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A question for the socialists (pg. 2)
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| Superstring |
As someone mentioned, it's the loopholes that need to go away. The taxes can remain flat or even decrease.
For example, big companies like GM etc haven't paid much taxes in the last 20 years, and right now are asking for more of our money... Talk about hypocrisy. |
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| chw |
| quote: | Originally posted by Skipper
So you're telling me if I make 200K/yr my tax rate is IDENTICAL to someone who makes 50K/yr? |
your first 50k is taxed IDENTICAL ;)
edit: doh, beat me to it |
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| Superstring |
| quote: | Originally posted by Skipper
I'm interested in my average rate on total taxes paid.
Why does my second 50K deserve to get taxed at a higher rate than my first? |
No average in Canada.
The more money you make, the more you get taxed. This is the correct way to care for the people that are less fortunate than you are.
If you do not like it, you are free to move to any other country. |
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| Skipper |
| quote: | Originally posted by Superstring
If you do not like it, you are free to move to any other country. |
Thanks buddy
The pros of living here obviously outweigh, but I do not believe the wealthy should be penalized for earning more. I'm happy to pay more in absolute dollars but my average tax rate on total income should not be lower or higher than anyone else's. |
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| Superstring |
Try not to think of it as penalized. Try thinking of it as helping. Helping other people get on their feet and earn more money. As more people earn money, you wealth (as a rich person) will increase as well, since they will be buying your products and services.
I should say I didn't mean to sound rude when I suggested you move to another country - just that this is the way that made sense to people that set up the current financial system. Other countries have set it up differently, and perhaps another tax model would suit you better.
So far the current model seems to be working, though I think that the loopholes for big businesses are finally starting to create deficits. |
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| MarkT |
| quote: | Originally posted by Skipper
I'm interested in my average rate on total taxes paid.
Why does my second 50K deserve to get taxed at a higher rate than my first? |
the staggered tax rates on escalating income is certainly debateable...I'm with you there! :)
but to say that higher brackets "easily discourages career advancements/salary increases when you're hovering close to the next tax bracket" is not quite accurate, beucase it's not resulting in a big tax hike on your whole income...just the portion in that next bracket.
I used the term "average rate" because your employer calculates the tax they withold based upon your anticipated total income, so that they can deduct the same tax from each cheque. imagine the pain it would be to budget if they taxed you at 15% until you reach 38k during the year, then starting taxing you at 22% until you hit 77k, etc. *disaster* :) |
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| rabbitjoker |
And that doesn't even include the provincial tax-grab. |
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| malek |
| quote: | Originally posted by Skipper
Easily discourages career advancements/salary increases when you're hovering close to the next tax bracket. |
it's crazy how this misconception about our taxation system is wide spread.
This being said, we pay too much tax:mad: |
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| Skipper |
| quote: | Originally posted by Superstring
Try not to think of it as penalized. Try thinking of it as helping. Helping other people get on their feet and earn more money. As more people earn money, you wealth (as a rich person) will increase as well, since they will be buying your products and services.
I should say I didn't mean to sound rude when I suggested you move to another country - just that this is the way that made sense to people that set up the current financial system. Other countries have set it up differently, and perhaps another tax model would suit you better.
So far the current model seems to be working, though I think that the loopholes for big businesses are finally starting to create deficits. |
If I pay more in absolute dollars at the same rate, I'm still helping. I'm not suggesting a flat tax in $ terms. |
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| Skipper |
| quote: | Originally posted by malek
it's crazy how this misconception about our taxation system is wide spread.
This being said, we pay too much tax:mad: |
I'm not wrong that my average tax rate increases as I move into the next tax bracket. |
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| rabbitjoker |
Just prepared and sent in my taxes today and it made me nauseous.
Thank god for deductions, but my refund is still half of what I expected it to be. :( |
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| NuERA |
| quote: | Originally posted by rabbitjoker
Just prepared and sent in my taxes today and it made me nauseous.
Thank god for deductions, but my refund is still half of what I expected it to be. :( |
better than paying twice as much as what you expected. :)
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