New slant on tax reform issue

[LukeP]

I know everyone here wants to abolish the income tax and I am with you on that. But any work towards reducing the tax burden is progress.

I'm surprised that this information is not more widely know and I think it should be used to bring more sanity to our tax code.

Everyone tends to bash Canada and saying how much taxes they pay but I have some very interesting facts. It has to do with how you are taxed in different income brackets. In America as soon as you go $1 into a higher tax bracket all of you previous income is automatically subject to the higher tax bracket. Not in Canada, you pay the lowest tax bracket for income up to a certain point, then only the next section of income is subject to the newer tax bracket. This is something everyone should support and it amazes me that I have not heard a single person trying to push this issue for us.

Any thoughts?

[PatriotLegion]

I know everyone here wants to abolish the income tax and I am with you on that. But any work towards reducing the tax burden is progress.

I'm surprised that this information is not more widely know and I think it should be used to bring more sanity to our tax code.

Everyone tends to bash Canada and saying how much taxes they pay but I have some very interesting facts. It has to do with how you are taxed in different income brackets. In America as soon as you go $1 into a higher tax bracket all of you previous income is automatically subject to the higher tax bracket. Not in Canada, you pay the lowest tax bracket for income up to a certain point, then only the next section of income is subject to the newer tax bracket. This is something everyone should support and it amazes me that I have not heard a single person trying to push this issue for us.

Any thoughts?


Yes I agree, when I work overtime (65+ hours) then my income for that pay period hits a new time high. Its almost not worth working more then 60 hours or so because my time is now worth less before I went over 65+ hours.

[Bontemps]

Yes I agree, when I work overtime (65+ hours) then my income for that pay period hits a new time high. Its almost not worth working more then 60 hours or so because my time is now worth less before I went over 65+ hours.

doing more than that is required should never be penalized. Maybe a way to get the ball rolling is to eliminate the income tax for overtime?

[LukeP]

This is something Democrats & Republicans should both support. It eases the tax burden on everyone.

[UtahApocalypse]

Interesting point. I would love if a math person could do a graph example of the differences in the methods.

[Bontemps]

Interesting point. I would love if a math person could do a graph example of the differences in the methods.

I'd also like to see this. i'll settle for the numbers though.

[IPSecure]

Have you seen the latest from Walter Burien (http://cafr1.com/)? How to end ALL Taxation!

TaxRetirement.com (http://taxretirement.com/)

[Danke]

In America as soon as you go $1 into a higher tax bracket all of you previous income is automatically subject to the higher tax bracket. Not in Canada, you pay the lowest tax bracket for income up to a certain point, then only the next section of income is subject to the newer tax bracket. This is something everyone should support and it amazes me that I have not heard a single person trying to push this issue for us.

Any thoughts?

What the hell are you talking about? That is not true.

[Mort]

What the hell are you talking about? That is not true.

Yeah, as far as I know this is not true.

[UtahApocalypse]

What the hell are you talking about? That is not true.


Yeah, as far as I know this is not true.

True or not, its sounds like a interesting concept and seeing some type of data to visualize the effect would be great.

[Danke]

True or not, its sounds like a interesting concept and seeing some type of data to visualize the effect would be great.

http://www.moneychimp.com/features/tax_brackets.htm