[Taskmaster]

Originally Posted by E30toF30

Personal taxes here in Canada sucks ass.

In BC, if you are making over $200k/year or more (about $153k usd), your marginal tax rate is a BRUTAL 50%.

Don't forget to add the following:
- the crazy cost of real estate
- the much lower wages (compared to the rest of Canada and even the States)
- 12% sales tax on consumer goods

And to bring in car related info, Chek out our new taxes for both new and used/Private car sales:

- 15% sales tax on cars over $57k (~$43k usd)
- 20% sales tax on cars over $125k (~$96k usd) - new tax bracket just introduced this month
- 25% sales tax on cars over $150k (~115k usd) - new tax bracket just introduced this month
(these new taxes on cars are not marginal either. Straight across the board)

Oh, don't forget our $1.54 per L for regular fuel (closer to $1.74 for premium 91 octane). Which is set to increase over the summer. That's a whopping $4.48 usd per gallon for regular and $5.07/gallon for 91 octane

Sorry I went off tangent.but there is so many taxes built into our rule cost that I felt it was reagent to the "taxes" topic

There is probably more I can bitch about but I'm too tired to continue...

I wonder why I live here....

Yeah, I feel some of that may be excessive - but those are personal choices to buy cars that much and trying to live in the Vancouver area. Hopefully they kick out all the foreign investors driving up the housing cost to make the area more livable.

[RABAUKE]

Originally Posted by Mr Carrots

The costs will surely come down now OHIP covers drugs for everyone under the age of 25, and when the economic genius Wynne wins again I'm sure there will be all kinds of savings passed onto the average Ontarian

Oh now you've done it. That lunatic has me on a slow boil all the time, and now weeks before the election all of the "Free Stuff", free daycare, free prescription drugs and free dental, and some fools will actually believe it's free. fuck me, is it too early to start drinking?

[RABAUKE]

Originally Posted by Taskmaster

Or Less. I mean, those taxes fostered the environment that allowed you to be successful.


You're welcome.

Really, taxes fostered the environment? The environment was fostered post world war 2, taxes were low and there were jobs and the view that if you wanted to work hard you could build a good life for you and your family.

And FTR, I have no issue paying fair taxes for healthcare, infrastructure, education and community safety. I have an issue with waste in the Billions which drives up more taxes for no good reason. Two gas powered hydro plants stopped mid construction to appease voters in two ridings, the cost over $1.2 Billion, then build those plants elsewhere in the province.....it goes on and on at all levels of government. The Ontario Ministry of Health has the biggest budget of all the ministries, and yet has created substandard health care.

Again, I have no issues with taxes that are fair, I have a problem with waste and mismanagement.

[Joekerr]

Originally Posted by Taskmaster

Or Less. I mean, those taxes fostered the environment that allowed you to be successful.


You're welcome.

Originally Posted by RABAUKE

Really, taxes fostered the environment? The environment was fostered post world war 2, taxes were low and there were jobs and the view that if you wanted to work hard you could build a good life for you and your family.

And FTR, I have no issue paying fair taxes for healthcare, infrastructure, education and community safety. I have an issue with waste in the Billions which drives up more taxes for no good reason. Two gas powered hydro plants stopped mid construction to appease voters in two ridings, the cost over $1.2 Billion, then build those plants elsewhere in the province.....it goes on and on at all levels of government. The Ontario Ministry of Health has the biggest budget of all the ministries, and yet has created substandard health care.

Again, I have no issues with taxes that are fair, I have a problem with waste and mismanagement.

Would it help to know that Taskmaster is just the old "The Axiom"? Whose views on taxes are well known - basically, pay whatever the government asks for and just work harder.

While I think he's out to lunch (probably on the taxpayer's dime), he is at least consistent.

[Taskmaster]

Originally Posted by RABAUKE

Really, taxes fostered the environment? The environment was fostered post world war 2, taxes were low and there were jobs and the view that if you wanted to work hard you could build a good life for you and your family.

