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Study reveals top earners in Canada pay more than their fair share

Started by Anonymous, January 23, 2020, 12:41:08 PM

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Anonymous

Taxing rich won't work

Study: 1% do pay their share




A new study from the Fraser Institute, based on data from Statistics Canada, shows that the people at the top in Canada are already paying more than their fair share of taxes.



The top 10% of income earners in Canada, which includes anyone earning more than $96,000 a year, take in 34.2% of the country's total income but paid 54.6% of the country's total tax bill.



Paying a 20% differential would suggest that they are contributing their fair share and then some.



Still, politicians want to vilify those at the top and demand they pay more.



In the 2015 election and since, Trudeau has said, time and again, the wealthy need to pay their fair share. He upped taxes on high-income earners in 2016, but failed to bring in the billions promised.



After this most recent election, Trudeau told Finance Minister Bill Morneau to focus on tax breaks when he issued Morneau his mandate letter.



"Undertake a review of tax expenditures to ensure that wealthy Canadians do not benefit from unfair tax breaks," Trudeau's letter reads.



"On the contrary, the effective tax rate rises as income rises within the top decile, with the top 1% paying nearly half their income to taxes," the report states.



Strange as it may sound to many, taxing those at the top can actually hurt the incomes of those on the lower rungs of the economic ladder. Taking more and more from those at the top means they have less money to invest in their businesses, less money to hire people or less money to offer higher wages.



That means lower incomes for you and I.



The politics of greed and envy may sound good, but it doesn't lead to positive economic outcomes.



"For a nation to try to tax itself into prosperity is like a man standing in a bucket and trying to lift himself up by the handle," Sir Winston Churchill famously said.



It's time we got this lesson right.

https://torontosun.com/opinion/columnists/lilley-taxing-the-rich-doesnt-work-study-shows">https://torontosun.com/opinion/columnis ... tudy-shows">https://torontosun.com/opinion/columnists/lilley-taxing-the-rich-doesnt-work-study-shows



Class warfare rhetoric makes a a good tweet, but it has no basis in reality. Top earners pay for the nation's services. They don't necessarily use more services, but they are charged more for them. Trudeau told us that raising taxes on individuals making over $200,000 would pay for his expanded child care credits. That never happened. Instead it lead to massive deficits with no plan to return to fiscal sanity.

Anonymous

I've never understood the politics of envy in North America...it doesn't accomplish anything..



I completely understand it in the developing world.

Anonymous

My old lady and I are in the top income bracket. Justine raised our marginal rate and took away some tax credits we used. And all Canadians have to show for gouging us is about $100 billion in new debt.

Anonymous

Quote from: "Herman"My old lady and I are in the top income bracket. Justine raised our marginal rate and took away some tax credits we used. And all Canadians have to show for gouging us is about $100 billion in new debt.

People who can least afford it, always end up paying the price for misguided class warfare policies.

Gaon

Now that I am earning the highest money I have ever earned in my life, I am seeing on each check how much tax I pay. Israel's highest tax rate is higher than Canada's, but we don't have provinces with a second income tax.
The Russian Rock It

Anonymous

Quote from: "Gaon"Now that I am earning the highest money I have ever earned in my life, I am seeing on each check how much tax I pay. Israel's highest tax rate is higher than Canada's, but we don't have provinces with a second income tax.

Three different levels of government and three hands picking your pocket.

Anonymous

What do the people here consider the top total tax rate should be? That means not just federal income taxes, but provincial income tax, sales taxes, carbon taxes and anything else I may have missed. I think anything more than 33.3% is excessive. How about you?

Anonymous

Quote from: "Velvet"What do the people here consider the top total tax rate should be? That means not just federal income taxes, but provincial income tax, sales taxes, carbon taxes and anything else I may have missed. I think anything more than 33.3% is excessive. How about you?

Just income taxes, max combined provincial and federal rate of twenty per cent. A nice round number. In Ontario, the top marginal federal/provincial rate is over fifty per cent. With excise taxes, sin taxes, payroll taxes, property taxes, sales taxes, carbon taxes, Canadians pay more for taxes than they do for food, shelter, and clothing combined. That is confiscation, not taxation.

