Living on $1 Million After Taxes in Luxembourg #luxembourg #democrat #republican #salary #taxes

[mplewp]

Now look at the salaries of all our corrupt politicians

[allesklar]

Okay, working in Lux since 15 years, and this Video has a lot of errors.

1) the tax rate depends on your tax class. This Video takes tax class 1 into account, which is "Single, unmarried'.
Your tax rate goes down when you are married, because then you are in a different tax class, then every child in the household also lowers the tax burden by changing the tax threshold to your advantage (+ you receive "child money" for each child of approx 280 Euro/ child/month )

2) the Video assumes an employee with a salary of a million Euro. Thats rare, and that applies for maybe a few hundred people at the banking Center in Lux, like, being employed and cashing out like that.

Most of the people who are making more than a million Euro are entrepreneurs, company owners, self employed etc.
They run their taxes through their companies at different rates, and have a lot of possibilities for tax refunds, and you can deduct tons of things to lower your tax burden tremendously.

3) "....your total income tax is..." in the end of the Video is a wrong wording.
There is income tax, thats one thing, and there are "social security contributions" which you mentioned. These are not the same thing. Yeah they are all being deducted and are shown at the payslip, but dont throw them in one pot please.

4) the "social contributions" are capped at certains levels, as you may have noticed correctly. Because of that cap the contributions are comparatively small, percentage wise.

And, again, nobody at a 1 Mio income level in Luxemburg would effectively pay so much taxes.
If so, i would strongly recommend that person to seek help with a tax advisor and get help with his tax declaration.
Good thing you find quite a lot of tax advisors in Lux :)

[yayaya]

Don't forget the perpetual property tax if you own a home and the 15% sales tax on everything you buy.

[mitoshigami]

My homeboy finally getting people's attention🇱🇺

[sarahmcneil]

Now show what all Luxembourg citizens receive for benefits.

[Mussi]

I'm from Luxembourg, and my actual tax rate is around 25-30%, not nearly 50%.
Of course that's not with a salary of 1 million.
But if you get 1 million as a salary, you can afford to pay those high taxes.

And I would never leave Luxembourg for a country like the US. Have you compared the state of infrastructure in Luxembourg vs the US? Or the state of healthcare? Or education?

See, it's not all about low taxes in life.

[banana.]

Finally someone is talking about my homecoubtry lmao

[TacDyne]

Health care 4, 030. My prescriptions are that much every two months. Ironically I'll have to go to Europe to get the surgery I need in hopes of alleviating this disability because the FDA doesn't allow multiple disk replacement. So because of this, I am costing the system over 2, 000 a month in meds alone.

[manin]

Probably a plus is that you are unlikely to have any discomfort in old age and it's got great health care and standard of living.

[TalKScribe]

Holy crap I thought Luxembourg was a tax haven😳

[Blanton]

Looking forward to your YouTube video short on the same $1M in the United States, please include the cost of a dentist visit and an emergency room visit (> $17, 938)

[fetusofetuso]

I live in Luxembourg. The taxes we pay are put to very good use. I'd rather be paying those taxes and have all the benefits that come with them.

[dominicadrean]

I wonder how much Elon Musk and Jeff Bezos gets taxed

[dunderheadgood]

income tax where i live in north carolina is only a bit lower than this, and we still pay for health, vision, and dental insurance, and social security is going to be run dry by the time i’m 70, whereas luxembourg has government healthcare and many social safety nets. sounds like a bad deal for me even still 😅

[Helge_Mel]

🤦🏻‍♀️ Health care, Insurances and Pensions aren't considered taxes in Europe, as they don't go to the government but each individuals heath care insurance or pension plan provider.

[Tezemya]

So many people saying it's too much, bru getting like 500k a year is not pocket money. Tax go to improving everybody's life, you can't be selfish and live in a nice country. Northern Europe has such high standars because of the high taxes they pay

[guylevesque]

I would feel much safer there compared to US. gun violence is far less

[Dddmrnt]

However everything is free there, health, public transport, education

[natediggy]

If u cant live off of 500k a year thats a u problem

[jaymoe-da]

Just as in the Netherlands. Average ppl can live anymore....there r no houses, food is too expensive, houses that r available not affordable, taxes on gas sky is not the limit we r out of space with all the taxes we have 2 pay, the government tells us what we can or cannot eat or drink by making it so expensive, soon we have 2 pay to breath air by every inhale, and it isnt even clean air