6 ms·
And how many actually pay that rate? Vs how many would if it was 40 or something non ridiculous? In that income bracket you can live anywhere in the world. Co
by tlear 8y ago
And how many actually pay that rate?
Vs how many would if it was 40 or something non ridiculous?
In that income bracket you can live anywhere in the world. Could buy suite in Paris just on tax savings.
- cra 8y agoWell, if you read closely, the 70 rate is cutting to the sum above the threshold value. So if your salary is X + Y + Z, where X, Y, and Z are, respectably, the lower, middle and the high threshold values, the taxes you pay is something like (X * alpha) + (Y * beta) + (Z * gamma) and only `gamma` is 0.7, `alpha` is something like 0.35 and I assume `beta` is something in between. So those who pay 70 percent taxes are already maxed out on the lower contributions in corresponding income range.