Anonymous

Quote from: "Velvet"What do the people here consider the top total tax rate should be? That means not just federal income taxes, but provincial income tax, sales taxes, carbon taxes and anything else I may have missed. I think anything more than 33.3% is excessive. How about you?

That sounds like a fair number..



Taiwan has all the services that Canada provides, but much lower taxes.

Anonymous

Quote from: "Fashionista"
Quote from: "Velvet"What do the people here consider the top total tax rate should be? That means not just federal income taxes, but provincial income tax, sales taxes, carbon taxes and anything else I may have missed. I think anything more than 33.3% is excessive. How about you?

That sounds like a fair number..



Taiwan has all the services that Canada provides, but much lower taxes.

Taiwan and Korea can offer better service for less money because they don't have duplication of services between federal and provincial governments. Their administrative costs are lower too.

Zetsu

I notice left-wingers are quite fking dumb when it comes to dealing with finance, instead of being more useful, they really believe raising wages and taxes to achieve the level of comfort wages will really help solve the society's problem.
Permanently off his rocker

Anonymous

Quote from: "Zetsu"I notice left-wingers are quite fking dumb when it comes to dealing with finance, instead of being more useful, they really believe raising wages and taxes to achieve the level of comfort wages will really help solve the society's problem.


"For a nation to try to tax itself into prosperity is like a man standing in a bucket and trying to lift himself up by the handle."- Winston S. Churchill.

Zetsu

Quote from: "Shen Li"
Quote from: "Zetsu"I notice left-wingers are quite fking dumb when it comes to dealing with finance, instead of being more useful, they really believe raising wages and taxes to achieve the level of comfort wages will really help solve the society's problem.


"For a nation to try to tax itself into prosperity is like a man standing in a bucket and trying to lift himself up by the handle."- Winston S. Churchill.


Yup, that's the way I see it too, the main problem is letting most left-wing politicians and their supporters handling finance is like letting kids play with fire, I can tolerate losing a house, but losing a fortune or destroying the country's economy is something we can not afford.
Permanently off his rocker

Anonymous

Quote from: "Zetsu"
Quote from: "Shen Li"
Quote from: "Zetsu"I notice left-wingers are quite fking dumb when it comes to dealing with finance, instead of being more useful, they really believe raising wages and taxes to achieve the level of comfort wages will really help solve the society's problem.


"For a nation to try to tax itself into prosperity is like a man standing in a bucket and trying to lift himself up by the handle."- Winston S. Churchill.


Yup, that's the way I see it too, the main problem is letting most left-wing politicians and their supporters handling finance is like letting kids play with fire, I can tolerate losing a house, but losing a fortune or destroying the country's economy is something we can not afford.

I'm on holidays in Taiwan Zetsu..



I look at the infrastructure and the services Taiwan provides and what Canada provides..



Taiwan offers equal or better services than Canada, but the tax burden is lower..



Hmmm, something is not right in Canada.

Anonymous

Quote from: "Fashionista"
Quote from: "Zetsu"
Quote from: "Shen Li"
Quote from: "Zetsu"I notice left-wingers are quite fking dumb when it comes to dealing with finance, instead of being more useful, they really believe raising wages and taxes to achieve the level of comfort wages will really help solve the society's problem.


"For a nation to try to tax itself into prosperity is like a man standing in a bucket and trying to lift himself up by the handle."- Winston S. Churchill.


Yup, that's the way I see it too, the main problem is letting most left-wing politicians and their supporters handling finance is like letting kids play with fire, I can tolerate losing a house, but losing a fortune or destroying the country's economy is something we can not afford.

I'm on holidays in Taiwan Zetsu..



I look at the infrastructure and the services Taiwan provides and what Canada provides..



Taiwan offers equal or better services than Canada, but the tax burden is lower..



Hmmm, something is not right in Canada.

Duplication of services between governments and high administrative costs makes it hard for Canada to deliver the same value for money as other OECD nations.