And FTR, I have no issue paying fair taxes for healthcare, infrastructure, education and community safety. I have an issue with waste in the Billions which drives up more taxes for no good reason. Two gas powered hydro plants stopped mid construction to appease voters in two ridings, the cost over $1.2 Billion, then build those plants elsewhere in the province.....it goes on and on at all levels of government. The Ontario Ministry of Health has the biggest budget of all the ministries, and yet has created substandard health care.

Again, I have no issues with taxes that are fair, I have a problem with waste and mismanagement.

"Waste" AKA, things that don't benefit you directly.
It's a waste because Voters/Tax payers got what they wanted?

[Alfisti]

Originally Posted by RABAUKE

Oh now you've done it. That lunatic has me on a slow boil all the time, and now weeks before the election all of the "Free Stuff", free daycare, free prescription drugs and free dental, and some fools will actually believe it's free. fuck me, is it too early to start drinking?

You guys sit a fair bit further right than i do but damn, this shit has got to be illegal.

Was talking to a teacher the other day (i know, i know) and discussing the deficit she said .. i swear it ... "i don't really get this abstract number, all i know is what i see in my classrooms and the conservatives will cut resources".

Abstract.

SHE'S A TEACHER.

FOR
FUCK'S
SAKE.

[RABAUKE]

Originally Posted by Taskmaster

"Waste" AKA, things that don't benefit you directly.
It's a waste because Voters/Tax payers got what they wanted?

You're right, government is the model of economic efficiency.

[Taskmaster]

Originally Posted by Joekerr

Would it help to know that Taskmaster is just the old "The Axiom"? Whose views on taxes are well known - basically, pay whatever the government asks for and just work harder.

While I think he's out to lunch (probably on the taxpayer's dime), he is at least consistent.

I'm not making it a secret of who I am, no more than you made it a secret you wanted a hand out from the government for starting your own business. Still salty about being called out on it I see.

FYI, one thing I never see discussed is what exactly is "fair"

[Joekerr]

Originally Posted by RABAUKE

Oh now you've done it. That lunatic has me on a slow boil all the time, and now weeks before the election all of the "Free Stuff", free daycare, free prescription drugs and free dental, and some fools will actually believe it's free. fuck me, is it too early to start drinking?

Not at all - it's 1pm where we are. In fact, if you grab a drink for wifey, you may get to do more than just drink. Just a thought.

I just stopped off at LCBO and picked up $400 worth of scotch...had to refill the cabinet...sort of. That bought me 4 bottles, but have some interesting ones I'm looking forward to trying.

Particularly:
Glenfiddich XX (basically 20 different masters from 16 different countries were called into Glenfiddich's warehouse and told to pick a scotch that most interested them - then Glenfiddich blended all 20. Might be interesting or a bust.
Also, a Bruichladdich organic 2009 bottling. Am curious.

Lastly, had to pick up another bottle of Ardbeg 10, and wanted to try the Green Spot (irish whiskey - heard yellow spot is better, but not sold here, so trying their green spot).

[Taskmaster]

Originally Posted by RABAUKE

You're right, government is the model of economic efficiency.

Who cares about efficiency? And please tell me who does it better?

[RABAUKE]

Originally Posted by Taskmaster

Who cares about efficiency? And please tell me who does it better?

Clearly you have made up your mind and good on you....enjoy paying your taxes. I'll leave you with one example of waste though. I spend the last number of years of my career on loan to a government agency. It is the norm that the FTE count continues to go up even though the work load remains the same and in many cases gets lower due to process improvements, but when the staff couldn't/wouldn't get the job done more staff were hired rather than deal with the poor performers. And you're probably ok with that, but many government jobs pay folks $60K+ when they couldn't get a $30K job in the private sector. It's all good.

