paj-you forgot social security tax for US..12% man.. + local +school +6-7% on pretty much everything you buy +real estate tax here is the list- http://en.wikipedia.org/wiki/Taxation_in_the_United_States#List_of_taxes ask people from NJ how much they paying for property taxes(on property they already own,bought on the money that been taxed already..
wealth tax is coming. maybe start at 1/2% of asset base. that way even if you dont spend or earn, they still take a bit outta your ass.... that wanker from harvard is proposing a tax on money as well, which is essentially a simple wealth tax. BamBam is radical mofo.
The top tax rate trended down for a long time. A trillion dollar war and a financial meltdown has to reverse that trend or the government will suck it out via currency devaluation. What other options are there? I suppose we could elect a Republican president and she could use her magic Republican fairy dust and make all our problems disappear.
At the end of 1931, President Herbert Hoover asked for a temporary tax increase, saying it was "indispensable to the restoration of confidence." Congress went along in June 1932, raising the top income tax rate from 25% to 63% and quadrupling the lowest tax rate from 1.1% to 4%. That didn't help confidence or the Treasury. Revenue from the individual income tax dropped from $834 million in 1931 to $427 million in 1932 and $353 million in 1933. this is when the sovereign debt defaults will begin en masse. i hope to be there with credit defaults on a whole bunch of countries.
Sorry that I missed your question until now. I don't believe it is. I believe that those tax brackets are only the income tax rates (brackets) that those living in the Province of Ontario, Canada, pay to their Federal Government. And, like others have stated, Canadians in Ontario and elsewhere are also hammered with a myriad of other onerous taxes, such as GST, just to name one. I would not be surprised if the highest marginal tax rate in Canada, by the time one adds up all local and federal taxes, income, consumption and otherwise, far exceeds 90%.
There's another option for the more adventurous - some of the EU entrants from Eastern Europe now have flat taxes in the 12-19% range, and often no tax on dividends or foreign-earned income. So with a bit of simple tax planning they become 100% legal tax havens too.