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Originally Posted by Mojo_PeiPei
But point in case, what do you guys pay in taxes north of the border? Same should be asked for Greece.
Also nothing wrong with being Quasi-socialists. Just note that us Americans are all inherently selfish and most of us like to keep what we earn and we already feel that hte 35% +/- we already pay in taxes is to much, I can only imagine if we got up to the rates in Europe 50/60/70%.
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i can give you a break down on the margins:
personal income inOntario:
as of 2004
0 - 8,044 exemption no tax (the new budget from yesterday has moved this to 10,000)
up to 35,000 - provincial tax: 22.05%, Federal Tax: 16%
35,000 to 70,000: provincial tax: 31.15%, Federal tax: 22%
70,000 - 113,804: provincial tax: 37.16%, Federal tax: 26%
over 113,804: provincial tax: 40.16%, Federal tax: 29%
so as you can see, they get prgressively higher on the margins only.
I pay more in taxes than the avg income in Canada. this is an incentive to max outmy RRSPs and put my money into tax shelters for my retirement.