Comments by "Pac Man" (@pacman3556) on "Poilievre being forced to vote on capital gains tax changes" video.

you think PP is any different? If you think so then you are just fooling yourself.
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I am not a tax expert and others here may have described it better than I can but currently only 50% of capital gains is taxed and it is taxed at the marginal tax rate that a person falls into. Example of you make $100K in capital gains you only pay taxes on half of that (or $50K) and of that $50K that you are taxed on you are only taxed at your marginal tax rate which would be around 33%. So if you make $100K in capital gains income you would end up paying around only $16-17K in total income taxes ($50K times by 33% tax rate). Now compare that to someone that earns $100K in income through a job. That same $100K is completely taxable and would be at the same marginal tax rate so someone earning $100K through a job would pay around $33K in taxes Both examples someone earns the same amount of money but in the first example someone that doesn't work but earns money through an investment pays about half of what an individual does making the same amount of money working at a job. What the govt would like to do is change the total amount of capital gains that can be taxed from 50% to 66% so the person that making money through capital gains pays taxes on $66K instead of only $50K thereby making them pay more in taxes or a closer amount in taxes then someone that actually earns the same amount through income or a job. The reason behind this is rich people tend to make more money through passive investments or capital gains vs the average employee that makes their money through working at a job. It is a way to make rich people pay more of their fair share (i.e. why should someone working a full time job pay more than a rich person not working at all for the same income). Nobody is going after a working person making $100K or more. And nobody is going give up 50% or 66% of their total income (whether a job or capital gains) in taxes. This is just decreasing the amount people can write off from their income because it is a capital gain. Yes I know this is very simple in terms. It is more complex and because it is a marginal tax rate 33% is just the final bracket. There are ranges (15% for under 55K, 20%- 55 to around 100K etc). Also people can put money into things like RRSP and other deductibles to help lower their income and tax rate etc. but this was just meant to be simple for explanation purposes.
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you do not recognize the govt and disregard anything it says.....as you pay your taxes, follow the laws etc etc etc.....yeah what a big rebel you are.
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wtf are you going on about?
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For everyone trying to argue that this is a tax on the middle class and nobody should pay 67% tax needs to learn the tax system and stop listening to politicians that are lying to you to gain your vote. NOBODY pays 67% or 50% tax rate. This is the INCLUSION rate. The highest MARGINAL tax rate that anyone pays is 33% and this only applies to people making over $243K a year. The average person in our country only pays about 29% marginal tax rate To give you an example of how it works: If you make $100K per year at a job that income is 100% taxable. If you have a marginal tax rate of 33% then you pay $33K per year in taxes If someone makes the same $100K per year through capital gains they are allowed to deduct 50% of that income and only need to pay taxes on 50% of the taxes. So $100K times 50%= $50K in income that taxes need to be paid on. $50K times by the same 33% marginal tax rate= $16,500 So basically someone making 100K at a job has to pay $33K a year in taxes while someone making the same amount of money per year but in capital gains pays $16K a year half of what someone working a job does. The average worker does not make their money through capital gains they make it through a job so 100% of their income is taxed. The average rich person makes their money through capital gains so the average rich person is allowed to write off 50% of their income and pay taxes on only 50% of their income. The proposed increase is not on the taxes paid but on the amount that rich people (or people making money through capital gains) are allowed to write off. Instead of writing off 50% they are only allowed to write off 33% (meaning they have to pay taxes on 67% of that income which is still less then the 100% you pay on your income working at a job). So this is making rich people pay their fair share. Why should you pay tax on 100% of your income just because you got that money working at a job while someone else pays taxes on only 50% (or half their income) just because they made that money from passive income or passive investments? Another thing to note is the increase in the inclusion rate only applies to capital gains over $243K per year so this only effects the super rich. This will not effect 90% of our people. Stop being fooled. NOTE- my examples were very basic for math and explanation purposes. There are a wide variety of factors that effect income and what people pay. However many of those factors further help the rich. Example poor people are less likely to save in an RRSP while rich people use their capital gains and put them into RRSPs that further lowers their taxable income. Also rich people tend to earn more of their income through dividends then people working at a jog. And dividends are very similar to capital gains- dividends also have an inclusion rate of only around 60% (meaning people making money on dividends only pay taxes on 60% of those earnings). Overall the average rich person only pays somewhere around 25% of their income while the average middle class person pays around 30-33% and that is just income taxes. When you factor in all other taxes (GST, PST, Property taxes, gas taxes, liquor taxes etc etc etc) the average middle class person pays about 60% of their income to the govt (of all levels) through some form of tax while a rich person only pays around 40% or less. I don't recall the exact numbers but studies and reports have proven this. Why are we middle and working class people forced to pay 60% of our earnings in taxes while rich people only have to pay 40% of their earnings in taxes? It is time rich people pay their fair share.
