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n your 20 June 2022 article: How does Australia's income tax compare around the world? You were wrong in saying: The US generally only taxes
You were wrong in saying: The US generally only taxes non-residents on income that is sourced in the US. The US taxes its residents on income from anywhere in the world. If you are an American, non-resident in America, you are also taxed on your worldwide income.
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Accurate reporting
A number of articles have been published with inaccurate data regarding the recent budget. See links below.
Both articles make mention of the increase in taxes giving the impression that its $1080 when in actual fact its a tax savings.
In 2020 the tax payable on an income of $120,000 is $31,897. In 2022 tax payable for the same $120,000 income is $29,466 (~$2430 difference and REDUCTION in tax). The LMITO offset does what its name implies, offsets the tax payable. It doesn't change the tax or the rates, however it does change the take home amount.
Stating that people…
1st ranked
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