*NEW* Login or register using your Facebook account.
Not a member? Join the fastest growing conservative community!
Membership is free and takes 15 seconds
CLICK HERE or use Facebook to login or register ---->
Joined: 09 Oct 2008
Location: Vaughan, ON
Posted: Wed Mar 04, 2009 1:46 pm Post subject: Income Taxes
I've been reading in on income tax rates in Canada and the US and boy are we getting ripped off big time by our government.
For example, the lowest US federal income tax bracket is 10% and the highest tax bracket is 35%. In Canada, the lowest bracket is 15% and goes up to 29%. The brackets are also higher in the US.
The big difference though is in comparable Provincial income taxes versus State income taxes.
Alberta has a flat income tax at 10% starting at $15,000 and it gets worse from there. Many provincial income taxes go to almost 20%.
Now the US states. 7 of them have NO income tax (Alaska, Florida, Nevada, South Dakota, Texas, Washington, Wyoming). New Hampshire and Tennessee only have income tax on dividends and interest income.
And now for flat tax. Colorado, Illinois, Indiana, Massesteseuts, Michigan, Pennsylvania, Utah of which the highest flat tax is in Utah at...5%! :shock:
Plus, here in Taxario, we have a 15c/L excise tax on gasoline, an 8% PST, health premium tax, capital gains tax, and a crap load of other taxes.
Posted: Wed Mar 04, 2009 4:16 pm Post subject:
But in America they don't have to pay for health care, I think it's 47% of our tax's go to health care.
Joined: 02 Sep 2006
Location: Southern Alberta
Posted: Wed Mar 04, 2009 6:46 pm Post subject:
Captain Capitalism, a US Economist and blogger, has had some interesting posts comparing Canada and US economics:
Mortgage Debt vs Disposable Income
Maybe You Should Move to Canada
Turns out, we've got about the same effective tax rate - 39%. This is going by the measure that the 'truest' tax rate is the measurement of government spending as a percentage of GDP - all government spending must be funded by some sort of tax, and defecit or debt financing is simply taxes that will be collected in the future.
The good Captain points out that Canada is about to become 'more capitalist' than the United States. Now, that was written in June - chances are that between rapidly diminishing productivity and rapidly increasing debt of the US Economy, we've passed them on this measure.
Posted: Wed Mar 04, 2009 7:07 pm Post subject:
Corporate taxes in Canada are much lower. 15% VS 30% federally as I recall.
You cannot post new topics in this forum You cannot reply to topics in this forum You cannot edit your posts in this forum You cannot delete your posts in this forum You cannot vote in polls in this forum You can attach files in this forum You can download files in this forum
phpBBCopyright 2001, 2005 phpBB