(Business Insider) The British Government released its 2010 Budget Wednesday, revealing a cut in services and an expansion in taxes for many UK residents.
Of course, the UK budget has been out of control for years, so this represents the chickens coming home to roost, so to speak.
You know another budget that’s out of control?
Here are the 10 new taxes recently implemented in the UK. Be ready to see these hit stateside sooner than later.
1. Cider Tax: 10% Sweet booze tax hike
U.S. Equivalent: Raising the alcohol tax on a specific type of drink, like wine coolers or alcopops (Barcardi Breezers, etc.) 10%.
2. Tobacco Tax: 1-2% Increase in taxes on smoking
U.S. Equivalent: A yearly increase on tobacco taxes of 1% in 2010. Thereafter, a yearly increase on those taxes of 2%.
3. Alcohol Tax: 2% Increase in all drinking taxes
U.S. Equivalent: Everything you drink with alcohol in it, from beer to whiskey, sees a 2% increase at the point of sale, including the pub and bar.
4. Gas Tax: A one pence per liter tax increase
U.S. Equivalent: An extra tax of approximately $.06 on every gallon of gasoline.
5. Landfill Tax: £8 increase per tonne of waste
U.S. Equivalent: An extra $12 in tax for every 2204 pounds of waste you or your business produces.
6. Increase in highest income tax to 50% for those making over £150,000
U.S. Equivalent: An income tax of 50% for people making over $224,000.
7. Stamp Tax: 5% increase for all residential property sales over £1 million.
U.S. Equivalent: An additional tax of 5% on every property sale over $1.5 million.
1% increase in National Insurance contributions
U.S. Equivalent: An increase of 1% on your regularly payroll contributions to Social Security.
Removal of tax haven status for Belize, Grenada, and Dominica
U.S. Equivalent: Removal of tax haven status for the Cayman Islands.
Inheritance tax exemption held at £325,000
U.S. Equivalent: Of all money inherited, only $485,193 is done tax free.