Quick calculation from the Wealthsimple tax calculator site shows that if you have 5,000,000 employment income, 5,000,000 Capital gains, 5,000,000 interest income and 5,000,000 other income for a total of $20,000,000 income, your after tax income in $12,322,083, and your effective tax rate is 38.4% With no deductions or tax shelters.
I was answering a person who essentially did call anyone who disagreed with them as MAGA. You stepped into that conversation. I’m not going to split hairs here when conversations cross posters. Maybe call them out for calling people who are pro-independence as MAGA? Or calling conservatives that as well? Because you won’t keep Canada together by alienating people.
Everyone can make that claim. Just agree with my position and we’ll all be fine. No?
My mistake, Canada didn’t nationalize the economy, it bureaucratized it.
While there are improvements, of course I’m proud of our tax system.
Roughly; 0-$57,375 of your earnings are taxed 14.5%. The next $57,375 is taxed 20.5%, the next 26%, then 29%, until it caps out at 33% no higher. This cripples none. If you are making such high earnings then those additional dollars should be subject to higher rates.
Being angry that Albertans earn higher then other Canadians, and thus are taxed at the high rates all other Canadian high earners must pay, doesn’t evoke my sympathy.
I’ll feel free to address this then. Anyone who listens or pays a minor amount of attention to these Alberta separatist groups will find out that they are MAGA. Here’s what Cameron Davies, the president of the separatist “Republican Party of Alberta,” (a US citizen and former US Marine) says:
(snip) in a recent interview that he’d be focusing future outreach efforts exclusively on right-leaning partners, and not centrist and centre-left groups like the U.S. Democratic Party.
“I’ve never seen evidence that the Democratic side really values the ideals of freedom and independence, so I don’t think (meeting with Democrats) would be a really valuable use of my time,” said Davies.
Davies said he’ll be rooting for Republican candidates in November’s midterm elections and is planning engagements with the “freedom loving” right-wing governments of El Salvador and Argentina.
Not a lie, they actively court the present Trump administration with white house visits. Anyone interested can just go and listen to these people’s interviews or go watch their rallies on youtube. To deny that they are MAGA is to deny what your own eyes and ears tell you. That’s not on me.
You can disagree with basic mathematics. You can’t expect anyone to take you seriously if you do.
I repeatedly showed the numbers.
Alberta currently has just shy of $60B in non-federal-transfer revenue. You propose to decrease provincial income tax via a flat tax system, and not to replace federal income tax or the GST. That will leave you with revenue in the mid-50s.
Alberta currently spends $79B on provincial programs. At least some federal spending would need to be replaced, which is going to result in a total outlay in the mid-90s based on your optimistic assumptions of what that replacement spending would be.
You wave your hands about attracting new business, but your total oil revenues now are just $15B. You could double that and barely make a dent in things.
I’m not asking you to agree with my position. I’m asking you to agree that 95 is a larger number than 55. So far you have refused.
Sure, if you read APP position paper, they say we aren’t going to eliminate taxes overnight. If we just take the same taxes as today, we end up with a minimum of $20B extra to apply locally which could include reducing taxes. Or pay off whatever our share of the national debt will be in short order.
Do you at least agree with the $20B surplus number as a starting point?
I suspect it’s at least somewhat optimistic, but not ridiculously so. I’ve seen other estimates around $15B. We can use $20B if you like, but remember that you’ve currently got a ~$6B provincial deficit (based on the latest Alberta fiscal update) to cover with that first. But now you’re talking about adding federal income tax rates to your current provincial rates, and replacing the GST with a new PST? That’s quite a flip-flop from the “we might need a 10% flat tax as we transition to no income taxes at all.”
Is that the Alberta calculation? Out of curiosity, what is the Quebec calculation?
Why do Albertans make more than other Canadians? It must be something that will make them just as successful and high earners if they were an independent country. I wonder what that is?
And why should other parts of Canada, many of which could have the same results but chose not to, expect us to send money from our hard earned incomes to them so they don’t have to work so hard or make the tough choices? Sorry, I don’t feel much sympathy for them if we choose independence and choose not to continue to send them money.
Not agreeing with you does not make a person MAGA. This is just fearmongering and slander. There is a Communist Party of Canada based in Toronto. Shall I feel free to tag all Liberals with their views?
And quite clearly stated was MY thought on what we’ll likely end up with prior to my finding the APP documentation.
That’s an Alberta calculation, including Federal and Provincial (Alberta) tax.
For Quebec, I threw the same figures into WealthSimple calculator and got an effective tax rate of 43.2%
Just for fun- If you make say, $60,000 in employment income, according to WealthSimple, your effective tax rate is:
Alberta: 21.1%
Quebec: 25.7%
Ontario: 21.7%
BC: 20.7%
OTTAWA — A new poll shows that tensions with Ottawa are declining in all four western provinces, with perceptions of the federal government improving especially rapidly in Alberta.
Perhaps the especially stupid example unfolding just to their south is waking folks up?
Here’s a monkey wrench in the gears of the Alberta seperatist movement:
From the item: