Fair Taxation
 

just saw this on news1130


:tears:`

Honestly, I would much rather see these people pool money together to start some medical research fund.. The government is useless with our money anyway..

I will believe it when I see it....

The onion?

similar to starving the beast, depends on how much you believe in conspiracies, deliberately underfunding healthcare and education to destroy public confidence in public systems and opening the door for citizen backed privatization of everything, who else would be most happy to see that than the provincial liberals and federal conservatives

:heckno:
the last thing I'd want to see is public services getting any more bureaucratic than they already are

Although very good point, the pharmaceutical companies will just cock-block any super miracle drug that gets discovered in the end.

makes me happy to see things like this

High income earners already pay ~50% tax bracket, what does higher mean? 55%? 60%? They can always donate the money personally if they feel they earn too much.

5.06% on the first $37,013 of taxable income, +
7.7% on the next $37,015, +
10.5% on the next $10,965, +
12.29% on the next $18,212, +
14.7% on the amount over $103,205

Federal

15% on the first $42,707 of taxable income, +
22% on the next $42,707 of taxable income (on the portion of taxable income over $42,707 up to $85,414), +
26% on the next $46,992 of taxable income (on the portion of taxable income over $85,414 up to $132,406), +
29% of taxable income over $132,406.

here is what i don't get. if these people want more taxes why not just cut a check to the gov... and leave every one else alone

Are you fucking serious? "high-income earners, such as themselves, have to pay their fair share."

Why the fuck should high income earners get taxed even more? (especially in Canada)
They already get taxed ~43 fucking percent. How much more do people want?

This is the biggest bullshit I have ever heard.
Everyone in my family who is in the highest tax bracket today worked their asses off to get where they are and as a result, they pay 43% of their hard earned money to the government so the government can spend it like fcuking idiots.

This doesn't make any sense to me. Doctors worked their asses off to get where they are and these ones think they aren't taxed enough? That is the craziest thing I have ever heard. They deserve the money they make. I really want to know why these doctors think they should be taxed more.

On another note, it blows my mind how people who make less money than other people think it's "fair" to tax people who make more money more. How about you get off your ass and work harder or go to school to find a better fucking job.
And don't even get me started on the able bodied people on welfare...

Fuck the lower income earners who believe people that make more money should be taxed more. 43% is more than fair. Fuck, this got me angry. Sorry for the profanity and rant.

its for the greater good of the national community. if me being taxed more means those who need it are able to continue getting healthcare treatment/ legal aid/ etc then so be it

some people are selfish some are generous and others lay in between its not surprising that these doctors are generous

their real point here is to point out that they feel the govt is sabotaging health care

Actually, you're basically paying 30% of your income towards taxes if you're over the magic marker of 132,xxx yearly income. Not 43%. And I hope you're not factoring in CPP/EI in your "taxed income" to get to that figure.

flat tax rate is what I'd prefer.

I don't think its a tax problem. Its just the stupid ways these guys spend it.

IMHO, our tax system is so inefficient and complicated that we created more loophole than the system intended to do.

My parents clears 7 figures a year and they have the luxury of hiring accountants and lawyers to set up a sophisticated but yet legal (albeit not exactly morally-accepted by the public) structure to reduce their taxes to the bare legally required level.

This is the part where I think the problem is with the riches. They have the resource to obtain help to make their tax structure so efficient that they are essentially paying less taxes than the rest and hence giving them an unfair advantage.

If we were really to address this problem, we should simplify our tax rules or at least design frameworks so that everyone has access to the same tax optimization.

Hmm??

Provincial:
14.7% on the amount over $103,205

Federal:
29% of taxable income over $132,406.

If you are way above 132,xxx, your tax rate will be very close to 43%...

I should clarify. The marginal tax rate in BC at the highest tax bracket is 43%.
Depending on your actual income, your average tax will vary.

$100k = ~25% average tax
$150k = ~30%
$200k = ~34%
$250k = ~36%
(In BC)

The more you make, the higher the average tax gets, obviously.
Regardless, at the highest tax bracket your marginal tax rate will be about 43%

But, you are right. I made it seem like the overall income taxed was 43% at the highest tax bracket. My bad.

I completely disagree.

I don't know your parents, but based on their seven figure income I assume they are entrepreneurs? ie. they own their own business?
Now, when you own your own business there are special tax breaks you get. There are also many other ways to avoid taxes or pay less. ie. set up a trust.

Now you say they are going through loop holes and are finding ways to save tax. They are not. They are simply taking advantage of the opportunity that the government has provided them.

This is another problem with society. Society feels entrepreneurs should get taxed the most. Now this is where I disagree.
What a lot of people do not understand is the hardship, hours, and stress associated with becoming an entrepreneur.
Do people think it is easy to become one? If it was, there would be a lot more.

The fact is becoming an entrepreneur the odds are stacked WAY against you. There is so much risk and the probability of success is grim. Now ask anyone who started their own business? It is not uncommon for them to work LONG hours, pay themselves NOTHING, and they have the constant stress of bills, and they barely make ends meat. They will probably run at a loss for the first couple years before they start making any money.
Now, the ones that do not go broke or insane from this make some money. And some make more money.

Why is it fair that the people that had to go through all this hardship have to pay more tax? They are taking all the risk and are providing jobs and services for public as well as stimulating the economy. And the guy who works for parks and recreation BC gets paid $70k a year, barely works, dropped out of high school, and has literally no stress (ie. just cutting grass essentially and yes I know a guy in this exact situation) and then complains about entrepreneurs getting tax breaks?

Fuck them. They don't know the first thing about hard work or stress.

Joe Rogan says it the best

maybe have an optional box you can check off on your tax form if you want to be taxed more. Rather than forcing everybody from that tax bracket to pay more.

5.06% on the first $37,013 of taxable income, +
7.7% on the next $37,015, +
10.5% on the next $10,965, +
12.29% on the next $18,212, +
14.7% on the amount over $103,205

Federal

15% on the first $42,707 of taxable income, +
22% on the next $42,707 of taxable income (on the portion of taxable income over $42,707 up to $85,414), +
26% on the next $46,992 of taxable income (on the portion of taxable income over $85,414 up to $132,406), +
29% of taxable income over $132,406.

The tax rate bumps up for income over that mark, it doesn't bump up for the ENTIRE amount of your income, only the portions where your income is in the next bracket. So your base taxable income if you're at, say, $37,000/yr would be 22.7% of your total income. The next 20,000 you make, would be that base 22.7% + another 7-14ish% (so ~30-34%) on only that 20,000.

It's a bit confusing, but it's not like being taxed on something when you exceed your exemption limit at the border where they just tax you the full rate on EVERYTHING you brought over instead of just the $200 you exceeded your $400 48hr limit.

This is a legitimate idea. What would make it even better is if you could choose where the extra-taxed money would go.

I completely absolutely understanding what you're saying... Notice i said if you're way above 132,xxx, your tax rate will be very close to 43%...
For example, if your annual income is 500K... Your effective tax rate will be over 40% for sure (you can check the math yourself).

That's what I don't think this is quite accurate for high income individuals (i.e. doctors)

If you're at 500k+, sure, odds are you're also likely a "business" owner whether it's your own doctor's office/clinic, dental office/clinic, stake in a company, etc. and you're writing a LOT of stuff off when you do your taxes.

Still think you're paying $200k in taxes? Or are you paying maybe $100k in taxes and writing off the rest towards the lease, your transportation, items you may need for said business, etc.

The conversation of "taxes" and "higher" or "lower" can be addressed in too many different ways with too many different ins and outs that change the entire playing field completely. Probably a mistake that I even bothered joining in the discussion. :p