U.S. to close..

[Yihang]

Originally Posted by Singularity

It tells me something. So what kind of work do you do that allows you to retire at age 40?

Patents? Engineering something? New discoceries/technologies? Pharmaceutical research? Scienticific research? New invtention(s)?

I admire the rare American immgrant who relinquishes their former citizenships, commits/succeeds in the American experiece that isn't paid for by short-term get-rich schemes backed up by the American govt and paxpayer.

You don't need 8 figures to retire. A couple making 200k together is not unreasonable , invested wisely for the past decade it's not too hard to be sitting on a couple million in assets. That's enough to retire on and being 40 you can keep some trickling income.

People retire on all kinds of budgets. If he retired billionaire at 40 then Id like to know what he did.

https://www.youtube.com/watch?v=sKln...OurRichJourney

[Singularity]

Originally Posted by Yihang

You don't need 8 figures to retire. A couple making 200k together is not unreasonable , invested wisely for the past decade it's not too hard to be sitting on a couple million in assets. That's enough to retire on and being 40 you can keep some trickling income.

People retire on all kinds of budgets. If he retired billionaire at 40 then Id like to know what he did.

Understood, but I know a lot of people who work well past age 40 in the US working 1.5 jobs. I've talked about the usual to no avail, but perhaps he can share some new perspective. Such is a rare sort...so few folks have revoked their other citizenship and achieved with so much without taking govt handouts in the form of govt backed loans, etc.

[Yihang]

Originally Posted by Singularity

Understood, but I know a lot of people who work well past age 40 in the US working 1.5 jobs. I've talked about the usual to no avail, but perhaps he can share some new perspective. Such is a rare sort...so few folks have revoked their other citizenship and achieved with so much without taking govt handouts in the form of govt backed loans, etc.

You dont need to revoke your citizenship. Make your cash in the states. retire back in aus. makes sense.

Can't have a brokerage account without a greencard so you keep that in AUS and pay CGT, so still contributing to your retirement medicare if you will.

[GordMay]

Originally Posted by Allied39

... When working in canadia my wife used to pay 60 cents on the dollar taxes....but yeah....the health care was free.....yay.
...

You’re wife must have been a VERY high earner, to have paid taxes at a marginal rate of 60%.
In fact, I’d like to see the arithmetic, on how that could be, given that our HIGHEST rate (for that part of income over about $500k) tops out at ≠ 50%.

Federal tax rates for 2020 (Canada)
15% on the first $48,535 of taxable income, plus
20.5% on the next $48,534 of taxable income (on the portion of taxable income over 48,535 up to $97,069), plus
26% on the next $53,404 of taxable income (on the portion of taxable income over $97,069 up to $150,473), plus
29% on the next $63,895 of taxable income (on the portion of taxable income over 150,473 up to $214,368), plus
33% of taxable income over $214,368

Provincial Tax Rates (Ontario):
5.05% on the first $44,740 of taxable income, +
9.15% on the next $44,742, +
11.16% on the next $60,518, +
12.16% on the next $70,000, +
13.16 % on the amount over $220,000

Canadian income tax rates for individuals - current and previous years
➥ https://www.canada.ca/en/revenue-age...ous-years.html

Your marginal tax rate is the combined federal and provincial income taxes you pay on all ‘net’ sources of income.

[GordMay]

Originally Posted by Allied39

Exactly....you haver no idea. ..
... Half the cost of a case of beer ,24 beers,,is tax! A 100%tax on alcahol, Right now...budweiser is the cheapest beer in sydney at $60 !!! ...
... "trying to make a living (in aus) is like living with a foot on your throat"

That's nothing!
In the late 1960's, when a bottle of Canadian Whiskey (pretty much any 'well grade' liquor) sold for $4.80, the typical excise taxes amounted to about $4.00 (> 80% of retail), a 500% tax rate.
The distiller kept 80 Cents, to cover manufacturing, advertising, distribution, and profit.

Oops, so much for my Canadian utopia.

[UFO]

Originally Posted by Simi 60

Nice rant
Full of mistakes but nice rant just the same.
Do you feel better now?



