How rich is rich?

[KrazyHorse]

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.

[Dis]

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.

[Roland]

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...

[axi]

It's neither about assets nor about income. It's the amount that you spend that characterises your lifestyle after all...

[boann]

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.

[Garth Vader]

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.

[Asher]

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.

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.

[Dauphin]

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.