America is billed as the land of opportunity, but for the typical person, how much does it actually cost?
For instance, here in the U.K. most wage-earners pay 23% tax, plus 10% National Insurance. On top of that there’s 17.5% VAT (sales tax). So that’s 50% of the salary straight off. There’s a small tax-free allowance and a 10% low rate, but the 23% rate kicks in very quickly. We have the National Health Service which is good for emergencies but poor to dreadful otherwise. I pay about £600 / year for private health insurance. I pay slightly more as Council Tax. The state education system is highly variable, and private education is good but very expensive. House prices are high, especially in the SE and mortgage rates are 6 - 8 percent or so. A £100,000+ mortgage for a small house is common. I will get a derisory state pension at 67.
And I can afford a fiver for the 'Dope.
But in the US, while I read of people on seemingly vast salaries and lowish property prices (absent hotspots), I also read of people paying thousands of dollars in property taxes and healthcare.
So is it a case of swings and roundabouts?