Wednesday, January 11, 2012

The Rich DO Pay Taxes!

Let's get one thing straight: the rich DO pay taxes in Canada. In fact, if you're not rich, you don't pay as much tax as a rich person does. There is a myth out there that the rich don't pay taxes. They do.

Here are the facts based on the latest data available from the Government of Canada (2009):

The top 50% of income earners pay 96% of all the income taxes in Canada.
Those who make $250,000 or more in Canada (0.75% of all taxpayers) pay 21% of all of the income taxes.
The top 5.67% of income earners pay 45% of all income taxes.
The bottom 50% of income earners pay 4% of all income taxes.

(source: Canada Revenue Agency http://www.cra-arc.gc.ca/gncy/stts/gb08/pst/fnl/html/st2ca-eng.html )

In a time where people are easily swayed by class envy arguments and anti-corporate sentiments, it is important to keep the facts out there. So many people think that the rich owe them something. Well guess what? The rich are paying through the nose.

What about corporations? Well, let's see what the 2011 Public Accounts of Canada say about how the total tax bill is divided up:

Total tax revenues: $191.4 Billion
Corporate Taxes: $29.9 Billion (15%)
Personal Taxes: $113.4 Billion (56%)
Non-Resident Taxes: $5.1 Billion (2%)
GST: $28.3 Billion (14%)

(source: Public Accounts of Canada, 2011  http://www.tpsgc-pwgsc.gc.ca/recgen/pdf/49-eng.pdf )

So of all the taxes paid to the Government of Canada, 15% of them are paid by those evil corporations, and of all income taxes, 96% of all of them are paid by the top 50% of income earners.

The rich pay taxes, my friends. Quit bitching about them.

But that's just the way I see it.

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