It’s tax “brackets”. So from say 20-30k you’re taxed ~21%, the following 30-50k you make is taxed at another amount like 30%, and so forth. The last 30k made from 160-190k is then taxed at 49% (51% because I’m taking a bit more money instead of dumping into my pension fund etc…)
And yeah it’s Canada, but in the province of Quebec, the most taxed province of all (where education is still heavily subsidized/ free for people born there etc…)…
I’ve done this whole exercise on /r/theydidthemath years ago on reddit comparing to the US, and with all the medical insurance garbage they have there like co-pays after deductibles, tax credits, dental, daycares, tolls/infrastructure etc… It amounts to roughly the same as the taxation + private insurance in the US. It just “looks worse” because it’s all mostly up front. I know ex-millionaires in the US who were basically homeless because they had a sick baby who needed to stay in the hospital for a year after birth. It cost them 5 million dollars to keep the baby alive without having to go to court with the insurer. This doesn’t happen in Canada.
I’m fine with it, I just want the rich assholes to pay the same. I live very comfortably, bought a home in February this year and have more than enough.
Eeee. Youre completing forgetting that he can BORROW against those stocks, and pay a measly interest rate, paying out when it’s convenient through various loops of the tax system. Warren Buffet, even if his worth in billions is not in his pocket, has contributed less than most relative to his income.
The thing you drug up about the US hasn’t been a thing for more than a decade. The individual out of pocket limit is $9,450 this year for an individual, and Pregnancy, maternity, and newborn care are considered “essential health benefits” so as long as it was an actual factual real health plan and not something like a health care sharing ministry, there’s no way you’re going in a millionaire and coming out destitute unless you did something phenomenally dumb like demand an NICU be built into your house. Out healthcare is broken in so many ways, but the bandaids do exist on the system.
I have no idea what his situation was, he had full healthcare. There’s the law, and then there’s bringing insurance companies to court over the law. This might have been about a decade ago.
An out-of-pocket maximum is a cap, or limit, on the amount of money you have to pay for covered health care services in a plan year.
The key word being “covered health care services”. This also does not cover their own expenses, loss of salary etc… These laws are intentionally complicated so it’s theoretically possible to be covered, but good fucking luck going through the loops.
You can still find studies that claim that over 500k people file for bankruptcy every year due to accumulating medical costs I’m sure all these people are stupid and had NICUs built in their homes…
Might be Canada, I’m in a similar situation and GTFOing. No way am I going to continue paying this much in tax but still lack quality education and healthcare for our kids.
Are you/your children Quebec citizens? Education and healthcare are very cheap and accessible. If you’re a foreigner here then yeah it might not be as easy. Healthcare is still free and medicine is subsidized to a minimum of 80%. Also medicine potency is regulated, knock off brands of “advil” are guaranteed to be as potent as the brand name, which is a huge plus and keeps medicine costs very low.
I have a lot of experience with the medical system in canada; my parents both died of cancer, so did my mentor, and were in treatment in the public system the same week they got diagnosed. They didn’t wait months to see specialist like is often thrown around on reddit.
Yeah instead in the US you get to pay healthcare insurance premiums instead and have the companies try every trick to deny your healthcare claims. And pay who knows how much for your kids education, tens of thousands a year. All so your marginal (not effective) tax rate is what 40% instead? I think you need to recheck your math and your outrage. Don’t forget those expenses are after tax.