General EV Conversation
Lexus Fanatic
Joined: Sep 2010
Posts: 26,190
Likes: 4,380
From: Alberta
I'm not in Ontario.
Grok gives an amazing answer
https://x.com/i/grok/share/JJfOx3VJ8ahw4gU8XfWBrbYMK
Grok gives an amazing answer
https://x.com/i/grok/share/JJfOx3VJ8ahw4gU8XfWBrbYMK
Lexus Champion
Joined: Oct 2019
Posts: 19,948
Likes: 3,841
From: California
I'm not in Ontario.
Grok gives an amazing answer
https://x.com/i/grok/share/JJfOx3VJ8ahw4gU8XfWBrbYMK
Grok gives an amazing answer
https://x.com/i/grok/share/JJfOx3VJ8ahw4gU8XfWBrbYMK
CL Community Team
Joined: Feb 2007
Posts: 9,434
Likes: 638
From: IL
I'm not in Ontario.
Grok gives an amazing answer
https://x.com/i/grok/share/JJfOx3VJ8ahw4gU8XfWBrbYMK
Grok gives an amazing answer
https://x.com/i/grok/share/JJfOx3VJ8ahw4gU8XfWBrbYMK
$80,000 USD = $108,132 CAD, but it used $80k for both.
Lexus Champion
Joined: Jan 2012
Posts: 17,318
Likes: 558
From: Knoxville, TN
BUT that’s only the top tax bracket so it doesn’t affect everyone. It’s still ludicrous. More than half your money?
Lexus Champion
Joined: Oct 2019
Posts: 19,948
Likes: 3,841
From: California
Why even go to work? Why want to even be successful and put the college work in?? To hand over 60%? In California it’s insane to me that with federal and state it’s over 50% of your income going to Uncle Sam,
BUT that’s only the top tax bracket so it doesn’t affect everyone. It’s still ludicrous. More than half your money?
BUT that’s only the top tax bracket so it doesn’t affect everyone. It’s still ludicrous. More than half your money?
Lead Lap
Joined: May 2010
Posts: 4,075
Likes: 1,723
From: San Diego, CA
No one has a 60% effective rate. Or even 50%. It's not possible, because of the way tax brackets work.
Federal tax is the same everywhere, and you're not paying more than 37% marginal, and even then only on anything over $650K - so no matter what you earn your effective rate will be (usually considerably) lower.
And even for $1m plus incomes, you're not paying 13% effective at the state level here. You don't get to the top marginal rate until $700K, and the 1% health surcharge only kicks in over $1m.
And that's before you even start to think about tax mitigation.
Federal tax is the same everywhere, and you're not paying more than 37% marginal, and even then only on anything over $650K - so no matter what you earn your effective rate will be (usually considerably) lower.
And even for $1m plus incomes, you're not paying 13% effective at the state level here. You don't get to the top marginal rate until $700K, and the 1% health surcharge only kicks in over $1m.
And that's before you even start to think about tax mitigation.
Lexus Champion
Joined: Oct 2019
Posts: 19,948
Likes: 3,841
From: California
No one has a 60% effective rate. Or even 50%. It's not possible, because of the way tax brackets work.
Federal tax is the same everywhere, and you're not paying more than 37% marginal, and even then only on anything over $650K - so no matter what you earn your effective rate will be (usually considerably) lower.
And even for $1m plus incomes, you're not paying 13% effective at the state level here. You don't get to the top marginal rate until $700K, and the 1% health surcharge only kicks in over $1m.
And that's before you even start to think about tax mitigation.
Federal tax is the same everywhere, and you're not paying more than 37% marginal, and even then only on anything over $650K - so no matter what you earn your effective rate will be (usually considerably) lower.
And even for $1m plus incomes, you're not paying 13% effective at the state level here. You don't get to the top marginal rate until $700K, and the 1% health surcharge only kicks in over $1m.
And that's before you even start to think about tax mitigation.
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Lexus Champion
Joined: Jan 2012
Posts: 17,318
Likes: 558
From: Knoxville, TN
No one has a 60% effective rate. Or even 50%. It's not possible, because of the way tax brackets work.
Federal tax is the same everywhere, and you're not paying more than 37% marginal, and even then only on anything over $650K - so no matter what you earn your effective rate will be (usually considerably) lower.
And even for $1m plus incomes, you're not paying 13% effective at the state level here. You don't get to the top marginal rate until $700K, and the 1% health surcharge only kicks in over $1m.
And that's before you even start to think about tax mitigation.
Federal tax is the same everywhere, and you're not paying more than 37% marginal, and even then only on anything over $650K - so no matter what you earn your effective rate will be (usually considerably) lower.
And even for $1m plus incomes, you're not paying 13% effective at the state level here. You don't get to the top marginal rate until $700K, and the 1% health surcharge only kicks in over $1m.
And that's before you even start to think about tax mitigation.
60%????? I need to read up on Canadian taxation. I just wouldn’t even want to go to college to get a job to work if I’m giving more than half of it away like a hooker to a pimp. 60/40 split pimp’s favor is typical for high end hookers.
Lexus Champion
Joined: Jan 2012
Posts: 17,318
Likes: 558
From: Knoxville, TN
I just go visit the large amount of rich family I have out there in California, and live in Tennessee. At our reunions which are fairly large we are the only ones not from Bay Area/Northern California. All my Great Aunts and Uncles went out there in the 40’s and got really rich when it was easy to do back then with real estate. I’m sort of a California guy by blood haha.
Last edited by AJT123; Sep 4, 2024 at 10:53 AM.
Lead Lap
Joined: May 2010
Posts: 4,075
Likes: 1,723
From: San Diego, CA
understood. It's one of those devil is in the detail things. There's a lot of misinformation out there about taxes, and misunderstandings about both brackets and the difference between effective and marginal are usually at the heart of it.
Lexus Champion
Joined: Jan 2012
Posts: 17,318
Likes: 558
From: Knoxville, TN
I can see why accountants are highly paid, I mean duh but yeah.
