Taxes are lower in Canada than the United States
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It specifically lists only taxes on income. By the same measure the US had lower taxes in prior years so it's interesting in that sense.
It also is for a single earner with no children, I bet taxes in the US are much lower for a married couple because they allow filing a joint return and thus averaging down the marginal rate for the higher earner.
It also is for a single earner with no children, I bet taxes in the US are much lower for a married couple because they allow filing a joint return and thus averaging down the marginal rate for the higher earner.
Do you think there are no property taxes in the US? State taxes can also be quite high in certain states. I saw a total analysis once of Michigan vs Ontario and Ontario was slightly higher but of course Medical insurance in the US is extra. My brother in the US(and his wife - both mid 50s) pay 8000 a year for medical insurance and they have 20 percent co-pays on all claims. This is a factor since it is 'included' in Canadian taxesSheik said:
Most U.S. states have real estate property taxes, most have sales tax and some have intangibles tax (Fla)..
If self employed you pay FICA tax as self employment tax of about 12% (if you are the empoyer yuo may about 7% and the empoyee pays about 7%.
If a married couple after a $10,900 standard deduction (more if they have more itneized deductions and $5450 standard exemption for a couple. After all those iems are deducted a married couple pays 15% up to $65,100, 25%on income from 65,100 to 131,450, a 28% tax rate 131,450-200,300,33% on 200,300 - 357700. Over 357700 the rate is 35%
In My days as an tax accountant it was great to have clients wih earned income of at least 52,000 since that qualified for the 50% max tax on earned income. Unearned was taked up to 70%. the economy did just fine with these high tax rates
If self employed you pay FICA tax as self employment tax of about 12% (if you are the empoyer yuo may about 7% and the empoyee pays about 7%.
If a married couple after a $10,900 standard deduction (more if they have more itneized deductions and $5450 standard exemption for a couple. After all those iems are deducted a married couple pays 15% up to $65,100, 25%on income from 65,100 to 131,450, a 28% tax rate 131,450-200,300,33% on 200,300 - 357700. Over 357700 the rate is 35%
In My days as an tax accountant it was great to have clients wih earned income of at least 52,000 since that qualified for the 50% max tax on earned income. Unearned was taked up to 70%. the economy did just fine with these high tax rates
Americans have to pay for the joke known as "for profit health insurance".
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Gyaos Baltar.
Dave in Phoenix is back! Yeah!! Waiting for those massage reports!
Gyaos Baltar.
There sure is real estate property taxes in Michigan and the taxes are still going up while the home values are falling.
But the sales tax is 6%...total.
Taxes seem high in Canada when I go shopping there.
But the sales tax is 6%...total.
Taxes seem high in Canada when I go shopping there.
Well a few things. First, it's changed since last year. Last year's version of that graph showed the US as lower. Canadian taxes have been cut repeatedly over the past few years.ed_lepps said:
Second it's at the average tax bracket. Perhaps you are in some other tax bracket.
Third it's for a single earner. If you are married and one spouse earns significantly more than the other then US tax law would advantage you.
I know people living in luxury in India saying what a great place to live because you can live in total luxury for a fraction of the cost. It all comes down to if you are one of the have's or have-not's in the country.maxweber said:
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Sheik said:
Agree Shiek
A totally meaningless graph if it excludes consumption taxes such as GST and capital gains taxes. The other thing it probably excludes is deductions such as mortgage interest being deductible in the US and not here - at least without major restructuring.
Misleading more than anything.
Yes . You do get a lifetime exemption on the first $100k on publically traded shares and $500k on private companies. After that it's taxed at a much lesser rate(about half) than income tax.onthebottom said:
Gains on your principal residence are tax free.
Interesting, looks like the income tax is very progressive but the consumption tax makes the tax system regressive. These are all tax rates, it would be interesting to see what % of taxes are paid by the top 5-10%dickpound said:
OTB
