Quote:
Originally Posted by Mutt
I already stated in the other thread that Canada is a better place to be if you are poor OR lower middle class and 40-50K a year is lower middle class.
Americans who make 40K or less I believe pay NO income tax.
And you're wrong about the top marginal income tax rate in Canada - it is 50%. You must be mixing up average tax rate and marginal tax rate.
Financially the US is better place to be IF you are moderately successful - and IF you are moderately successful that means you can afford decent medical insurance and you will get better/faster treatment in the US.
The differences in the two countries is closing - the US is becoming Canada 2. Healthcare reform will inevitably end up with a single payer system like Canada's, eventually there will be a national sales tax like the GST and VAT taxes in Europe.
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So you agree we're ahead of you, and you're playing ketchup?
just fuckin with ya.
The marginal rate as I understand it is basically "how much you'd pay in taxes on an extra dollar earned" (over what you made), so that's not really an effective way to look at things in a tiered tax system, as you're discounting all the benefits of a tiered system.
For example in Ontario that means income in excess of $509,000/year (not including capital gains). To be part of the 1% in Canada you need to make over $201,000 a year. So we're looking at a tiny sliver of the most well paid people who would ever pay this, and even then they're only paying this on the money they make above and beyond $509,000...
People who make $40k in the US pay NO income tax?! That's nuts!!! No wonder the rich are so mad lol. :P