UnThreaded | Threaded | Whole Thread (13) | Ignore Thread Prev | Next
Author: fleg9bo Big funky green star, 20000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 744337  
Subject: Re: Canada shows the way Date: 11/23/2012 3:33 PM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 2
You can read about Canadian income tax rates here:

High income earners (generally over about $132,000) play 29% to federal government and 10% (Alberta) or more to the province. So the overall income tax rate varies from 39% (Alberta) to 50% (Nova Scotia).


In the U.S. a married couple pays 25% federal on taxable income over $70,700 and 28% over $142,700.

In Oregon, state tax is 9% of everything over $15,500 for a couple. Total income tax would be 34% up to $142,700, then 37% above that.

In California, state tax is 9.3% of everything over $97,884 if filing jointly. Total would be 34.3% up to $142,700, then 37.3% above that.

In NYC the combined city and state tax is 9.984% over $45,000 if filing jointly. It goes up to 10.04% over $90,000. Totals would be about 35% and 38%.

All of the above numbers are much worse for single taxpayers.

And you lose deductions and exemptions as your income gets higher, which pushes more of your income into the higher bracket.

And you pay 1.45% Medicare tax on all salary and business income.

So personal income taxes are not terribly different in some places and California's and NY's most populous counties have sales taxes north of 8%.

--fleg
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Print the post  
UnThreaded | Threaded | Whole Thread (13) | Ignore Thread Prev | Next

Announcements

Pencils of Promise - Back to School Drive
"Pencils of Promise works with communities across the globe to build schools and create programs that provide education opportunities for children."
Managing Your Wealth
Our own TMFHockeypop from Rule Your Retirement fame on the TV show Managing Your Wealth.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Post of the Day:
Macro Economics

Smuggling Rice and Garlic
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and "#1 Media Company to Work For" (BusinessInsider 2011)! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.
Advertisement