03-04-2016, 06:16 PM
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#4230
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Franchise Player
Join Date: Dec 2003
Location: Sunshine Coast
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Quote:
Originally Posted by wittynickname
While those tax increases for the middle/lower class look extreme, that needs to be tempered with the idea of universal health care. I paid nearly $2000 last year for health insurance as a single person in good health, and due to that good health I paid minimal copays or deductibles. For someone with health issues that needs to see specialists, that $2000/yr skyrockets, and for a family that insurance cost is dramatically higher, so the tax increase would still result in a net gain for most lower/middle class people/families.
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Many think that Canadians pays more in income tax than Americans but it's not always true.
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Federal Income Taxes
U.S. federal income tax brackets range from 10% to 35% for individuals. On the Canadian side, the range is 15% to 29%. In the U.S., the lowest tax bracket bumps to 15% at $8,500 and to 25% at $34,501. The bottom Canadian bracket stays at 15% until $41,544. This is the bulk of the reason that lower-income Canadians are often better off than Americans in an identical tax situation. On the other hand, the IRS taxes the richest Americans at 35% whereas the top federal tax rate in Canada is 29%. Rich Americans, however, have access to many tax deductions that Canada's Alternative Minimum Tax does not allow.
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Also our income taxes help pay for our healthcare.
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Healthcare
No discussion of U.S. versus Canadian taxes would be complete without comparing the healthcare systems in both countries. The income taxes that Canadians pay partially fund the country's socialized health plan, where everyone has equal access to medical facilities, practitioners and procedures for no additional cost. In the U.S., health care must be paid for out-of-pocket or through a health care insurance plan. Premiums for these plans averaged out at $4,824 per person as of 2009, not including amounts paid for co-pays and deductibles.
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