|
A question for the socialists
|
View this Thread in Original format
| Jayx1 |
Why is it the my taxes keep going up, our debt keeps getting bigger, our services keep getting more expensive but there is still as much poverty as ever?
How is bigger government beneficial to anyone other than big government?
Discuss |
|
|
| UmmiE |
| I think its about time to do tax increases on the ing filthy rich people other then the ones that are middle class or lower....There should be an income bracket they should not with at all. |
|
|
| Jayx1 |
| quote: | Originally posted by UmmiE
I think its about time to do tax increases on the ing filthy rich people other then the ones that are middle class or lower....There should be an income bracket they should not with at all. |
Thats a real incentive for people to generate wealth, jobs and advance in life! :rolleyes: |
|
|
| malek |
| The bureaucracy is expanding to meet the needs of the expanding bureaucracy. |
|
|
| spolitta |
| quote: | Originally posted by Jayx1
How is bigger government beneficial to anyone other than big government? |
Only if people understood that... |
|
|
| Skipper |
| quote: | Originally posted by Jayx1
Thats a real incentive for people to generate wealth, jobs and advance in life! :rolleyes: |
This I agree with.
It's one thing to have an equal tax RATE for everyone, with the more wealthy paying more in absolute dollars because of their higher income. However, the staggered tax rate really irks me. Easily discourages career advancements/salary increases when you're hovering close to the next tax bracket. |
|
|
| Yohan |
Generally, people don't move their asses until a fire has been lit on their bumhole.
Threaten a person's survival, and people have more of an incentive to go find a job, or do something productive to advance one's quality of life.
Give people a security net that doesn't promote people to advance one's quality of life, and more people will be lazy. Why would you work if you dont have to? |
|
|
| MarkT |
| quote: | Originally posted by Skipper
This I agree with.
It's one thing to have an equal tax RATE for everyone, with the more wealthy paying more in absolute dollars because of their higher income. However, the staggered tax rate really irks me. Easily discourages career advancements/salary increases when you're hovering close to the next tax bracket. |
not quite.
that's not how tax brackets work. you don't pay the higher rate on your whole salary/earnings when you cross into a new bracket. you pay the higher rate only that portion of your salary that crosses into the higher bracket. so there is no dincentive to advance when you're nearing the next bracket.
similar misunderstanding when people never work OT for 1.5-2.0x their usual wage. they feel that they're "taxed so much higher that it's not worth it", which is ridiculous. your employer witholds tax based upon your anticipated earnings/salary for the year, so it's an average tax % used based upon the brackets you cross, so that you're taxed equally throughout the year. if you work OT, that income is 'added at the end' so to speak, (i.e. falls at the highest bracket your income crosses into) and therfore not taxed at the "average" rate you pay during each pay period, but at a higher rate (so you don't get stuck owing money come tax time).
what CRA and the gov't need to do is clean up the ridiculous corporate and self-employed loopholes that exist. If I see another client with 20 rental properties declaring net income under 20k, I'm going to snap, lol. |
|
|
| Skipper |
| So you're telling me if I make 200K/yr my tax rate is IDENTICAL to someone who makes 50K/yr? |
|
|
| MarkT |
on your first 50k, yes.
http://www.cra-arc.gc.ca/tx/ndvdls/fq/txrts-eng.html
| quote: | Federal tax rates for 2009 are:
15% on the first $38,832 of taxable income, +
22% on the next $38,832 of taxable income (on the portion of taxable income between $38,832 and $77,664), +
26% on the next $48,600 of taxable income (on the portion of taxable income between $77,664 and $126,264), +
29% of taxable income over $126,264.
Note
For 2009, the federal budget proposes to increase the upper taxable income thresholds of the 15% and 22% tax brackets. For more information about these proposed changes, see the questions and answers in CRA 2009 Budget News. |
|
|
|
| Superstring |
| quote: | Originally posted by Skipper
So you're telling me if I make 200K/yr my tax rate is IDENTICAL to someone who makes 50K/yr? |
Not exactly.
Your tax rate on the "first" 50K you make is identical to the dude that made 50K during the whole year. The next 150 are taxed progressively higher.
For example:
0 - 50K (first 50K income) = 10% = 5,000$ tax
50K - 100K (another 50K income) = 20% = 10,000 tax
100K - 140K (another 40K income) = 30% = 12,000 tax
140K - 200K (another 60K income) = 40% = 24,000 tax
(NOT the actual tax rates - just used as an example)
So you're taxed progressively higher the more money you make (I think whatever is over $150 K a year is 50%? So if I made $155K, out of the last $5K I will give $2500 to the tax guy. |
|
|
| Skipper |
| quote: | Originally posted by MarkT
on your first 50k, yes. |
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? |
|
|
|
|
