I want to know who here is paying 40-50% in their effective tax rate? Anyone? Bueller?
Hell, how many are even in the 40-50% marginal tax rate?
It's like a friend of mine who said to me "it's so frustrating when they take half my pay for taxes!" and in reality her effective tax rate is something like 28%.
In Canada here, I must admit that it sometimes feels that way when you factor in not only income taxes, but also the high sales taxes, excise taxes on gasoline, liquor, tobacco, etc., and property taxes. And, of course, let's not forget the added insult to injury with the Ontario government's HST plan for 2010. Now we can add yet another 8% on top of the already exorbitant gasoline prices here!