Quote:
Originally Posted by opendoor
It's really not that different though, with the main difference being what I said earlier where Canada pays for healthcare and a good chunk of its pension-like costs (OAS) through tax revenue rather than social security.
Based on OECD data, 23% of Norway's tax revenue is from consumption taxes while 21.9% of Canada's is. Personal income tax + social security is 45.2% of Norway's tax revenue while it's 50.8% in Canada.
If Canada shifted 10% of its tax revenue from personal income taxes to compulsory social security payments (so it was 25% income tax + 25% social security instead of 35%/15%), the tax breakdown for individuals would be almost identical to Norway, even though nothing tangible would have changed for individuals in Canada.
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We don't pay for oas is the funny part. While I understand the boomers paid for it with payroll, manufacturing, and income taxes increases. That was in the ####ing 70s. And those same boomers wildly underpaid for cpp for decades. It evens out. Oas shouldn't exist. Only reason it exists is because young people are morons and have no idea what is going on