angrypenguin Posted October 9, 2015 Report Posted October 9, 2015 (edited) So far as I can tell, loss of the increased TFSA Income splitting doesn't help me and the wife... A potential tax increase in the future. I come dangerously close to the $200k mark but I don't cross it so I don't get taxed more under the moronic Liberal tax increase. How else am I screwed? At this point if people vote liberal (and they win a minority government), I'd like to know how I'm affected. Am I missing anything? (ps no kids, and don't want kids) Edited October 9, 2015 by angrypenguin Quote My views are my own and not those of my employer.
Argus Posted October 9, 2015 Report Posted October 9, 2015 (edited) The tax increase will start at 200k, but just like the Ontario Liberals, they will likely start rolling it back downhill to get more money. It's still taxing the rich if you bring it down to $180k, or $150k. You'll also be paying more tax under their 'carbon tax' plan, tho they won't say how much. Which means higher gas and heating costs. It's hard to tell what happens in a couple or three years when they find out their deficits are actually growing, not shrinking. What they'll do then is anyone's guess. Edited October 9, 2015 by Charles Anthony deleted re-copied Opening Post Quote "A liberal is someone who claims to be open to all points of view — and then is surprised and offended to find there are other points of view.” William F Buckley
angrypenguin Posted October 9, 2015 Author Report Posted October 9, 2015 (edited) The tax increase will start at 200k, but just like the Ontario Liberals, they will likely start rolling it back downhill to get more money. It's still taxing the rich if you bring it down to $180k, or $150k. You'll also be paying more tax under their 'carbon tax' plan, tho they won't say how much. Which means higher gas and heating costs. It's hard to tell what happens in a couple or three years when they find out their deficits are actually growing, not shrinking. What they'll do then is anyone's guess. Shit. I freaking forgot about the carbon tax. I remember owning a small business and when they hiked my taxes back in the day (its a while back now), I remember deciding whether or not I should increase my profit, offsetting my taxes, by letting someone go. I did, every time. Food for thought! I'm a salaried employee now, so it's slightly different, but I am sure that it will affect our 2.5 billion $ business/yr - Canadian sub only Edited October 9, 2015 by angrypenguin Quote My views are my own and not those of my employer.
ToadBrother Posted October 9, 2015 Report Posted October 9, 2015 (edited) There's always a potential tax hike in the future. You're not so naive as to actually believe that Federal taxes will always stay this low, are you? Edited October 9, 2015 by Charles Anthony deleted re-copied Opening Post Quote
angrypenguin Posted October 9, 2015 Author Report Posted October 9, 2015 There's always a potential tax hike in the future. You're not so naive as to actually believe that Federal taxes will always stay this low, are you? Under the Conservatives, no, I don't believe they'd hike it. Under the liberals and ndp I'm sure they'd raise them. And then when they do, I know exactly where I'm moving to. Quote My views are my own and not those of my employer.
ToadBrother Posted October 9, 2015 Report Posted October 9, 2015 Under the Conservatives, no, I don't believe they'd hike it. Under the liberals and ndp I'm sure they'd raise them. And then when they do, I know exactly where I'm moving to. Yes, even a Conservative government will eventually raise taxes. If you think otherwise, you've bought into a faerie tale. And frankly, since I'm not wholly convinced you're not an 18 year old kid, I doubt you'll be moving anywhere. You'll pay your taxes like the rest of us. Quote
angrypenguin Posted October 9, 2015 Author Report Posted October 9, 2015 (edited) Yes, even a Conservative government will eventually raise taxes. If you think otherwise, you've bought into a faerie tale. And frankly, since I'm not wholly convinced you're not an 18 year old kid, I doubt you'll be moving anywhere. You'll pay your taxes like the rest of us. Ha, like I need to prove it to you. No, a Conservative government would not raise my taxes. If you really doubt who I work for, ask a mod for their email address and I will email them with my work email and call it a day. The average salary from my employer is in the high $180 range. People like to whip our their male appendages for size measuring. I'm willing to put my money where my mouth is. Edited October 9, 2015 by angrypenguin Quote My views are my own and not those of my employer.
