It’s tax “brackets”. So from say 20-30k you’re taxed ~21%, the following 30-50k you make is taxed at another amount like 30%, and so forth. The last 30k made from 160-190k is then taxed at 49% (51% because I’m taking a bit more money instead of dumping into my pension fund etc…)
And yeah it’s Canada, but in the province of Quebec, the most taxed province of all (where education is still heavily subsidized/ free for people born there etc…)…
I’ve done this whole exercise on /r/theydidthemath years ago on reddit comparing to the US, and with all the medical insurance garbage they have there like co-pays after deductibles, tax credits, dental, daycares, tolls/infrastructure etc… It amounts to roughly the same as the taxation + private insurance in the US. It just “looks worse” because it’s all mostly up front. I know ex-millionaires in the US who were basically homeless because they had a sick baby who needed to stay in the hospital for a year after birth. It cost them 5 million dollars to keep the baby alive without having to go to court with the insurer. This doesn’t happen in Canada.
I’m fine with it, I just want the rich assholes to pay the same. I live very comfortably, bought a home in February this year and have more than enough.
The thing you drug up about the US hasn’t been a thing for more than a decade. The individual out of pocket limit is $9,450 this year for an individual, and Pregnancy, maternity, and newborn care are considered “essential health benefits” so as long as it was an actual factual real health plan and not something like a health care sharing ministry, there’s no way you’re going in a millionaire and coming out destitute unless you did something phenomenally dumb like demand an NICU be built into your house. Out healthcare is broken in so many ways, but the bandaids do exist on the system.
I have no idea what his situation was, he had full healthcare. There’s the law, and then there’s bringing insurance companies to court over the law. This might have been about a decade ago.
An out-of-pocket maximum is a cap, or limit, on the amount of money you have to pay for covered health care services in a plan year.
The key word being “covered health care services”. This also does not cover their own expenses, loss of salary etc… These laws are intentionally complicated so it’s theoretically possible to be covered, but good fucking luck going through the loops.
I think how well it works out or doesn’t really depends on lifestyle. It also assume the government is going to be semi-competent when it comes to using the money effectively. I don’t really just the current US government with any amount of money. They can’t stick to a budget to save their soul and can’t agree on a single thing when it comes to how to use funds effectively.
One of the reasons someone like Warren Buffett isn’t paying a ton of taxes, relative to his net worth, is that his entire thing is buying stock and then holding it basically forever. The net worth goes up with the stock, but that’s basically meaningless since the money can’t be used unless he sells the stock…. At which point it is taxed.
This is how it should work, as stocks can also go down, so people would end up getting taxed on money they never even saw. It was all theoretical. It would also lead to an issues taxing the same money every year. It would also kill compound interest, which is the best way for the average Joe to build some wealth and save for retirement.
Eeee. Youre completing forgetting that he can BORROW against those stocks, and pay a measly interest rate, paying out when it’s convenient through various loops of the tax system. Warren Buffet, even if his worth in billions is not in his pocket, has contributed less than most relative to his income.
“You really don’t need leverage in this world much. If you’re smart, you’re going to make a lot of money without borrowing,” he said. “I’ve never borrowed a significant amount of money in my life. Never. Never will. I’ve got no interest in it.”
He’s notoriously frugal. I’m sure some of his investments provide cash flow, which would be taxed, and more than enough for him to live on, while still being a small part of his overall portfolio.
Elon borrowed money to close the Twitter deal and take it private. He’s no longer beholden to the shareholders, but he is still at the mercy of the ones holding his debt, which puts him in a very vulnerable and seemingly desperate position. Warrens seems to have grown up enough to see the trap.
It’s tax “brackets”. So from say 20-30k you’re taxed ~21%, the following 30-50k you make is taxed at another amount like 30%, and so forth. The last 30k made from 160-190k is then taxed at 49% (51% because I’m taking a bit more money instead of dumping into my pension fund etc…)
And yeah it’s Canada, but in the province of Quebec, the most taxed province of all (where education is still heavily subsidized/ free for people born there etc…)…
I’ve done this whole exercise on /r/theydidthemath years ago on reddit comparing to the US, and with all the medical insurance garbage they have there like co-pays after deductibles, tax credits, dental, daycares, tolls/infrastructure etc… It amounts to roughly the same as the taxation + private insurance in the US. It just “looks worse” because it’s all mostly up front. I know ex-millionaires in the US who were basically homeless because they had a sick baby who needed to stay in the hospital for a year after birth. It cost them 5 million dollars to keep the baby alive without having to go to court with the insurer. This doesn’t happen in Canada.
I’m fine with it, I just want the rich assholes to pay the same. I live very comfortably, bought a home in February this year and have more than enough.
The thing you drug up about the US hasn’t been a thing for more than a decade. The individual out of pocket limit is $9,450 this year for an individual, and Pregnancy, maternity, and newborn care are considered “essential health benefits” so as long as it was an actual factual real health plan and not something like a health care sharing ministry, there’s no way you’re going in a millionaire and coming out destitute unless you did something phenomenally dumb like demand an NICU be built into your house. Out healthcare is broken in so many ways, but the bandaids do exist on the system.
I have no idea what his situation was, he had full healthcare. There’s the law, and then there’s bringing insurance companies to court over the law. This might have been about a decade ago.
An out-of-pocket maximum is a cap, or limit, on the amount of money you have to pay for covered health care services in a plan year.
The key word being “covered health care services”. This also does not cover their own expenses, loss of salary etc… These laws are intentionally complicated so it’s theoretically possible to be covered, but good fucking luck going through the loops.
You can still find studies that claim that over 500k people file for bankruptcy every year due to accumulating medical costs I’m sure all these people are stupid and had NICUs built in their homes…
I think how well it works out or doesn’t really depends on lifestyle. It also assume the government is going to be semi-competent when it comes to using the money effectively. I don’t really just the current US government with any amount of money. They can’t stick to a budget to save their soul and can’t agree on a single thing when it comes to how to use funds effectively.
One of the reasons someone like Warren Buffett isn’t paying a ton of taxes, relative to his net worth, is that his entire thing is buying stock and then holding it basically forever. The net worth goes up with the stock, but that’s basically meaningless since the money can’t be used unless he sells the stock…. At which point it is taxed.
This is how it should work, as stocks can also go down, so people would end up getting taxed on money they never even saw. It was all theoretical. It would also lead to an issues taxing the same money every year. It would also kill compound interest, which is the best way for the average Joe to build some wealth and save for retirement.
Eeee. Youre completing forgetting that he can BORROW against those stocks, and pay a measly interest rate, paying out when it’s convenient through various loops of the tax system. Warren Buffet, even if his worth in billions is not in his pocket, has contributed less than most relative to his income.
He could, but is that actually what’s happening? If not, you’re making up things to be upset about.
He speaks out against using leverage and debt.
https://www.cnbc.com/2018/04/12/warren-buffetts-big-life-lesson-to-students-dont-borrow-money-like-donald-trump.html
“You really don’t need leverage in this world much. If you’re smart, you’re going to make a lot of money without borrowing,” he said. “I’ve never borrowed a significant amount of money in my life. Never. Never will. I’ve got no interest in it.”
He’s notoriously frugal. I’m sure some of his investments provide cash flow, which would be taxed, and more than enough for him to live on, while still being a small part of his overall portfolio.
Elon borrowed money to close the Twitter deal and take it private. He’s no longer beholden to the shareholders, but he is still at the mercy of the ones holding his debt, which puts him in a very vulnerable and seemingly desperate position. Warrens seems to have grown up enough to see the trap.