Gap between rich and poor rising faster in Canada

[dre]

You clearly haven't paid much attention to the stock market this year...

Yeah I have actually. And what I saw was governments pumping trillians of taxpayer dollars into keeping the stock and realestate bubbles inflated, and prevent the value of homes from dropping to the point where a normal worker can afford to own one. Governments moved fast potect investors and owners using tax dollars. No suprise there!

[fellowtraveller]

to the point where a normal worker can afford to own one.

yet both Canada and the US have home ownership rates of around 68%, which means many working class people do own homes.

[Argus]

Yeah I have actually. And what I saw was governments pumping trillians of taxpayer dollars into keeping the stock and realestate bubbles inflated, and prevent the value of homes from dropping to the point where a normal worker can afford to own one. Governments moved fast potect investors and owners using tax dollars. No suprise there!

The only money pumped into things I saw was the US government and a few others trying to keep their financial systems from disintegrating.

Which, believe it or not, even though it did benefit some corporate fat cats who deserved to go bankrupt, did benefit the greater good.

[Guest Derek L]

A "hobo" on the street doesn't have Trump's connections. I'm sure he had a few things left to pawn. (What an a$$,He really has no clue.)

Ahhhh ... so you're not the 1percenters ... you're just the suckers they're coming after next.

Would you rather have a financial net worth of zero or be in the hole millions?

As for being a 1%er, I’m not really sure what you use to define one as such…..though it’s not really anyone’s business (aside mine, my accountant and revenue Canada), by the end of this tax year, my household income will likely land somewhere in the 350k-400k region…….Not poor, but hardly bourgeois……With the known tax brackets, you can roughly figure what my wife and I pay in tax……we also donate roughly 3-5% of our income to different charities……..have mortgages on our home and a rental property…..two car loans (Chevy truck and Cadillac)……invest in RRSPs, mutual funds etc…usually go on one or two vacations a year…….saving for university for two kids in a few years……helping out parents/in-laws etc………Are we evil? Do we have our boots on the shoulders of the poor? Hardly……

Do you really think we “fear” the “1%ers” or those that feel we should pay more?

What did you pay in tax last year?

[bush_cheney2004]

....Do you really think we “fear” the “1%ers” or those that feel we should pay more?

Good question.....should we fear "rich" employers and risk takers who already pay the majority of taxes or the poor downtrodden who want to take away what we have earned through our own hard work? Gee...that is a really tough question....NOT!

[Guest Derek L]

Good question.....should we fear "rich" employers and risk takers who already pay the majority of taxes or the poor downtrodden who want to take away what we have earned through our own hard work? Gee...that is a really tough question....NOT!

Exactly, and to be quite frank, I find it extremely offensive to hear those that make less than I pay in taxes, say I should pay more or that my wife and I don’t earn our money……or that we are keeping the poor down.

I’m not looking for a medal, I just want to pay my taxes, live my life and be left alone…..not be accused of being the cause of societies problems…….

[bush_cheney2004]

...I’m not looking for a medal, I just want to pay my taxes, live my life and be left alone…..not be accused of being the cause of societies problems…….

'Zactly...your reward is just another tax return. The poor can't wait for you to hand it over.

[Guest Derek L]

'Zactly...your reward is just another tax return. The poor can't wait for you to hand it over.

Yup, when I do my taxes next year, we'll probably pay somewhere between 130-150K......whats that, 15 people's welfare payments for the year? You'd think I could at least get them to wash my truck or cut the lawn once a month

[William Ashley]

Yup, when I do my taxes next year, we'll probably pay somewhere between 130-150K......whats that, 15 people's welfare payments for the year? You'd think I could at least get them to wash my truck or cut the lawn once a month

If your vehicile was a business vehicle couldn't you claim it as upkeep on your vehcile and have the cost of the wash tax deductable? Likewise a portion of the lawn mowing might be deductable if it was upkeep if you had a home office for your work, or rented a portion of your property to your kids or inlaws.

http://www.bookkeeping-essentials.com/business-vehicle.html

you can claim all your operating expenses such as fuel and oil, insurance, license and registration (including Canadian Auto Associaton), maintenance (includes car washes and new tires)

Don't quote me on that though.

Likewise if you had a "personal assistant" for your business needs perhaps you could get them to wash your car and mow your lawn and deduct the entire amount as an operating expense.

http://sbinfocanada.about.com/cs/taxinfo/a/maxtax1_3.htm

http://www.cra-arc.gc.ca/tx/bsnss/tpcs/slprtnr/bsnssxpnss/menu-eng.html

Even if you don't have a business you could always start one. Even if it fails you have a capital loss claim if you invest your own money into it no?

http://sbinfocanada.about.com/od/taxinfo/f/businessloss.htm

Edited September 15, 2011 by William Ashley

[Guest Derek L]

If your vehicile was a business vehicle couldn't you claim it as upkeep on your vehcile and have the cost of the wash tax deductable? Likewise a portion of the lawn mowing might be deductable if it was upkeep if you had a home office for your work, or rented a portion of your property to your kids or inlaws.

http://www.bookkeeping-essentials.com/business-vehicle.html

Don't quote me on that though.

