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Old 31st Oct 2015, 20:13
  #20 (permalink)  
JBI
 
Join Date: Jun 2003
Location: Vancouver
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Although I'm always in favour of people keeping their options open, I'm a little surprised that a WJ Capt would be so upset at a new tax bracket to warrant a move to the middle east.

The highest hourly pay on airlinepilotcentral has the rate of $210 an hour. Which, based on 78 credits gives $196,560. Let's assume with investments etc. you're making another $50k or so. That gives $250,000. So what does the new tax bracket mean to someone earning $250,000 per year?

Federally, yes, the new Liberals are proposing a new bracket of 33% for any income earned about $200,000. So, on the $50,000 you earn above $200k, you'll now get charged $16,500 in taxes instead of $14,500, an increase of $2,000. At the same time, however, the Liberals are proposing a tax cut for any amounts of money earned between $44,701 and $89,401, there will be a tax cut from 22% to 20.5%, or $670 dollars.

Combining the tax increase on the income from $200k-$250k with the tax cut on the $44-$89k means a net increase in tax for a $250,000 earner of ($2,000 - $670) $1330.

So, do we pay lots of taxes as Canadians? Yup. But, does a $1330 increase in taxes on an income of $250,000 (which is in the top 1% of income earners) in Canada warrant moving to the Middle East?

If you're making even more than $250,000, good for you! But the new increases only work out to an extra $40 per year on each additional $1000 that you're already paying in taxes.
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