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Originally Posted by 4X4
Hold on a sec, are you saying that billionaires should pay a higher percentage of tax? If so, why?
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Isn't that exactly how the progressive income tax programs used by most (all?) developed nations are supposed to work? Ignoring tax loopholes and shelters taken advantage of by the rich, citizens are supposed to pay a higher percentage of tax as their income increases.
http://en.wikipedia.org/wiki/Progressive_taxation
Federal income tax in Canada is structured like this:
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15% on the first $41,544 of taxable income, +
22% on the next $41,544 of taxable income (on the portion of taxable income between $41,544 and $83,088), +
26% on the next $45,712 of taxable income (on the portion of taxable income between $83,088 and $128,800), +
29% of taxable income over $128,800.
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Also note that the first $10,382 you earn is not taxed, so the 15% marginal rate applies to the portion of your income from $10,383 to $41,544.
http://www.cra-arc.gc.ca/tx/ndvdls/fq/txrts-eng.html