[Taskmaster]

Originally Posted by RABAUKE

Clearly you have made up your mind and good on you....enjoy paying your taxes. I'll leave you with one example of waste though. I spend the last number of years of my career on loan to a government agency. It is the norm that the FTE count continues to go up even though the work load remains the same and in many cases gets lower due to process improvements, but when the staff couldn't/wouldn't get the job done more staff were hired rather than deal with the poor performers. And you're probably ok with that, but many government jobs pay folks $60K+ when they couldn't get a $30K job in the private sector. It's all good.

You seem to be under the impression that because plans change, that it's waste (and it could be, within reason) and that this is exclusive to the government. I get it, it's our (well your money, I'm not Canadian) but nothing is perfect.

Enjoy the stellar lifestyle and community afforded to you by your own hard work, the Canadian taxpayer and Canadian government.

[RABAUKE]

Originally Posted by Taskmaster

You seem to be under the impression that because plans change, that it's waste (and it could be, within reason) and that this is exclusive to the government. I get it, it's our (well your money, I'm not Canadian) but nothing is perfect.

Enjoy the steller lifestyle and community afforded to you by your own hard work, the Canadian taxpayer and Canadian government.

Government is good, BIG GOVERNMENT must be better. I'm done with you, you clearly love being regulated, taxed and taken care of by government.

Peace

[Alfisti]

Originally Posted by RABAUKE

Clearly you have made up your mind and good on you....enjoy paying your taxes. I'll leave you with one example of waste though. I spend the last number of years of my career on loan to a government agency. It is the norm that the FTE count continues to go up even though the work load remains the same and in many cases gets lower due to process improvements, but when the staff couldn't/wouldn't get the job done more staff were hired rather than deal with the poor performers. And you're probably ok with that, but many government jobs pay folks $60K+ when they couldn't get a $30K job in the private sector. It's all good.

TEACHERS.

Fuck me what a gig.

- Making near 6 figures
- Gold plated pension
- Work a 7 hour day
- Three months off a year
- Severely reduced or even no childcare costs
- Near impossible to get fired
- "PA Days" scheduled around long weekends
- Monumental sick day call ins on either side of long weekends (like 16 times the national average)
- Strike every few years to get MOAR

Honestly, what a joke.

[Taskmaster]

Originally Posted by RABAUKE

Government is good, BIG GOVERNMENT must be better. I'm done with you, you clearly love being regulated, taxed and taken care of by government.

Peace

Very sound comeback.
I love you, you make excuses for not doing better on the big, bad government.

I hear Somalia has low regulation, you should give it a shot over there.

[Joekerr]

Originally Posted by Taskmaster

I'm not making it a secret of who I am, no more than you made it a secret you wanted a hand out from the government for starting your own business. Still salty about being called out on it I see.

FYI, one thing I never see discussed is what exactly is "fair"

No, the name change was more fitting, no issues there from me.

I didn't want a hand out - I wanted them to keep the rules the same as they've always been. That's quite different from a handout. But, and I know you're going to be happy to learn about this, I'm feeling much better now.

You see, the government backed off a little on the whole taxing passive investment income such that the old rules apply up to $50K of investment income (so I'd need to amass around $1M @5% to hit that mark) before the new rules apply. I'm not in any danger of that now or in the near future.

Plus, there was an unexpected gift where they actually lowered business taxes on my corp which will be going down by a total of 2.5% over the next two years. An unexpected gift.

So as you can see, I'm much less salty now.

But I still disagree with people like you that propose people should pay whatever the government wants and then just work harder to try to make the same level of income back. That's not a solution. The solution is to cut back government spending and give people a reality check that they have to be somewhat self sufficient.

[RABAUKE]

Originally Posted by Joekerr

Not at all - it's 1pm where we are. In fact, if you grab a drink for wifey, you may get to do more than just drink. Just a thought.

I just stopped off at LCBO and picked up $400 worth of scotch...had to refill the cabinet...sort of. That bought me 4 bottles, but have some interesting ones I'm looking forward to trying.

