How rich is rich?

[Asher]

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.

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?

[faded glory]

In Canada, Taxes will take away around 25,000 of that 41k

[Bilo]

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.

[faded glory]

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.

[Garth Vader]

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

[axi]

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.

[MikeH]

Essential things are also a lot cheaper there which is something you need to take into account.

[Asher]

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.

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.

[KrazyHorse]

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.

[pchang]

Rich

Rich is when you have enough money to be attractive to one of the women from the World's Hottest Woman thread.

[- Groucho -]

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?

[KrazyHorse]

That's cuz they were both idiots. How can you spend a million dollars in a year?

[axi]

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$

[Dauphin]

To quote Dickens:

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.

[Asher]

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.