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the changes to capital gains taxes won't effect the vast majority of the people in Canada.
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Forced to take a stance?? Force to vote?? We elected you to represent us. You shouldn't be forced to to take a stance or vote. You represent us.....do your fu$cking job and take a stance and vote you incompetent fu$cktard.
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what are you suggesting was propaganda?
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nobody pays 65% tax on their income. 65% is the inclusion rate. You are so angry you don't even know what you are angry about. Try learning the tax system before you whine and cry
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@tomzoltan8095 nobody is punishing hard working business owners. Hard working business owners need to claim 100% of their income on their tax forms. It is people making money through capital gains over $243 to start claiming more of their income to be taxed. Capital gains earners are now being asked to claim 67% of their income for tax purposes instead of only 50%. This increase to the INCLUSIVE amount (not a change to the MARGINAL tax rate) actually helps us all including hard working business owners by making rich people pay more of their fair share. Learn the difference between INCLUSIVE rate and MARGINAL TAX rate and learn how our tax system works instead of just swallowing the hate filled nonsense PP is feeding you to win your vote.
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no it isn't. Middle class people do not make $250K or more in capital gains. The average middle class family (2 income family) only makes $100K a year. Average single household earner is $50K. Or are you trying to argue that $250K is less than 100 or 50?
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@sandman9413 the tax rate is not increasing to 67%. Nobody pays 67%. The highest marginal tax rate which applies to anyone making over $243K a year is only 33%. The increase of 50% to 67% is the inclusion rate. Currently anyone that makes income through capital gains only pays taxes on 50% of that income. They are raising that to anyone that makes income through capital gains will have to pay taxes on 67% of that income. If you work at a job you have to pay taxes on 100% of your income so why should someone that makes the same money as you pay taxes on only 50% of their income because they made their money through capital gains while you made your money through a job? Learn the tax system instead of just blindly repeating the hate filled nonsense politicians tell you to manipulate you to win your vote.
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@LoredNikon you have a sad pathetic life if you think I am troll for telling you the truth. In another 8 years or so you will crying for the Liberals. Flip flop little whiny baby. Always flip flopping to the politician that lies to you best
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That pretty much what it is today. First $55K the marginal tax rate is 15% over $55K up to $111K marginal tax rate is 20.5% over$111K up ro $173K marginal tax rate is 26% $173K to $246K marginal tax rate is 29% Anything over $246K marginal tax rate is 33% The average person falls into a marginal tax rate of around 20.5 to 29%. And even the highest earner is only taxed at 33% and that is on only income over $246. Anything under $246 they are taxed at the marginal rates listed above. So what are you going on about?
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@tomzoltan8095 depends on what their income is. That is why they are raising the capital gains tax. If someone makes $100K at a job then the entire $100K is considered income and they are taxed on the full $100K. Example their marginal tax rate would be around 33% so they would pay around $33K in income taxes. However if a rich person makes the same $100K but in capital gains then they are allowed to write off 50% of that income and only pay income tax on half that money. Or only pay tax on $50K. Example if they also fall into the same marginal tax rate of 33% because they only pay tax on $50K then the person making money from capital gains is only around 16-17K Since rich people tend to make more of their money through capital gains then the average working person then using this example rich people through capital gains credits pay less in taxes then the average working person. By changing the amount that people claim as a capital gains credit it changes the amount or makes it more fair the amount a person making income through capital gains will pay in taxes. Dividends from things like stocks also works very similar to capital gains (you only have to pay tax on somewhere around 60% of money you earn from dividends). Rich people also get paid in stocks and dividends at a far higher rate then the average working person also. So when you factor in dividends and capital gains the average rich person pays far less in total income taxes on a percentage bases then the average working person On a total money collected by the govt then sure you can argue rich people pay more the average or poor people. As an example using random numbers rich people may pay $50B in total collected taxes while average to poor people pay $40B in total collected taxes. But on a % of income bases rich people pay far less in total of their income in taxes then average to poor people I don't recall the exact numbers but it is somewhere around the average worker pays 33% in taxes on just their income tax form while the average rich person pays around 25% of their income in taxes on just their income tax form. (it all depends on capital gains taxes, RRSP deductibles, dividends etc all of which are easier for a rich person to take advantage of). If you factor in things like GST, PST, property tax etc etc etc. All the other taxes that are not part of your income tax form then once you factor that into the equation the average working person has to spend the vast majority of their income to survive so they end up paying somewhere around 60% of their total income in taxes to the govt (in some form whether is direct income tax or other forms like GST, PST, property tax etc.) While the average rich person doesn't need to spend as much of their income and passively save money (which includes tax write offs like RRSP) so they pay less in other forms of taxes. I believe it is somewhere around 45% of their total income goes to the govt in various forms of taxes. So in conclusion the average rich person doesn't pay the same amount of their income in taxes then the average worker. They may more in dollars then the average worker but they don't pay their fair share in terms of percentage of income. Average employee at the end of the year only gets around 40% of their income after all taxes to do what they want with compared to the average rich person that gets to keep around 55% of their income after taxes to do what they want with My examples are very basic for communication purposes. And I would have to find all the reports but they are out there. I believe there are also videos here on You Tube you can watch that examples it better then I can.
