Is there a difference between being rich and being upper class?

Okay so I'm going to give the Canadian side of things, since the US is so damn confusing for me to explain.

In Canada, we have a progressive tax system, this means everyone is taxed differently, and the higher your gross income, the higher your gross taxes.

Anyone earning over $222k is paying 50% of taxes to the government. Anyone earning over $222k is considered to be "rich" by the Government of Canada. They are in the highest tax bracket.

Anyone earning $111k - $221.9k can be considered upper middle class. Anyone earning $55.5k - $110.9k can be considered middle class. Anyone earning $27.75k to $55.4k is considered low class. Anyone earning less is considered in poverty, or classless.

Now then, these are all BEFORE tax numbers, so people earning $111k - $221.9k will pay around 40% into taxes, this means they're basically still getting taxed a fuckload. If you're earning $55.5k to $110.9k you're gonna be paying around 35% in taxes. If you're earning $27.75k to $55.4k you'll be paying around 25% into taxes. Anything less and you'll be paying a very small amount, around 15% or so.

This means, even if you earn a gross salary of $222k, your lifestyle is only $111k. If you earn $111k - $221.9k your lifestyle is still only around $111k if you earn somewhere in the median.

So in Canada you're not really rich compared to others, everyone in the Middle class to Upper Middle class is similar, and people from the Upper Middle Class and the "Rich" class are also similar.

There are outliers though, like those who earn $400k or $500k, they'll still pay 50% tax, but they'll be the ones living the good life in Canada, without a care for the price tags of things.

It's similar to the US, except in the US the differences in Income is visibly portrayed, however in Canada its very hard to see how much a person is actually earning.

>>963281
>Okay so I'm going to give the Canadian side of things
Thanks, that was a real time saver

>>963281
>50% of taxes to the government
How does Canada still have any citizens that just aren't too poor to move away?

>>963281
Thanks for the post.

>>963313
Come on man, Canadians browse this board too.

Rich is a state of mind. You see opportunities where others do not. Gold twinkles in dusty corners, and around every corner the deal of the year is ready.

Upper-Class means your problems are of a different magnitude than others and higher up on Maslows Hierarchy.
Lower Class- How do I get lunch
Middle Class - How do I get my family Lunch
Upper Class - How do I Feed all my employees Families lunch.

>>963454
are you chinese?

>>963247
rich = 1 million dollars liquid assets or more (your house and car don't count)

This is just my opinion btw

Upper class is based on income, so maybe 200k annual household income or more

Most financial institutions consider somebody "rich" the same way they consider somebody an accredited investor. You need to have $1M in assets and make at least $200K a year. Keep in mind, you only need to make something like $440K to be in the top 1%. I don't understand why /biz/ thinks you have to make millions to be considered in the 1%.

>>963465
>You need to have $1M in assets and make at least $200K a year

kek, seems like you copied me

>>963459

>>963454
li sheng are you chinese?

>>963247
If you have to ask, you are obviously neither.

>>963454
>The upperclass actually care about feeding random people lunch

No I'm sure they don't, only if it would help them get their employees to work better

Also; are you Chinese?

>>963538
That is part of the arrangement. You take care of me I'll take care of you.

Whether they care or not is irrelevant and the business of their therapist and their god. Hungry people do not work.

It is a problem that needs to be solved.

>>963377

No problem man, hope it helped give some idea, like some posters said, you don't have to make millions to be in the top classes of society, the tricky part is tricking lower class men into thinking that you make millions while you only make hundreds of thousands.

Like, a Doctor for example, in Canada will earn like $400k CDN, if he pays 50% tax, that's $200k left. Since Doctors earn so much, there's a way for them to incorporate themselves, and only pay about 40% of the taxes they owe, so instead of paying $200k, they'll pay like 40% of $200k, which is only $80k. So now their total net income after taxes is not $200k, but instead $320k. Then they can afford whatever they want. But since Doctors are incorporated they have a bunch of overhead costs, like transportation, extra minutes clocked in and out, and emergencies they aren't paid for, but have to do sometimes (often). So most Doctors I've spoken with say its another 20% - 30%, which becomes very expensive.

That's why Doctors are not paid "enough" for their work, and that's why they're always so miserable, because they get paid peanuts compared to their actual salary when all of this other "operating cost" is factored into it. Also don't forget the sales tax that every Canadian pays as well, something like 13% or 14% soon with the new government.

All in all, in Canada at least, you have to be earning near the top of end $999,999, and then pay like 70% into taxes, so you're left with like $300k, which you can actually spend, but if you're only earning around $400k, you only have like $150k, maybe less, that you can "actually" spend.