Likewise if you had a "personal assistant" for your business needs perhaps you could get them to wash your car and mow your lawn and deduct the entire amount as an operating expense.

http://sbinfocanada.about.com/cs/taxinfo/a/maxtax1_3.htm

http://www.cra-arc.gc.ca/tx/bsnss/tpcs/slprtnr/bsnssxpnss/menu-eng.html

Even if you don't have a business you could always start one. Even if it fails you have a capital loss claim if you invest your own money into it no?

http://sbinfocanada.about.com/od/taxinfo/f/businessloss.htm

Thanks for the input, but I am self employed and aware of the benefits (and drawbacks) of being so.

As I was saying above, I wouldn’t be surprised if in the following decade(s) you see less people being directly employed by a company, with said company relying more on temp agencies and sub contractors…….I don’t see how one would succeed being a temp, but the opportunities of being a sub contractor are there………I feel the days of getting out of school and getting hired by a company and working there until you retire are nearing a close………Many Canadian workers are in for a shock and will be forced to “evolve or die”……..

[Bob]

Exactly, and to be quite frank, I find it extremely offensive to hear those that make less than I pay in taxes, say I should pay more or that my wife and I don’t earn our money……or that we are keeping the poor down.

I’m not looking for a medal, I just want to pay my taxes, live my life and be left alone…..not be accused of being the cause of societies problems…….

There's this mentality among those pathetic losers on the left who think they can just vote and take whatever they want from whoever they want. As long as they get enough votes, they think, what's yours is theirs. It's really sick, but it's the natural consequence of a leftist indoctrination campaign that exists in our society that reviles "the rich" and lionizes the pathetic white trash and "refugee" immigrants (i.e. many Somalians) who live in subsidized housing and have more children than they can afford to take care of.

Remember, they have lower incomes than you do... because of you! It's your fault, and they'll just take whatever they want from you with enough votes and repulsive politicians like Dalton McGuinty who pander to minority/identity-politics.

[Guest Derek L]

There's this mentality among those pathetic losers on the left who think they can just vote and take whatever they want from whoever they want. As long as they get enough votes, they think, what's yours is theirs. It's really sick, but it's the natural consequence of a leftist indoctrination campaign that exists in our society that reviles "the rich" and lionizes the pathetic white trash and "refugee" immigrants (i.e. many Somalians) who live in subsidized housing and have more children than they can afford to take care of.

Remember, they have lower incomes than you do... because of you! It's your fault, and they'll just take whatever they want from you with enough votes and repulsive politicians like Dalton McGuinty who pander to minority/identity-politics.

I wouldn’t go so far as to paint all those of a “left leaning” persuasion as “losers”……..I think they follow a misguided dogma, and many will “shift” towards the center as they age.

You paint with a rather wide brush, and in my mind, snipes such as that are no better then the chastising of the “rich” by them………

[Bob]

I wouldn’t go so far as to paint all those of a “left leaning” persuasion as “losers”……..I think they follow a misguided dogma, and many will “shift” towards the center as they age.

You paint with a rather wide brush, and in my mind, snipes such as that are no better then the chastising of the “rich” by them………

But I didn't say all of the left were pathetic or losers, did I? Maybe I should have phrased it better, but I was specifically talking about the pathetic losers of the left, which is not the same as saying that all of the left is composed of pathetic losers.

[CitizenX]

What is this, a right wing circle jerk? Derek L I'm disappointed in you for even talking to this Bob guy.

Edited September 15, 2011 by CitizenX

[Topaz]

Let's face it for the last 5-6 years more middle-income earners are now in the "poor" or low income or even jobless now. The Tories cut corporate taxes to help business create jobs they say but those businesses are either going part time or NOT hiring at all so the this isn't working. IF you lose your job and go on EI after paying into it , some for many many years, you will get a bill from the government for $1000-2500.00 after you are off of it! So what's the sense of paying into EI? One is better off putting money away for unemployment themselves. Another point is, no one who has a family, mortgage, the whole nine yards, can survive on 10.25. My view is this "global"system is making more poor people, at least, in North America and the leaders of the G8 are more concerned about THEM making their economies better but not necessarily helping the workers of that country have a better job.

[bloodyminded]

Exactly, and to be quite frank, I find it extremely offensive to hear those that make less than I pay in taxes, say I should pay more or that my wife and I dont earn our money……or that we are keeping the poor down.

What does their rate of income have to do with anything?

If they make so much less than you....you resent their opinions on such matters? What's one to do with the other?

So if someone makes roughly equal (or greater) income than you do...their opinions on the subject become more valid?

I wouldn’t go so far as to paint all those of a “left leaning” persuasion as “losers”……..I think they follow a misguided dogma, and many will “shift” towards the center as they age.

