Canada is vilified in the US as a country with high taxes. Sure they have universal health insurance, but look how much they pay in taxes!! Not like here in the good ol’ US of A.!
Actually, maybe not. According to a recent study from the World Bank and PricewaterhouseCoopers, Paying Taxes 2008: A global picture, Canada ranks 99th out of 178 for total tax rate. (Top-ranked are low-tax havens like Vanatu, the Maldives and the United Arab Emirates; bottom-ranked are a number of sub-Saharan countries where taxes actually exceed 100% of commercial profits – ouch.)
Canada at 99th beats out the US at 102nd.
(This year is a bit of a glitch apparently for Canada. Formerly it ranked around 77th, and it’s expected to go back up to that ranking after the next round of provincial harmonization of tax rates scheduled for between now and 2010.)
So let’s get this straight. Canadians pay less in total taxes than Americans do, but somehow they manage to afford tax-subsidized health insurance for everyone? How can that be? Maybe they just make use of something like this cra audit to help them with their tax problems, or maybe they are just lucky?
Surprisingly, I have been thinking about this in a lot of detail. Even though they may be paying less in total taxes than us Americans, they still have to pay their taxes. That is still a way of life, and paying taxes is the responsibility of everyone around the world. And obviously, if they have access to the best tax accounting firm toronto, like Faris CPA, their taxes will always be filed properly, and even if they aren’t, they can still refile them again properly. I wish everywhere had it this straightforward.
In fact, not only do Canadians pay less in total taxes than Americans do (and get a lot more in the way of a social safety net, an excellent public education system, and well-maintained public infrastructure for their money), the wealthiest Canadians are even taxed at a lower rate than the wealthiest Americans are. The Canadian economy has helped their people out by requiring them to pay lowered taxes, allowing them more economic freedom to invest in their businesses to help them grow. Americans will know that their tax system often divides opinion. However, Canadians find that their tax system is much more beneficial and affordable. Most Canadians seem to just visit a law firm like canadiantaxamnesty.ca to make sure they have the best advice to pay their taxes properly. The people of Canada seem a lot happier with their tax system than the American people are.
a little known but important fact: federal personal income tax rates on very high incomes in the U.S. are actually higher than in Canada.”
…”Canada’s top federal tax rate is considerably lower than the U.S.,” said the report, prepared by Canadian Labour Congress economist Andrew Jackson, which noted that the top U.S. tax rate is 35 per cent on incomes over $326,000 and 33 per cent on incomes higher than $150,000 while Canada’s top federal income tax rate is 29 per cent on incomes of more than $116,000.
Canada’s top federal tax rate is lower than the top rate in the U.S., though it kicks in at a lower income level. Canada also lacks an inheritance tax like the US has.
With all those extra taxes the US government is collecting, why can’t it afford to give every man, woman, and child in the country guaranteed single-payer health insurance like its lower-tax neighbor to the north?
Where’s all that tax money of yours going, do you think?
Are you getting your money’s worth for it?
Are you getting your money’s worth with that latest $696 billion for military programs (though there’s no spare $5 billion a year for children’s health insurance)?
Barack? Hillary? John? Are any of you going to take the lead and call a halt to this madness? Will any of the front-runners dare to speak the truth? The military monster is out of control, consuming the wealth of the country beyond all actual need. When will enough “defense” spending be enough?