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why should someone pay tax on 100% of their income for working at a job while someone else pays tax on only 50% of the same amount of money on income they did nothing to earn? How is that fair? We are all equal in Canada so maybe everyone should pay equally.
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@ttonAb2 yes you are correct as I said my examples were simple just to make things easier to understand. If you use your example then $250K is is tax free and the total capital gains tax rich people need to pay is even less- i.e. only $ amount over $250K times 50% is total tax they pay so using my example while factoring in your example then someone earning $300K in capital gains would pay taxes on the following 300K minus 250K= 50K times by 50%= 25K times by 33% marginal tax rate= $8250 in taxes on $300K in income received. Compare that to a worker earning the same amount at a job then $300K times by 33% marginal tax= $99K So the average worker making the same amount as someone earning capital gains would pay nearly $91K more than the capital gains earning. However I would need to research your exact claim. I don't believe you are allowed to write off the first $250K in capital gains. I believe it all considered income and you have to pay on the full amount (i.e. in this example the full $300K) but in either situation or both examples the person making money from capital gains pays far less then the person working a job earning the same amount of money
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@Imsobering7970 then you should read my example again and understand it better. My example (which is how our tax system works) it is great to invest in our country because you only pay 33% tax on half of what you earn vs working a job in our country in which you pay 33% tax on every single penny you earn (well close to it factoring in the marginal tax rates set out in the income tax form). It is far better to earn money through capital gains, dividends and investment then it is through slaving away in a salt mine because you pay far less taxes as an investor then you do as a worker. And this is only considering direct income tax. When you start to factor in all other forms of taxes like property tax, GST, PST, Carbon Tax, gas taxes, liquor taxes etc etc. The average worker pays a fair higher total amount of their income in taxes each year then the average rich person The average rich person doesn't need to spend as much of their income each year as the average worker does so they pay fair less of their total income in taxes like GST or sales tax (or other taxes). This then creates the situation where a rich person can take advantage of even more tax credits by saving in things like RRSPs or invest more in dividend producing stocks or capital gains. When the average rich person does spend their money then because things like GST or PST are fixed percentages then the total amount a rich person does pay is equal too the amount the average worker pays (example of both buy a bottle of alcohol they both pay the exact same amount in taxes but the total percentage of each others income is different) Overall it is way better to invest and earn dividends and capital gains then it is to work. Unfortunately most of us are not in that situation and we have to work. It is rich people that can passively invest so they end up paying far less percentage of their income. Or in other words....rich people don't pay their fair share......raising the allowable amount that capital gains can be taxed from 50% to 60% makes rich people pay more of their fair share....which should expected. We are all equal in this country.
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Considering Toronto funds the rest of the province you wouldn't get far without Toronto. But hey.....give it a go.
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@ricklazio-yf3io Toronto pays more and transfers funds to the province to fund other cities. Toronto would be more than happy to keep all that money and use it for itself instead of giving it away.
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@ricklazio-yf3io then we are equal payers and as you note Toronto as a bigger city has millions more so it still can make due better then some small town. So good luck to the small town trying to get by on a few thousand a year vs a few million. Either way Toronto doesn't need you any more then you think you need Toronto. So bye. Toronto can become it's own province. It is bigger financial then PEI so if PEI can be a province let Toronto or the GTA become one also. You can go fund yourself. Bye.
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@ricklazio-yf3io no problem. As long as my money doesn't go to you. Bye
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if you think PP will do anything different you are fooling yourself. He will tax you just as much as Trudeau. All politicians are the same. You are just lying to yourself.
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so you suggesting trickle down economics that failed miserable since Regan introduced it decades ago? Why shouldn't the rich pay the same as everyone else? Why should they be taxed at a lower rate then everyone else that works for a living?
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it is a tax on the wealth. Not many poor or middle class people are making the vast majority of their income through capital gains. Maybe learn how the tax system works before you comment or you will look like an uneducated voter.
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@Greg-l2c people won't stop investing here. The inclusion rate was at 60% up until the late 90s early 2000s and we had no issues. So not sure why you would think going back to that would create some mass exit of investment. You don't seem to know how the economy or our tax system works. Learn instead of spewing out what PP and his fellow wannabe MAGAtards tell you
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