01-02-2002 23:04									#61
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I still pay tax, I get it all back in a few months in a rebate though.

And I've seen the taxes my father pays.

quote: For a single person 41600 is plenty.

Perhaps, depends what you want to do with that money. That's not even enough for a good sports car. Don't rich people own sports cars?

	01-02-2002 23:05									#62
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In Canada, Taxes will take away around 25,000 of that 41k

	01-02-2002 23:09									#63
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quote: Originally posted by faded glory In Canada, Taxes will take away around 25,000 of that 41k

What is the tax rate over there? 60%??? Here you'll have to pay someting like 13-15k out of 41k.

	01-02-2002 23:10									#64
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Yes it is very high in canada, much higher than the USA. I dont know about 25k. Buts its in the area of 20-30k.

	02-02-2002 00:10									#65
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In Canada, Taxes will take away around 25,000 of that 41k

Yeah, way to pull figures out of your ass.

I make between 30-40k and I pay only 5-6k in income taxes. Property and sales tax probably only takes the grand total to 10k.

Asher: Yeah it depends on what you want to do with your money. I have a condo, a newish car, contribute a fair amount to RRSP's and I still have enough left over to do what I want. I wouldn't consider that rich, as I could have a nicer place and car, but that's why I said 41k is plenty

edit: fixed quote

	02-02-2002 00:51									#66
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I did an approximate conversion to drachmas and that 23622$ is about 9M drachmas. This is alot for one person: When my father was alive, our family income was about 12M. Divide by 3 (I'm an only child) and that is not rich at all (it is less than the PCI infact).

And I thought I was rather well-off.

	02-02-2002 01:43									#67
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Essential things are also a lot cheaper there which is something you need to take into account.

	02-02-2002 03:50									#68
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quote: Originally posted by Garth Vader I make between 30-40k and I pay only 5-6k in income taxes. Property and sales tax probably only takes the grand total to 10k.

You're not in one of the higher tax brackets. Once you get up into the highest (what is it, 50%?), and add on GST (7%) plus any PST (8%?), about ~65% of your income goes to the government.

quote: Asher: Yeah it depends on what you want to do with your money. I have a condo, a newish car, contribute a fair amount to RRSP's and I still have enough left over to do what I want. I wouldn't consider that rich, as I could have a nicer place and car, but that's why I said 41k is plenty

Of course it's plenty, but we're talking about rich here.

	05-02-2002 00:39									#69
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quote: Originally posted by Asher You're not in one of the higher tax brackets. Once you get up into the highest (what is it, 50%?), and add on GST (7%) plus any PST (8%?), about ~65% of your income goes to the government. Of course it's plenty, but we're talking about rich here.

Sure...if you had an infinite amount of money.

Only the top portion of your salary (above 65k? I think) goes at the highest tax bracket.

Asher, man, I live in the most heavily taxed region of Canada, yet with prop. taxes, prov. and fed. taxes, my parents don't pay more than a grand total of 40-45% of their annual income in taxes.

You also forgot that most of what you buy isn't taxed (rent/mortgage, bills, food, tuition, etc.), plus all discounts from tuition, RRSP contribution, etc. There's no way in hell 65% of your family's income goes to taxes.

	05-02-2002 02:08									#70
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Rich is when you have enough money to be attractive to one of the women from the World's Hottest Woman thread.

	05-02-2002 02:37									#71
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Income isn't enough to make you rich. You've got to have capital. There was a guy who died in the WTC that was making over a million a year and his wife found out to her shock that they didn't have enough in the bank to cover October's mortgage payment. The guy was living month to month and hadn't told her. If you just look at the $1M figure, he was pretty rich, but his wife couldn't pay her bills the day after the income stopped flowing - is she rich?

	05-02-2002 02:41									#72
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That's cuz they were both idiots. How can you spend a million dollars in a year?

	05-02-2002 02:45									#73
	Got spare money?

To the guy that said that 2*NationalPCI isn't rich:
Seeing that the average American makes 326 times more than the average Ethiopian, then you should be considered filthy rich.

The richest people on average are the inhabitants of Luxembourg, since their PCI is about 46000$

	05-02-2002 03:23									#74
	To quote Dickens: Remove this text

Annual income, one pound; annual expenditure nineteen shillings 'n' sixpence; Happiness!

Annual income, one pound; annual expenditure twenty shillings 'n' sixpence; Misery!

Ok, so he didn't include emoticons.

BTW one pound = twenty shillings.

	05-02-2002 03:34									#75
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quote: Originally posted by KrazyHorse Asher, man, I live in the most heavily taxed region of Canada, yet with prop. taxes, prov. and fed. taxes, my parents don't pay more than a grand total of 40-45% of their annual income in taxes. You also forgot that most of what you buy isn't taxed (rent/mortgage, bills, food, tuition, etc.), plus all discounts from tuition, RRSP contribution, etc. There's no way in hell 65% of your family's income goes to taxes.

