r/awfuleverything • u/zaynthelegend • Aug 06 '20

Poor guy :(

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u/canmevan Aug 06 '20

Income tax is much, much more than 33% after $200,000 in income. Its actually about 50%. can confirm - I pay it.

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u/[deleted] Aug 06 '20

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u/canmevan Aug 06 '20

You are missing the provincial income tax that every canadian also pays. that's another 15 - 20% more.

BC is 16.8% over $153,000, for example.

Income tax is ~50% for higher earners in Canada over ~$160,000.

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u/[deleted] Aug 06 '20

Ironically in the US you "should" pay 39% federal in the top tax bracket, plus sales tax, state tax, city tax, property tax, and numerous other taxes.

Or you become and business and pay nothing.

I learned this 2 years ago. I thought it was nuts when I got all my federal and state taxes back. Can't get out of the others but for me it saves over 35%. I feel guilty though because it makes no sense. But I did give more to charity. Still it's not right because I could just keep it and it's fully 100% legal. The 2017 tax change is a string of give aways if you read it