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Vancouver Off-Topic / Current EventsThe off-topic forum for Vancouver, funnies, non-auto centered discussions, WORK SAFE. While the rules are more relaxed here, there are still rules. Please refer to sticky thread in this forum.
I was just thinking the other day. Every single dollar that comes into your pocket, a percentage is taken out of it. AND THEN, every time it leaves your pocket, another percentage gets taken out of it. Say the tax is 10% for both income and sales. That's nearly 20% gone when comes into your pocket and then out. Does that sound ridiculous to anyone else?
Let's look at this example. 15 people are standing in a circle. A dollar is handed to one person. When it lands on his hand, $0.10 is taken out and placed into the middle. Then when he passes it on to the next person, $0.09 is taken out, and placed in the middle. That second person that received the $0.90, must also give $0.09 to the middle as income tax. By the time it reaches the 15th person, it's basically less than $0.01. Wtf?
Then later in the day, I was thinking much deeper into how tax is robbing us. I bought my car for $40,000 and paid $4800 tax for it. 5 years down the road now, I want to sell my car and it's worth say, $15,000. The person buying my car, has to pay $750 tax for it. Then, me receiving the $15,000, I have to pay tax on that too? WTF shit is this? So that $40,000 that left my hand, gets taxed on it, and then the $15,000, which is basically the 1/3 of that $40,000 that I already paid tax on, is taxed again! Not to mention, the car I'm selling is in depreciated value.
Who's down to form an RS crew and run the government down?
Tl;dr but the answer is yes. We pay an obscene amount of tax in one of the most expensive cities to live in globally. It's a real struggle for a lot of good people.
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Originally Posted by MG1
punkwax, I don't care what your friends say about you, you are gold!
The 15k when you sold your car is not taxed to you a second time as income.
Tax is what gives us all these wonderful things around us but I'm sure we'd be paying a lot less out of our pockets if governments didn't spend so gloriously on sometimes things that just dont make sense.
Taxes are bullshit when it comes to things like a used vehicle. When you buy something that is second hand there shouldn't be a tax on it imo. On top of that the tax used to be just 5% before the HST was introduced but now it's 12%...
Also it's bullshit how income tax was supposed to be a temporary thing but it's been with us for almost 100 years now.
Wasn't there an RS thread where one member discovered that he was being taxed on the tax for a UBC parking pass? I could be wrong.
It's shit like that that irritates me, especially when the government spends it on things for personal benefits.
But I guess I love living in this country so I am willing to bend over and pay for it.. Lol
Yep I hate that cars are taxed over and over again every time they are sold. An even bigger cash cow is property transfer tax.
It could be worse. In Washington state the DMV does not let you state the purchase price. They decide the fair market value and the buyer pays tax on that amount. Otherwise you have to prove why the purchase price was lower.
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you don't have to report the sale of a car as income, if thats what you mean.
I think he meant when he buys a car from craigslist you have to pay tax on it. Paying tax on used product, which doesn't make sense for some people because the tax had already been paid when it was brand new. The government is trying to tax multiple times on one product.
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If I sell my car, it's going to be a "gift". I have so many sons and daughters I don't even know about...........yet, hee hee.
Yeah, taxes........ how else would the premier be able to afford sending her darling son to a private school and have great seats to the Lions and Canucks games.
Not that I want to be in her shoes, or any other politician for that matter. I couldn't lie as much as they do and keep a straight face, or go to bed at night feeling good about myself.
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If you don't think taxes are too high, it's probably because you don't make very much money.
Spoiler!
The Federal and Provincial governments desire to increase personal tax revenues over the last two years has finally pushed me over the edge into using tax avoidance advantages I have ignored for the last decade, they will now collect less tax revenue from the income my business generates.
For the last ten years I have paid myself a combination of salary and dividends, 2016 will be the first year that I use my lower income GF to offset my taxes by making her a shareholder and paying her dividends as well. (Which are then promptly returned to me)
I used to think taxes were high but acceptable, now they are simply too high.
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Originally Posted by jasonturbo
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The Federal and Provincial governments desire to increase personal tax revenues over the last two years has finally pushed me over the edge into using tax avoidance advantages I have ignored for the last decade, they will now collect less tax revenue from the income my business generates.
For the last ten years I have paid myself a combination of salary and dividends, 2016 will be the first year that I use my lower income GF to offset my taxes by making her a shareholder and paying her dividends as well. (Which are then promptly returned to me)
I used to think taxes were high but acceptable, now they are simply too high.
Wait.... you mean I can rearrange or structure things to affect my taxes??? it's almost like you could plan your taxes or something.
You only have yourself to blame for not doing any tax planning in the last decade.
Wait.... you mean I can rearrange or structure things to affect my taxes??? it's almost like you could plan your taxes or something.
You only have yourself to blame for not doing any tax planning in the last decade.
I merely accepted that I should pay a reasonable amount of taxes and chose not to bother strategically avoiding taxes through income splitting.
Now that my taxes have gone up I've decided to use that advantage.
When it was 30% on 300K that seemed reasonable, with the new income tax rates and the loss of certain incentives I'm more like 40% on 300K... so to balance things out I'm splitting income.
I could certainly structure my finances to pay even less tax, but I do feel a some responsibility to contribute... after all, there are a lot of things in my life that were and still are paid for with tax dollars.
Having said all that, 100k/year in corporate/personal income tax is the most they will get from me... imagine me paying 4M in taxes over my entire working life, I think I will have paid back my share and then some.
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Originally Posted by jasonturbo
Follow me on Instagram @jasonturtle if you want to feel better about your life
Income tax is the stupidest shit only because the more you make the more you pay. People who labour and work tons of overtime are getting raped hardcore. Sales tax is reasonable because it's fixed.
Income tax shouldn't be taxed imo. Only when we buy a product or service, we should get taxed.
Really what we need to have done is when we get paid and our taxes are deducted is have a detailed list of where the bulk of our taxes are being paid to. That is what many European nations do so that we the taxpayers know where our hard earned money is going and if we feel it is being spent poorly by those we elected we can stop voting for them. THAT is what we really should be lobbying for. That is an actual goal that we could achieve that would have an actual affect.
Yep I hate that cars are taxed over and over again every time they are sold. An even bigger cash cow is property transfer tax.
It could be worse. In Washington state the DMV does not let you state the purchase price. They decide the fair market value and the buyer pays tax on that amount. Otherwise you have to prove why the purchase price was lower.
Well at least if you over pay you only get taxed on market value saving you money. You see friend the glass is half full.
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