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Old 11-13-2007, 05:32 AM
Wolfram Wolfram is offline
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Join Date: Jan 2006
Location: Reykjavik
Posts: 3,306
Default Re: Healthy frozen dinners

cbloom,

you are seriously well informed. We have a 35.72% income tax and you get a "personal discount" of that which is about $550. I work in IT and make about an average salary for that field and my total effective income tax last month was 32%.

But that's not the whole story. The real tax is the 24.5% VAT which is on almost any consumer product. Also, the fact that we're a very small economy dominated by large companies that have a virtual monopoly on the market. E.g. about 90% of grocery stores in iceland are controlled by 2 corporations and they are suspected of using price control.

Fun fact: A single big mac (not a meal) is about $8, depending on how much the dollar has fallen that day.
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