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Originally Posted by ngdawg
I can only go anecdotly as I have friends from the Netherlands and friends who went to visit them. Their wages are basically equal or slightly higher, but expenses are higher; gas is/was about $8 a gallon(so they walk for miles to go run errands instead of drive), buying anything American can cost almost twice as much there as it would here; in fact, when they want something from the US, they have it shipped to the other friend here who then sends it there because shipping costs more than the item. Groceries are pretty expensive as well, from what they've said.
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This applies to Iceland as well, every word of it. Things tend to cost at least twice as much as the US, if not three or four times more. Income tax is around 40% and sales tax is around 25% for everything. A pound of skinless, boneless chicken breast costs $13 (on SALE!), etc. Salaries are definitely higher, and free health care and education to the PhD/MD level if desired, are some of the perks... but we still see immigrants and the elderly rummaging through garbage cans in broad daylight, looking for cans and bottles that will get them about 15 cents each at the recycling center. Pros and cons, as with everything.