Particularly:
Glenfiddich XX (basically 20 different masters from 16 different countries were called into Glenfiddich's warehouse and told to pick a scotch that most interested them - then Glenfiddich blended all 20. Might be interesting or a bust.
Also, a Bruichladdich organic 2009 bottling. Am curious.

Lastly, had to pick up another bottle of Ardbeg 10, and wanted to try the Green Spot (irish whiskey - heard yellow spot is better, but not sold here, so trying their green spot).

I'm actually in Las Vegas right now, so it's still a bit early and I was out quite late again last night.

I have the Glenfidich XX, pretty nice stuff. I have a bottle of Bunnahabhain 18 on the bar in our suite here.....very nice.

Here's a rant on the LCBO for you. They are the biggest purchaser of liquors on the planet and they don't negotiate lower prices. We pay ridiculous prices for liquor, beer and wine in Ontario. Heres an opportunity to reduce the budget without hitting us in the pocket book again. Negotiate lower prices and keep the prices as is but make a bigger profit and put that down on the deficit......I know it'll never happen but I can hope.

[Taskmaster]

Originally Posted by Joekerr

No, the name change was more fitting, no issues there from me.

I didn't want a hand out - I wanted them to keep the rules the same as they've always been. That's quite different from a handout. But, and I know you're going to be happy to learn about this, I'm feeling much better now.

You see, the government backed off a little on the whole taxing passive investment income such that the old rules apply up to $50K of investment income (so I'd need to amass around $1M @5% to hit that mark) before the new rules apply. I'm not in any danger of that now or in the near future.

That's too bad - passive income should be taxed at the same rate as normal income, or at least slightly lower.

Originally Posted by Joekerr

Plus, there was an unexpected gift where they actually lowered business taxes on my corp which will be going down by a total of 2.5% over the next two years. An unexpected gift.

So as you can see, I'm much less salty now.

Again, I disagree with this move. This just means that proposed revenue will fall back on everyone else. Business always looking for hand outs, suckling on the tit of the government like free loaders.

Originally Posted by Joekerr

But I still disagree with people like you that propose people should pay whatever the government wants and then just work harder to try to make the same level of income back. That's not a solution. The solution is to cut back government spending and give people a reality check that they have to be somewhat self sufficient.

I mean, I never said that - but people in here are complaining that they are taxed so much, not realizing that they are doing better than most. If you hate making money that much, make less of it - and if you like it - make more.

Complaining that your taxes went up by 2% is petty and silly.

[RickFLM4]

Originally Posted by RickFLM4

For 2016:

Federal: 19.1% of AGI (Mostly Schedule C)
No AMT, No state
Self-employment: 9.4% (double social security up to cap, double Medicare with no cap)

Haven't finished 2017 yet.

Finally finished 2017, which was a little better year for self-employment income vs. 2016.

Got federal down to 18% of AGI (effective rate) in 2017 by maxing out SEP-IRA, increasing contribution to HSA and wife stopped working, so that brought down AGI and federal tax.

But self-employment is up to 11% because it is based on self-employment income, not AGI after SEP-IRA, etc. So we're in about the same spot effective rate-wise. I expect to save a couple of points of federal in 2018. We'll see.

[1MOREMOD]

Originally Posted by Taskmaster

I mean, I never said that - but people in here are complaining that they are taxed so much, not realizing that they are doing better than most. If you hate making money that much, make less of it - and if you like it - make more.
.

And therein lies the problem. It creates an incentive to work less same as any govt handout. The harder you work the more you should be rewarded. Govt creates a system now that rewards you for doing nothing and leaching off them.

[smrtypants44]

Fed: 12.7% AGI
State: 0% - have a special industry related state tax credit

[smrtypants44]

Originally Posted by 1MOREMOD

And therein lies the problem. It creates an incentive to work less same as any govt handout. The harder you work the more you should be rewarded. Govt creates a system now that rewards you for doing nothing and leaching off them.

Taxes don't work that way. Only the portion you make in each bracket is taxed.