ToadBrother Posted October 9, 2015 Report Posted October 9, 2015 Ha, like I need to prove it to you. No, a Conservative government would not raise my taxes. If you really doubt who I work for, ask a mod for their email address and I will email them with my work email and call it a day. The average salary from my employer is in the high $180 range. I'm not interested in the claims of a guy who just a couple of days ago was behaving like a mean-spirited twelve year old. And frankly it's irrelevant, you're a fantasist if you don't think taxes will go up. Quote
angrypenguin Posted October 9, 2015 Author Report Posted October 9, 2015 (edited) I'm not interested in the claims of a guy who just a couple of days ago was behaving like a mean-spirited twelve year old. And frankly it's irrelevant, you're a fantasist if you don't think taxes will go up. In a Conservative government, I do not think it will. Also if it does, I'm outta here. I'm not willing to support lazy left whining idiots. You don't deserve my tax $. Edited October 9, 2015 by angrypenguin Quote My views are my own and not those of my employer.
ToadBrother Posted October 9, 2015 Report Posted October 9, 2015 In a Conservative government, I do not think it will. And that's why you're dreaming. Sooner or later it will happen. Some disaster or some great public demand will create the need for higher taxes. Quote
Bonam Posted October 9, 2015 Report Posted October 9, 2015 And frankly it's irrelevant, you're a fantasist if you don't think taxes will go up. Why do taxes need to go up? Quote
dialamah Posted October 9, 2015 Report Posted October 9, 2015 And that's why you're dreaming. Sooner or later it will happen. Some disaster or some great public demand will create the need for higher taxes. Medical care for the old folks. That's gonna be a lot of money. It's already a lot of money and we've got another 30 years of baby-boomer to get through, eh? Quote
atthelake Posted October 9, 2015 Report Posted October 9, 2015 Shit. I freaking forgot about the carbon tax. I remember owning a small business and when they hiked my taxes back in the day (its a while back now), I remember deciding whether or not I should increase my profit, offsetting my taxes, by letting someone go. I did, every time. Food for thought! I'm a salaried employee now, so it's slightly different, but I am sure that it will affect our 2.5 billion $ business/yr - Canadian sub only Well if you end up being let go to enhance your employer's profit at least you will be very understanding. Quote
ToadBrother Posted October 9, 2015 Report Posted October 9, 2015 Why do taxes need to go up? Something will happen; disasters, wars, or maybe the public wants some other social program. It is inevitable, no matter what the current batch in government may say. Sooner or later taxes will go up. Quote
ReeferMadness Posted October 9, 2015 Report Posted October 9, 2015 Under the Conservatives, no, I don't believe they'd hike it. Under the liberals and ndp I'm sure they'd raise them. And then when they do, I know exactly where I'm moving to. All right! Now we'll have 2 things to celebrate on October 19! Don't let the door hit your butt on the way out. Quote Unlimited economic growth has the marvelous quality of stilling discontent while preserving privilege, a fact that has not gone unnoticed among liberal economists. - Noam Chomsky It is difficult to get a man to understand something, when his salary depends on his not understanding it. - Upton Sinclair
Boges Posted October 9, 2015 Report Posted October 9, 2015 People really think the taxes we pay in Canada are too low? Quote
angrypenguin Posted October 9, 2015 Author Report Posted October 9, 2015 People really think the taxes we pay in Canada are too low? If you weren't paying taxes, wouldn't you want to tax to increase? Quote My views are my own and not those of my employer.
dialamah Posted October 9, 2015 Report Posted October 9, 2015 A potential tax increase in the future. I come dangerously close to the $200k mark but I don't cross it so I don't get taxed more under the moronic Liberal tax increase. I shall wish a raise upon you. A big one. Quote
Boges Posted October 9, 2015 Report Posted October 9, 2015 (edited) If you weren't paying taxes, wouldn't you want to tax to increase? Even people who don't pay a lot of income taxes pay sales taxes and fees on licenses etc. It appears JT, like Wynne before him just wants to put the gears to the rich. But there aren't enough rich people to generate enough revenue. It's just this Robin Hood mentality. A Carbon Tax will hit the middle class that he's trying to champion the most. Edited October 9, 2015 by Boges Quote
angrypenguin Posted October 9, 2015 Author Report Posted October 9, 2015 Even people who don't pay a lot of income taxes pay sales taxes and fees on licenses etc. It appears JT, like Wynne before him just wants to put the gears to the rich. But there aren't enough rich people to generate enough revenue. It's just this Robin Hood mentality. A Carbon Tax will hit the middle class that he's trying to champion the most. And like many voters, they'll have to learn the hard way. Quote My views are my own and not those of my employer.
