made as a celebration for its 50 years in service. The car features a 6.5 liter V12 engine that produces around 750 horsepower. Its speed can get up to 221 mph, reaching 60 mph in only 2.8 seconds. However, only three units of the Veneno have ever been produced.

Saturday, September 7, 2013

Today: $1.97

5 years ago: $1.31

Cheapest 10 cities in the world

# 10 Tehran, Iran

Originally called Ray, this city is Iran’s 32nd national capital and has been that way for 220 years. Home to the sixth tallest tower in the world, the Milad tower, it is among the largest cities in Western Asia. The average price for a 1 kilogram loaf of bread was roughly $0.26.

# 9 Jeddah, Saudi Arabia

The gateway to two of the holiest places of Islam, Mecca and Medina, this Gamma World city is one of Saudi Arabia’s main resort cities and the second largest city next to Riyadh. Gassing up with unleaded petrol won’t hurt your pockets much, being among the 10 cheapest places to live, the average price of a liter of unleaded petrol in Jeddah is unbelievably low at $0.13.

# 8 Panama City, Panama

This beta world city is situated at the Pacific entrance to the Panama Canal, and has been labeled one of the seven wonders of the modern world. From a large belt of tropical rainforests to luxurious hotels, this city is one of the top 5 retirement places in the world.

# 7 Colombo, Sri Lanka

Kolamba or harbor in early Sinhalese is the origin of this city’s name. As a harbor that was already popular to international traders since 2,000 years ago, it became the capital when Sri Lanka was turned over to the British empire in 1815 and even until it gained its independence in 1978.

# 6 Bucharest, Romania

The European Union’s 10th largest city by population has been sometimes called “Little Paris” and it became the capital of Romania in 1862. For wine lovers, the average price per bottle is $3.77.

# 5 Algiers, Algeria

Famous for its white buildings glimmering in the sun, Algers la Blanche, used to have the 50th highest cost of living in the world in 2007. Now, for a little over a quarter, you can already buy 1 liter of unleaded petrol. Ready for a roadtrip?

# 4 Kathmandu, Nepal

Situated in an ancient lake basin, Kathmandu is Nepal’s center for commerce and industry. Tourists are also enamored with the sights and sounds of this culturally and religiously rich city. An average loaf of bread costs just over a dollar.

# 3 New Delhi, India

Even though New Delhi is considered the most expensive city in India according to Mercer, to the rest of the world, it is the second most inexpensive.

# 2 Mumbai, India

Bombay, as it was originally called, has the highest population in India and the fourth in the world. Despite it’s affluence in commerce and entertainment, it is head to head with Karachi as the cheapest city to live in. Because of differences in income households have lower spending power, keeping the prices at a minimum if following the standards of the West.

# 1 Karachi, Pakistan

The City of Lights, as Karachi is also known, is this year’s cheapest city to live in in the world. According to The Economist’s Worldwide Cost of Living Index for 2013 survey, the price of a kilogram of a loaf of bread is around 1/5 that of how much the same weight of bread is in Tokyo, the most expensive city to live in the world.