What do you think the correct tax policy should be
I will tell you my situation and then we can go from there
We have a corporation that pays a flat 15 % on the 1st 500,000.00 of profit
Since I never make more than 500,000.00 that is my corp tax
But any money I take out for living expenses is taxed at an increasing rate
12% 15% 25 % 37 % 47 %
So I fall some where in the middle but the 1st amount is taxed at the lowest rate and increases until I top out some where in the middle
Now I ask you if this tax rate is fair
I won't get into Bill Gates and tax loop holes. I agree with Warren that the tax loop holes need to be closed for the likes of Buffet etc.
I don't agree with death tax or a wealth tax. People need as much as possible to carry on the business or their own needs
Only when you sell should a capital gains tax be in effect
If you go to cash and spend on fancy homes then yes pay the tax 1st. Sell a farm pay the tax. You could rent and avoid the capital gains tax.
I am told the RV market is the latest hot market. Every body wants an RV, at least the demand is more than the supply
In my mind the only reason we have taxes is to keep the deficit in some sort of control. Increasing the deficit much faster and the dollar goes down the toilet. Everybody knows the deficit will never be repaid so telling us the hard ships our children will face is plainly telling us made up fairy tales
So back to shortages
IMHO shortages is a sign the economy is robust. In time this shortage will sort itself out but in the mean time shortages mean consumers have money to spend
So what is wrong with having money to spend, if that is what you want
I would rather people spend on RV's than solar panels and wind towers and transmission lines to move energy from point A to point B
In other words Biden's tax proposal is all about green. The recent G-7 was all about green Mean while the border goes from bad to worse. We pay a carbon tax. China gets our money.
Biden will lose the mid term election if he continues with this malarky, as will Trudeau, or at least I hope Trudeau loses
Wonderful points Wayne!
Thanks for the details on your tax situation.
I'm tied up and can't give you a comprehensive answer in a field that is not my expertise..........taxes. Personally, I feel that we are way OVER taxed and much of the money is spent poorly on dumb things.
On the green energy, its ludicrous that they are doing this.
What is being sold as green energy is the complete opposite.
Beneficial carbon dioxide emitting fuels are the real green energy.
Here is the 100% absolute proof:
Instead of this, they are telling us the environmentally unfriendly wind turbines, wrecking millions of acres of land (and killing millions of birds) is the green energy.
And solar panels.
Both only last 25 years, then fill up land fills with toxic waste.
And they require tearing up land to mine natural resources in order to make them.
This is our competition for nuclear:
And it looks likely that they are lying to us about the origins of much of the oil and gas in order to make us believe its not renewable.
which country has the most oil reserves?
I should correct and ex[lain our taxes
We start at 15 then 20-25-29 % federal
15 % corp is correct
I did not include excise or provincial tax
I was doing an approx and then decided I should be more accurate
Our taxes are very high but that includes medical cost