dre Posted October 9, 2015 Report Posted October 9, 2015 Shit. I freaking forgot about the carbon tax. I remember owning a small business and when they hiked my taxes back in the day (its a while back now), I remember deciding whether or not I should increase my profit, offsetting my taxes, by letting someone go. I did, every time. Food for thought! I'm a salaried employee now, so it's slightly different, but I am sure that it will affect our 2.5 billion $ business/yr - Canadian sub only If thats the kind of business decision you made, its no suprise that youre a time-clock puncher now. Quote I question things because I am human. And call no one my father who's no closer than a stranger
angrypenguin Posted October 9, 2015 Author Report Posted October 9, 2015 If thats the kind of business decision you made, its no suprise that youre a time-clock puncher now. I don't see how a multi million dollar payout is such a poor business decision. There are upsides to not working for yourself. Quote My views are my own and not those of my employer.
dialamah Posted October 9, 2015 Report Posted October 9, 2015 (edited) Even people who don't pay a lot of income taxes pay sales taxes and fees on licenses etc. It appears JT, like Wynne before him just wants to put the gears to the rich. But there aren't enough rich people to generate enough revenue. It's just this Robin Hood mentality. A Carbon Tax will hit the middle class that he's trying to champion the most. As a barely middle class voter, here's what I think: taxes are a fact of life, and they pay for important services, which I benefit from. And they also pay for things I think are ridiculous. I don't mind paying for those things and I do expect over the long term, they'll rise because -- well, we keep creating more politicians and they all have to have their exorbitant pensions. Fact of life. If JT gets in, I get a bit of a break, at least for a while. As I understand it so does everyone, including the rich, because they'll be paying less on the amount of their income that falls between $44,000 and $89,000 (don't remember the exact figures). That's more of a break than I'll be getting, because I'm at the low end of this 'middle class' scale, so the tax reduction benefits me minimally. People making $89,000 or more get the full benefit of the tax reduction. This is offset by the raise (3%?) on earnings above $200,000, but again dependent on how much over $200,000 a person makes. If he doesn't get in and we're stuck with Harper, that's all right too - his tax policies and boutique tax credits don't help me in any way, but they don't harm me either. Since I'm one of the majority who believes that global warming is a reality and is a serious threat to our survival (certainly more serious than Muslims), I'm in favor of a carbon tax. I live in a fairly small home, I drive a small car and I use transit a lot. A rich(er) person, on the other hand, is more likely to live in a larger home, have higher utility bills and if a couple, two vehicles and overall a larger carbon footprint than I do. To my mind, that suggests they'll be harder hit by a carbon tax than I would be. Also, since I don't think (lots of) money is so extremely important to my happiness in life, I'm pretty certain I'll be able to adapt to whatever the future holds and regardless of who's in power. In my opinion there are more important things in life than how much money I can accrue, or how many taxes I can avoid. Leaving one's country because a government collects taxes at 2 or 3% more than what an individual deems 'acceptable' seems absolutely wrong-headed to me. But to each their own. Edited October 9, 2015 by dialamah Quote
angrypenguin Posted October 9, 2015 Author Report Posted October 9, 2015 Also, since I don't think (lots of) money is so extremely important to my happiness in life, I'm pretty certain I'll be able to adapt to whatever the future holds and regardless of who's in power. In my opinion there are more important things in life than how much money I can accrue, or how many taxes I can avoid. Leaving one's country because a government collects taxes at 2 or 3% more than what an individual deems 'acceptable' seems absolutely wrong-headed to me. But to each their own. Re: this. Sure, another 2-3% here, another 2-3% there, add on a carbon tax...etc. I'm sure it's a stretch for some and probably exaggerated given the heat of the election, but IMO we really do lose talent in this country because of the amount one earns/spends. (take physicians as an example). Two close family friends just became GPs. When the topic about $ was discussed, they sure were surprised how much their American counterparts made, and they're seriously thinking about leaving Canada. (and this is after we subsidized their education) <--we being the taxpayers Quote My views are my own and not those of my employer.
dre Posted October 9, 2015 Report Posted October 9, 2015 I don't see how a multi million dollar payout is such a poor business decision. There are upsides to not working for yourself. Except you didnt get a multi million dollar payout. You ran your business into the ground, and now youre stuck working for wages and lying on the internet about being rich Quote I question things because I am human. And call no one my father who's no closer than a stranger
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