How much tax does the average Canadian millionaire pay?

JLM

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So, out of curiosity. I have a friend who made $3.3 million in 2013 of which $300,000 was bank interest. He doesn't offshore any assets and has just his standard income and expenses. His total tax bill for the year was a tick over $100,000. Considering that's only a third of what he earned in bank interest alone, do you think that was his fair share? I'm not asking sarcastically, I'm honestly interested whether you think he paid too much, his fair share or not enough.


Did he pay more or less than the cost of the gov't. services he rec'd? Therein lies your answer.


I'm not totally convinced that it's any of the Gov't's f**king business how much money a person earns!:)

It is strange that progressives and leftists talk about increasing taxation of the wealthiest people, and always bring up how such extremely filthy rich classes of people have so much money and are so greedy and how they need to pay their fair share. But at the same time, these leftists never talk about lowering the tax burden on those who aren’t super rich, such as the middle class and even the poor. Why do they never talk about getting rid of all sales taxes, like the HST, the most regressive and stupid tax ever, which essentially hurts lower income and lower middle class people the most? Why don’t they talk about getting rid of income tax, health premiums, property taxes, etc., for the lower income and lower middle class people? It proves that such leftists are simply not sincere in their claim to standing up for the interests of the “little” guy. They simply want to expand the power of the State and many of its useless social programs.



Walter will not be a happy camper! :)




Perhaps this is why the Liberals are taking a look at Canada's tax system. Number of highest-earning Canadians paying no income tax is growing




Number of highest-earning Canadians paying no income tax is growing - Business - CBC News


You have to be careful with this! What would you say about a guy who paid no income tax but gave $100 grand to one of our hospital foundations?
 
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ZulFiqar786

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Sep 12, 2017
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I’ve always been uncomfortable with leftism, the kind espoused by the NDP, but also practiced by the Liberals to some extent. The State machinery just seems to be getting larger and larger. A true small ‘l’ liberal should always be suspicious of the State, not regard it as the savior. Though at present one can say that Canada is relatively free and thriving economically, I fear that the State is becoming too large and too powerful and eventually this will lead to something negative. Canada doesn’t have a tradition of strong libertarianism for historical and cultural reasons, unlike the United States. Canada is still way too close to the British philosophy of preferring order and good governance to liberty and freedom. Canada needs to move toward libertarian ideals by first developing a civil culture that cherishes maximum liberty. The fact is that majority of Canadians are very unwilling to engage in “street” politics and are generally apathetic. They may complain and grumble about high, regressive taxes, but ultimately lack a political culture of doing anything about it. On elections they vote, but after the election is over, they go back to sleep and stand by while their interests are slashed behind closed door in the corridors of power. Here I am particularly talking about our economic interests of low taxes, deregulation, less restrictive laws, more maximum personal and economic liberty. We also lack strong political leaders with strong ideological worldviews that are necessary to check the unchecked growth of the bureaucracy and State machinery. In the U.S. Senate there are many Senators who are very passionate about that, for example, Senator Rand Paul, who is relatively new and young, but also many long serving Senators that have become household names. Canada lacks such independent political leaders. Instead we have nothing but party loyalists who simply tow the party line, and given that there are practically only three federal parties in Parliament, this reflects a lack of diverse and strong ideological views being represented and faught for.
 

TenPenny

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Why do they never talk about getting rid of all sales taxes, like the HST, the most regressive and stupid tax ever, which essentially hurts lower income and lower middle class people the most?




Consumption taxes such as HST are the best way to structure a tax system.


And by the way, the poor get HST rebates, and there's no HST on food. So the poor get a big advantage over everyone else in fact.

 

Tecumsehsbones

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Mar 18, 2013
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The only fair tax is a thumb tax! Tax people for their thumbs! Then when they start pissing and moaning about taxes, you can faux misunderstand them and say "Thumb tacks? No, we use pushpins."

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Consumption taxes such as HST are the best way to structure a tax system.



Why are they the best?

 

taxslave

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Nov 25, 2008
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None of which are millionares. Makes one wonder what fair share really means.

Perhaps this is why the Liberals are taking a look at Canada's tax system. Number of highest-earning Canadians paying no income tax is growing




Number of highest-earning Canadians paying no income tax is growing - Business - CBC News

WHy should someone making 200g a year pay more income tax than someone making 20g a year? Are they using 10X the government services? Or is it just penis envy from lefties that are too lazy to work.?
 

JLM

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Nov 27, 2008
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WHy should someone making 200g a year pay more income tax than someone making 20g a year? Are they using 10X the government services? Or is it just penis envy from lefties that are too lazy to work.?


Exactly, couldn't have said it any better myself. There's always been a jealousy toward high earners, quite often by people who know nothing of the years of studying and low income for the so called high earners to get where they are.
 

PoliticalNick

The Troll Bashing Troll
Mar 8, 2011
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I’ve always been uncomfortable with leftism, the kind espoused by the NDP, but also practiced by the Liberals to some extent. The State machinery just seems to be getting larger and larger. A true small ‘l’ liberal should always be suspicious of the State, not regard it as the savior. Though at present one can say that Canada is relatively free and thriving economically, I fear that the State is becoming too large and too powerful and eventually this will lead to something negative. Canada doesn’t have a tradition of strong libertarianism for historical and cultural reasons, unlike the United States. Canada is still way too close to the British philosophy of preferring order and good governance to liberty and freedom. Canada needs to move toward libertarian ideals by first developing a civil culture that cherishes maximum liberty. The fact is that majority of Canadians are very unwilling to engage in “street” politics and are generally apathetic. They may complain and grumble about high, regressive taxes, but ultimately lack a political culture of doing anything about it. On elections they vote, but after the election is over, they go back to sleep and stand by while their interests are slashed behind closed door in the corridors of power. Here I am particularly talking about our economic interests of low taxes, deregulation, less restrictive laws, more maximum personal and economic liberty. We also lack strong political leaders with strong ideological worldviews that are necessary to check the unchecked growth of the bureaucracy and State machinery. In the U.S. Senate there are many Senators who are very passionate about that, for example, Senator Rand Paul, who is relatively new and young, but also many long serving Senators that have become household names. Canada lacks such independent political leaders. Instead we have nothing but party loyalists who simply tow the party line, and given that there are practically only three federal parties in Parliament, this reflects a lack of diverse and strong ideological views being represented and faught for.

All sounds great but you still support the Taliban anf follow their teachings so I have to assume you don't believe a word of what you wrote.
 

ZulFiqar786

Electoral Member
Sep 12, 2017
233
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All sounds great but you still support the Taliban anf follow their teachings so I have to assume you don't believe a word of what you wrote.




Yes I support the Taliban struggle to liberate their country, doesn’t mean I agree with everything about them. How is the Taliban even relevant to this discussion?
 

captain morgan

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Mar 28, 2009
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So, out of curiosity. I have a friend who made $3.3 million in 2013 of which $300,000 was bank interest. He doesn't offshore any assets and has just his standard income and expenses. His total tax bill for the year was a tick over $100,000. Considering that's only a third of what he earned in bank interest alone, do you think that was his fair share? I'm not asking sarcastically, I'm honestly interested whether you think he paid too much, his fair share or not enough.


How much money did it cost your friend to make that $3.3MM?

Capital losses from years prior?

Gotta ask if that $3.3MM was his personal income for that year, if so, there is no way he could shelter it all, so I'm wondering if that figure represented gross earnings in a corp or ltd?

.... Bottom line, lots of questions need answered prior to assessing any broad generalizations