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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.
All this race shit is just a distraction. ALL of us are slaves to the 1% (or 0.01%, whatever you wish to call it). Protestors should be going after the current and present enslavers.
Asking for a friend (something about "wanting to know where they really stand"), but could you post the bottom percentage earnings thresholds. Thx!
Earnings thresholds
Top 0.005%: $4,137,200
Top 0.01%: $2,705,800
Top 0.05%: $1,090,800
Top 0.1%: $740,300
Top 0.5%: $323,500
Top 1%: $236,000
Top 2.5%: $162,300
Top 5%: $124,100
Top 10%: $96,000
Top 25%: $61,700
Top 50%: $35,100
Top 75%: $17,800
Earnings thresholds including capital gains
Top 0.005%: $5,547,500 (+$1,410,300)
Top 0.01%: $3,596,500 (+$890,700)
Top 0.05%: $1,392,600 (+$301,800)
Top 0.1%: $947,600 (+$207,300)
Top 0.5%: $377,300 (+$53,800)
Top 1%: $262,700 (+$26,700)
Top 2.5%: $172,900 (+$10,600)
Top 5%: $129,200 (+$5,100)
Top 10%: $98,300 (+$2,300)
Top 25%: $62,900 (+$1,200)
Top 50%: $35,700 (+$600)
Top 75%: $18,100 (+$300)
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That's a sad set of numbers to look at. You realistically need to be in the top 10% to be even close to financially stable in the majority of Canada. (If this is household income, which I'm not sure.)
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98 technoviolet M3/2/5
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Originally Posted by boostfever
Westopher is correct.
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Originally Posted by fsy82
seems like you got a dick up your ass well..get that checked
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Originally Posted by punkwax
Well.. I’d hate to be the first to say it, but Westopher is correct.
That's a sad set of numbers to look at. You realistically need to be in the top 10% to be even close to financially stable in the majority of Canada. (If this is household income, which I'm not sure.)
It's by tax filer
You can also see in this graph that the high-income earners are earning far more than they used to while low-income earners are falling well behind.
It should be noted that, according to Statistics Canada, the bottom 5% reported zero or negative income for tax year 2017.
You can also see in this graph that the high-income earners are earning far more than they used to while low-income earners are falling well behind.
It should be noted that, according to Statistics Canada, the bottom 5% reported zero or negative income for tax year 2017.
It's not hard to reason. The top earners have far more disposable income leftover for investing. A regular Joe would spend most of the income sustaining necessities in life.
Nevertheless, we also have to remember that the top 10% earners in Canada make about 1/3 of all income in Canada, but they pay over HALF of the taxes.
IMHO though, the problem with income disparity is the way high income earners spend their money. Yes, you have some ballers that would go out and spend their millions, but the vast majority of people, who I can easily see them cracking the 0.01% based on the chart you posted earlier, their expense is completely out of portion relative to their income.
The top earners still had more income to invest in 1982. As they did in 1972. And 1962. And 1952.
The difference is that policies have grossly favoured top earners/corporations over the past 4 decades, resulting in low- and middle-income earners getting shafted while the rich cry about taxes and class warfare any time the growing disparity is brought up. The class warfare has been waged on the lower- and middle-classes for decades; the upper-class just wasn't overt about it.
I can't remember where but I recently read that the top 2% in Canada pay 54% of the taxes and that 40% pay no taxes at all when taking into account the government services used.
The rich should be spending that money instead of hoarding it. The taxes on a V12 Lambo are more than what most people make in a year or even 5 years in some cases.
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"Damn fine car Dodge... Ran over me wife with a Dodge!", Zeke
The rich should be spending that money instead of hoarding it. The taxes on a V12 Lambo are more than what most people make in a year or even 5 years in some cases.
There is only so much stuff you can buy before you run out of things to buy or run out of space.
__________________ Until the lions have their own historians, the history of the hunt will always glorify the hunter.
That's why people like Trump always find ways to report losses and never pay a dime of taxes. What do you think he is hiding?
This shit has been said far too often.
Unfortunately, too many simply take this as a rant to the riches and never think what to do with that information.
You know what? Not even just Trump... take Biden, Obama, Rooney... etc, they ALL use some sort of tax strategy to minimize taxes.
I have first-hand experience on the topic, and let me tell you, it's sometimes sad to see people only visit their accountant once a year when they do taxes.
Some of my F&F are in the 0.01%, and ALL of them have some tax structure set up in order to minimize their tax liability. Of course, the one they use are highly sophisticated and the whole setup cost alone is 6-figures plus a yearly high 4, and sometimes 5figures maintenance fee. But the important part of this? It's an INVESTMENT into your finances.
If you only have a single income stream and it's salary, well... there isn't much you can do. But as soon as you start investing, be it stock, RE portfolio, or even just some side gigs... my suggestion, spend a few hundred bucks in consultation with a good accountant and see how to optimize your taxes according to your investment plan and expectations for the next 5-10years.
It bothers me that our tax system is so complicated that we'd have to resort to this. But it's also our own problem if we don't make the most out of the system while we complain about it.
I can't remember where but I recently read that the top 2% in Canada pay 54% of the taxes and that 40% pay no taxes at all when taking into account the government services used.
The rich should be spending that money instead of hoarding it. The taxes on a V12 Lambo are more than what most people make in a year or even 5 years in some cases.
Even conservative-leaning Fraser Institute’s numbers aren’t even close to that.
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The top 1 percent of income earners is often targeted as the group that should pay higher taxes, so this group warrants special focus. However, the top 1 percent’s collective share of total taxes paid (14.7 percent) is greater than its share of total income earned (10.7 percent). This amounts to a gap of 36.9 percent between the share of taxes paid and the income earned by the top 1 percent. Notably, over time, the top 1 percent’s share of total taxes paid has increased from 11.3 percent in 1997 to 14.7 percent in 2017.
There is only so much stuff you can buy before you run out of things to buy or run out of space.
Sell the stuff, buy new stuff. When eating out, buy the $500 bottle of wine instead of the $30 bottle. Stay at the 5 star instead of the 2 star. Take the limo from the airport instead of a cab. There's more ways to spend money than buying stuff.
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"Damn fine car Dodge... Ran over me wife with a Dodge!", Zeke
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sad to see people only visit their accountant once a year when they do taxes.