So you don't need to be making millions, but you need to be making CLOSE to a million dollars, somewhere around three quarters of a million will do the trick to be able to have $15k or so, of usable income.

>>963281
>This means, even if you earn a gross salary of $222k, your lifestyle is only $111k.

Is this a meme or what? Do people still not understand how taxation works?

You even said it yourself PROGRESSIVE TAXATION! You're not paying 50% taxes on all your income when you're in the highest bracket, you're paying probably nothing for every dollar until $27k than 25% on everything above that until $55k, than 35% until $111k and so on.

Type it into one of those handy online tax calculators, your average tax rate for an income of $222k is about 35%.

>>963559
>Like, a Doctor for example, in Canada will earn like $400k CDN, if he pays 50% tax, that's $200k left

Wrong. Please for the love of god people learn how taxation works.

>>963281
>Okay so I'm going to give the Canadian side of things, since the US is so damn confusing for me to explain.

>Unironically living in Canada

Fuck that shithole country. It might as well be called New China or New India

File: tax calc.png (48KB, 976x607px) Image search: [Google]

48KB, 976x607px

>>963561
>>963564

https://simpletax.ca/blog/2014/average-marginal-tax-rate

>Marginal tax rates are little more complicated because Canada uses a progressive tax system. As you make more money, your tax rate increases; in other words, you keep less of each dollar you earn. Your marginal tax rate is the amount of tax you would pay on your next dollar of income.

Again, I'm trying to give him a general idea. Also the Marginal Tax Rate is what you look at, the average tax rate is 37.28%, the Marginal Tax Rate which is the REAL tax rate, is 49.53%.

You're also forgetting, in some provinces, taxes vary by 10% or so, some places even less. That's why Canada's tax system is so messed up, if you changed it to Nova Scotia, you'd pay more, same with New Brunswick?

So, again, shut the fuck up, do you even pay taxes in Canada? You're just a fucking shitposter, literally 3 or 4 threads are yours on this board, memeing about your future career and how to get rid of credit card debt.

I think it has to depend on age as well.
My Dad worked as a middle manager at a factory for 35 years.
In his last year he made about 110,000 gross, which is not really that much for CT, USA.
But he invested a lot, and is sitting on like 1.5 million.
We lived in an average raised ranch and did all our own yardwork, etc., and drove our cars into the ground.
Nobody would have called us "upper class."
Does retiring with over a million make one rich these days? idk.

>>963454
>Rich is a state of mind. You see opportunities where others do not. Gold twinkles in dusty corners, and around every corner the deal of the year is ready.
Jesus, you're deluded. Being rich does not imply a natural aptitude to see opportunities. There are many talents that might lead someone on the path to wealth, and entrepreneurialism is only one (and not even the most common).

I was beginning to wonder why everyone hates you here. Now I'm beginning to understand.

File: article-1328270-0BFE33B1000005DC-379_964x681.jpg (264KB, 964x681px) Image search: [Google]

264KB, 964x681px

>>963247
upperclass in Europe (certainly in the UK) is when you are born into a family which is rich and influentual for orevious generations... Being rich can be anyone.from the dot com bubble millionar to a hospital doctor to the garbage collector who won the lottery.. they are rich but will never be upperclass.

File: social-class-2-638.jpg (62KB, 638x359px) Image search: [Google]

62KB, 638x359px

>>963627

>>963596
>Marginal tax rates are little more complicated because Canada uses a progressive tax system.

Literally every developed country in the world uses this tax system. That fact that you think this makes Canada special while still not understanding how it works shows that you have no idea what you are talking about.

>the Marginal Tax Rate which is the REAL tax rate, is 49.53%.

NO the Marginal Tax Rate is NOT the REAL tax rate because that's not what you pay in taxes on your entire income. It's just what you pay for that specific bracket.

Your AVERAGE tax rate is what you REALLY pay on your total income NOT the Marginal Tax Rate.

I used the same calculator as you did and depending on the province you're paying 34-39% in taxes on an income of $222k, realistically that's below 35% with deductibles, definitely NOT 50%.

Australia:

2.3% of Australians earn $180k or higher. More than 50% of Australians earn between $30k - $70k annually. A comfortable lifestyle in Australia, with what I call inner-city living and expensive foods can be had (Before having a family) with $75k annually, whereas $50k gets you a middle-class lifestyle. Ie: Dinner near the shopping centre (mall for Americans), occasional movie, holidays to Bali/Thailand.

Salary becomes largely irrelevant after $180k annually. Your disposable income is vast.