Ryan's taxes- two years worth? Less than you paid?

@Leon Said

If I even attempted to answer this, then it'd be 2013 before I was done. The tax code is HUGE. Even the IRS doesn't understand all of it. Hence the problem. The rich have so many ways and resources to find ways to save tax money that they can if they are shrewd enough with their money, from investments, to deductions, to "business expenses", to defining things as charitable, to things you just talked about.

@DorkySupergirl Said

But that is just being smart. Each year I look on Revenue Canada to see what new deductions are out and if I am confused, I make a call to have it clarified and will meet to see if me using it will help me or if its a waste really. I thought everyone no matter income level looked for deductions and write off as much as they can.

And as I said, most times what you get a write off more is capped so you are out of pocket still thousands for example medical. And if say you reach 0 owing and still spent 10,000$ on medical, you are s*** out of luck and can't claim it, at least you can't here so you are out 10,000$ as opposed to someone who makes less but not out one penny on medical. So it even out a bit.

@Leon Said

The biggest difference between the rich as opposed to the middle class/poor, is that they don't spend all their money. The rich save or invest most of it. And there are ways you can do this to avoid paying taxes on it.

The middle class/poor, however cannot avoid taxes in this manner, so the only write-offs and deductions they can make is determined by how they spend some of their money.

@DorkySupergirl Said

The poor yes I can see not being able to save and having to spend all their money. Middle class, not as much. Middle class often waste money they can use for savings, investments, RRSP's etc that can be used for a tax write off or deduction.

I know many middle class who could invest, who could save, who could add to RRSP but they choose to waste money.

Not all but many middle class waste money that could be better spent. They could meet with a financial planner and have it all set up for free but they do not. They do not plan and work their money to best for them. They instead buy too much s*** they do not need.

@Leon Said

I would still venture to say that the middle class still needs to spend most of their money. Not all of it though, so yes they can invest some. However, the rich definitely do not, and don't, spend most of their money.

Unless they are MC Hammer.

@Leon Said

Yes, it is being smart, but also it is having the ability to stash money away for tax avoidance, whereas the poorer cannot stash money away, as they have to spend it. So sometimes, the rich end up paying less percentage simply because they don't have to spend all their earnings, and can be smart with the rest of the money to take advantage of tax loopholes with.

@DorkySupergirl Said

Yes but you see, the rich to get those tax credits start charitable organizations or contribute more a year than most make that helps the poor. So they get a tax break yes but they help the poor. They donate so much of their money that goe back into community.

Ne honest, if all people who have money stopped donating to charity, stopped donating to hospitals and stopped scholorships and all the other things they do for their tax write offs that make them such bad people, if we taxes them more it would not come close to revenue as what they already donate. And then poor would get even less help.

@DorkySupergirl Said

Yes but you see, the rich to get those tax credits start charitable organizations or contribute more a year than most make that helps the poor. So they get a tax break yes but they help the poor. They donate so much of their money that goe back into community.

Ne honest, if all people who have money stopped donating to charity, stopped donating to hospitals and stopped scholorships and all the other things they do for their tax write offs that make them such bad people, if we taxes them more it would not come close to revenue as what they already donate. And then poor would get even less help.

@Leon Said

I would still venture to say that the middle class still needs to spend most of their money. Not all of it though, so yes they can invest some. However, the rich definitely do not need to, and usually don't, spend most of their money.

Unless they are MC Hammer.

@shinobinoz Said

But not Romney- after the first $125,000 or so- no more SS pulled out. But for those of us under $125,000 all of our earnings are taxed towards SS.

@El_Tino Said

I don't know that Romney pays any SS. They only apply to regular earnings. Carried interest, dividends & capital gains are not subject to any social security or medicare tax whatsoever.

@shinobinoz Said

Recent studies found that the middle-class actually give more to charity then do the wealthy so go figure!

@Leon Said

Yes I agree that would be a worthy write-off. However, it isn't the only thing the rich use as a write-off. And a lot of times, what passes as charity isn't really that.

@DorkySupergirl Said

I think just what Bill Gates alone does beats anything total the middle class can do.



But which one would you say is better if you have only two choices
1. Tax the rich how they are being taxed now and they still give to charity and all the work they do to help

2. Tax more knowing this means they will never give one cent to help anyone and all they do for poor and community stops.

@DorkySupergirl Said



Yes, they spend more of their income than rich people do but a lot of income is spent on things that are not needed and that money can be used to invest.

If say I put x in RRSP a month but I really want something I do not need, if I want it really bad, if I do not have the money but want it so much, a new tanning lotion, I am not going to buy the lotion if it means I am then not able to put X in my RRSP. If I can afford to put x in RRSP and get the lotion, awesome, but I am not going to buy a want if it means not being able to plan for my future.