Since when was food not taxed? If bills don't have tax how come they have the "tax" section on there and take away money?

I never said 65% of our income goes to taxes. If we lived in BC, it probably would.

By the time you factor in health care premiums, provincial income tax, federal income tax, sales tax, and gasoline taxes, you'd be very surprised how much money goes to the government when the salaries are quite large.

Moreso than the middle-class socialists will have you believe, in fact.

	05-02-2002 15:44									#76
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quote: Originally posted by Asher Since when was food not taxed? If bills don't have tax how come they have the "tax" section on there and take away money? I never said 65% of our income goes to taxes. If we lived in BC, it probably would. By the time you factor in health care premiums, provincial income tax, federal income tax, sales tax, and gasoline taxes, you'd be very surprised how much money goes to the government when the salaries are quite large. Moreso than the middle-class socialists will have you believe, in fact.

1) Unless you're buying it in a restaurant, food isn't taxed. I'm damn sure of this.
2) Don't know. Doesn't happen here, except on phone bill.
3) BC has lower taxes than QC
4) Health care premiums only exist in Alta and 1 other province, IIRC. Other provs have a health-care contribution that's graduated just like the regular tax
5) I wouldn't be surprised at all. I've seen what my parents pay in taxes, and it's not even close to 50%. It's under 40% without sales taxes, and with them it might approach 45%, not higher. If your father makes over 200k and isn't rich enough to pay a team of accountants to cheat the government then he might well be paying 50-55% with all contributions taken into account. Too bad. I'm sure he can make do with what's left.

	05-02-2002 15:49									#77
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no sales tax on food sold in U.S. this is at grocery stores. "food" if you can call it that, at 7-11 stores does have sales tax.

	05-02-2002 16:48									#78
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I would have said 1 million $/€ in assets, but that benchmark has suffered too much inflation over time... maybe 5-10 million for "rich". If you can live very comfortably from the return on your capital...

My idea of rich is tied to assets, though. "income-rich" sounds like a contradiction in itself to me...

	05-02-2002 17:29									#79
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It's neither about assets nor about income. It's the amount that you spend that characterises your lifestyle after all...

	05-02-2002 19:44									#80
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Horse,
what you say is exactly what i was thinking and going to post.

I have lived at poverty level and below and had more cash
than my brother whos some big shot broker manager.
Its because we choose to live within our means .
small home, used cars, careful with credit.
now that I'm working again we have even more cash.
I have a new car for the first time in 20 years or so.
Its all in how you manage and use your income.
If your trying to impress the jones or live like a millionare when you aren't , thats when you can be one of the richpoor.
or as i have learned ....sometimes life can deal you a deck
that leaves you no choice...like losing your job or such
which can put you living beyond your control and being
poor living rich.

	05-02-2002 20:47									#81
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To add to what KH said.

Food isn't taxed at the grocery store, unless it's not really food. Thinks like junk food have some tax on them, but stuff like fruit and milk don't.

Bills do have tax, at least my cable bill does, and I think power and gas do as well.

	06-02-2002 00:54									#82
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quote: Originally posted by KrazyHorse 1) Unless you're buying it in a restaurant, food isn't taxed. I'm damn sure of this.

As a university student, all I pretty much eat is junk food. I don't have the time or effort to use components. Food is taxed. The food I buy. That's all I know.

Are you saying that only food components are not taxed? Flour, etc? If so, that's really useless to me as a student.

quote: 5) I wouldn't be surprised at all. I've seen what my parents pay in taxes, and it's not even close to 50%. It's under 40% without sales taxes, and with them it might approach 45%, not higher. If your father makes over 200k and isn't rich enough to pay a team of accountants to cheat the government then he might well be paying 50-55% with all contributions taken into account. Too bad. I'm sure he can make do with what's left.

By the time you're done paiding the accountants you might as well have payed all that extra tax. Not to mention that my mom's a CA anyway.
He knows what he's doing when he pays taxes, getting tons of tax deductions for some of the most stupid things.

The fact remains, that >50% of income into this house disappears into the hands of the government, who then mis-allocate billions in transfer payments to other provinces.

	06-02-2002 00:57									#83
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quote: Food isn't taxed at the grocery store, unless it's not really food. Thinks like junk food have some tax on them, but stuff like fruit and milk don't

McVities vs Customs and Excise was a benchmark case for VAT (sales tax) application.

The law is that staple foods are not to be taxed - so what defines a staple food? Well, cakes are deemed staple, biscuits are not. Anyway McVities sell Jaffa "Cakes", that are basically biscuits, and so C & E deemed them taxable. McVities took them to court over the issue. McVities won when it was scientifically proven that Jaffa Cakes are really cakes.

*ahem* But I digress.