You paint with a rather wide brush, and in my mind, snipes such as that are no better then the chastising of the “rich” by them………

But I appreciate this, Derek, the sort of reasoned sentiment that seems to symbolize your style.

I don't mind being characterized as naive and misguided; of course I don't think it's the case, but I'm open to the possibility, always.

But the notion that there's some sort of deep moral corruption in me that allows for my views is a non-starter. It's absurd.

Wrong? Possibly. Sinister--or a (financial) "loser"? Those are just factually incorrect.

Edited September 15, 2011 by bloodyminded

[jacee]

I’m not looking for a medal, I just want to pay my taxes, live my life and be left alone…..not be accused of being the cause of societies problems…….

I'm not accusing you. I'm accusing the top 1percent holders of 40percent of the wealth, and increasing their share at the expense of the other 99percent of us (including you).

As the incomes of the 'middle class' become increasingly too low to support their families, to low to pay much in taxes to support infrastructure, and too low to consume the products of business and industry ... where do you think the 1percent predators are looking to next?

They're looking at you.

And don't kid yourself that if you defend them, they'll defend you. Sociopathic predators don't work that way.

The increasing income gap between the wealthiEST and the rest of us is a clear sign of decadence and immorality in economic systems, the kind of sign that should set alarm bells ringing among the ordinarily wealthy like you: Something is dreadfully amiss, and while you are not the target of the unrest, by defending the obscene wealth of the unethical predators with more than their share of the wealth, you place yourself in the crossfire.

I am sure you are aware that among the obscenely wealthy there are those who, unlike you, DO NOT pay their fair share in taxes but hide their wealth OFFSHORE.They are the targets. They are the bloodsucking leeches. You are just one of the misguided pawns who defend them. Why, I'm not sure.

Shouldn't all Canadians be protesting those who leach money out of our country and undermine our economy?

Eta:

http://mobile.forbes.com/device/article.php?CALL_URL=http://www.forbes.com/forbes/2010/0719/opinions-taxation-tax-havens-banking-on-my-mind.html?

By reducing incentives for capita flight and tax evasion, a tax on illicit, anonymous wealth would also help countries to depend less heavily on debt, inflationary finance and regressive taxes. Is it feasible? Yes. The majority of offshore wealth is managed by 50 banks.

...

In other words the real tax haven problem is not tiny islands on the periphery of the system. The real problem is a global industry of pirate banking, made possible by the best lawyers, accountants and lobbyists money can buy.

Thus the rationale for "occupy wall street" ... and Bay Street and other centres of financial piracy globally.

It is NOT about people who work hard and smart and pay their taxes: It's about the CRIMINALS who DON'T, and the CRIMINAL banking institutions that facilitate these CRIMES against the rest of the Canadian people.

Edited September 15, 2011 by jacee

[Bob]

Ah, the usual communist rhetoric of the zero-sum-game, in all its glory and predictability, where anyone with a dollar necessarily stole it from someone else. I love how communists lack a grasp of even the most rudimentary concepts of economics - namely, in this case, the creation of wealth.

Edited September 15, 2011 by Bob

[GostHacked]

Ah, the usual communist rhetoric of the zero-sum-game, in all its glory and predictability, where anyone with a dollar necessarily stole it from someone else. I love how communists lack a grasp of even the most rudimentary concepts of economics - namely, in this case, the creation of wealth.

1 fiat dollar created, is a fiat dollar in debt.

[jacee]

The gap between the rich and the poor isn't a problem,

" Raging Inequality May Cause Unrest and Violence in America and the Rest of the Western World"

http://www.washingtonsblog.com/2011/07/raging-inequality-may-cause-unrest-and-violence-in-america-and-the-rest-of-western-world.html

"Moreover, the austerity measures which governments are imposing to try to plug their gaping deficits (created by throwing trillions at their banks) are causing people world-wide to push.back. "

Edited September 15, 2011 by jacee

[CPCFTW]

1 fiat dollar created, is a fiat dollar in debt.

Not really..

[GostHacked]

Not really..

Care to elaborate at all?

[Bob]

" Raging Inequality May Cause Unrest and Violence in America and the Rest of the Western World"

http://www.washingtonsblog.com/2011/07/raging-inequality-may-cause-unrest-and-violence-in-america-and-the-rest-of-western-world.html

"Moreover, the austerity measures which governments are imposing to try to plug their gaping deficits (created by throwing trillions at their banks) are causing people world-wide to push.back. "

Well, I can't disagree with the Washington Post, now can I? Keep on inciting your "working class" towards revolution....

[dre]

Ah, the usual communist rhetoric of the zero-sum-game, in all its glory and predictability, where anyone with a dollar necessarily stole it from someone else. I love how communists lack a grasp of even the most rudimentary concepts of economics - namely, in this case, the creation of wealth.

I love how you lack even the most rudimentary concept of what a communist is.

[fellowtraveller]

Hey. let's redistribute the wealth before it is earned....that will be a great incentive...