Dozens of different cases of imported beer here for as little as $32 a carton - thats $23 usd
https://www.danmurphys.com.au/beer/i...?sort=PriceAsc

Man at $32 a Carton you are drinking some real low grade beer, probably full of chemicals and god knows what. Any decent beer (Sorry Bud you don't fall into that category) will set you back at least $65 with many of the craft beers going for anywhere between $85 and $100 That's in Perth anyway.

[Singularity]

Originally Posted by Yihang

You dont need to revoke your citizenship. Make your cash in the states. retire back in aus. makes sense.

Can't have a brokerage account without a greencard so you keep that in AUS and pay CGT, so still contributing to your retirement medicare if you will.

Understood completely. My point being that it's disingenuous if/when folks sing the praises of country A merely because country A has bad policies, not focused on the local population directly, that allows people to come in and exploit the place without full skin in the game, only to run home with loot when things get sour. To denigrate any of the modern indigenous folks while doing this is worse, no less is claiming superiority of certain sub-systems that one is not permanently tied to (e.g. healthcare) and/or where above said bad policies insulates select few from the reality (including healthcare) that the local population is stuck in.

Not saying that this is the case here, but when it's the case, the context of observations is important.

[bletso]

Boy am I glad I never developed a taste for beer!!!

[SalingSue]

Originally Posted by GordMay

You’re wife must have been a VERY high earner, to have paid taxes at a marginal rate of 60%.
In fact, I’d like to see the arithmetic, on how that could be, given that our HIGHEST rate (for that part of income over about $500k) tops out at ≠ 50%.

Federal tax rates for 2020 (Canada)
15% on the first $48,535 of taxable income, plus
20.5% on the next $48,534 of taxable income (on the portion of taxable income over 48,535 up to $97,069), plus
26% on the next $53,404 of taxable income (on the portion of taxable income over $97,069 up to $150,473), plus
29% on the next $63,895 of taxable income (on the portion of taxable income over 150,473 up to $214,368), plus
33% of taxable income over $214,368

Provincial Tax Rates (Ontario):
5.05% on the first $44,740 of taxable income, +
9.15% on the next $44,742, +
11.16% on the next $60,518, +
12.16% on the next $70,000, +
13.16 % on the amount over $220,000

Canadian income tax rates for individuals - current and previous years
➥ https://www.canada.ca/en/revenue-age...ous-years.html

Your marginal tax rate is the combined federal and provincial income taxes you pay on all ‘net’ sources of income.

Now add to that sales tax, fuel tax, property tax, GST, etc.

[capn_billl]

Originally Posted by Wotname

I would be interested to know the rationale behind that particular move because on the surface, it completely fails the 'pub test'. I don't think even an Aussie pollie would have survived that move.

What was the secret that allowed them to keep their job after that cluster...k?

20 million voters dependent on government handouts.

[TeddyDiver]

Originally Posted by SalingSue

Now add to that sales tax, fuel tax, property tax, GST, etc.

None of those have any affect on savings and investments on stocks etc, which was the original point.

[valhalla360]

Originally Posted by TeddyDiver

None of those have any affect on savings and investments on stocks etc, which was the original point.

Care to elaborate how that works?

If I buy $500 worth of gas (pre-tax) and the govt adds $500 in taxes on that gas, I have $500 less to save and invest. Doesn't matter that it wasn't income tax.

[Simi 60]

Originally Posted by UFO

Man at $32 a Carton you are drinking some real low grade beer, probably full of chemicals and god knows what. .

If you knew anything about beer you would know that beer from Germany, Belgium and the Netherland are actually pretty good and they do have standard's
Dollar value does not equate to quality.

https://en.m.wikipedia.org/wiki/Reinheitsgebot

Any decent beer (Sorry Bud you don't fall into that category) will set you back at least $65 with many of the craft beers going for anywhere between $85 and $100 That's in Perth anyway

I never mentioned nor would I drink bud
And I don't drink much beer, never would I pay $65 to $100 for a box of watered down alcohol.
I retired early by not wasting money

But the point is, there was the claim that the cheapest beer in Australia was $60 a carton when clearly it is not.

[El Pinguino]

Originally Posted by GordMay

That's nothing!
In the late 1960's, when a bottle of Canadian Whiskey (pretty much any 'well grade' liquor) sold for $4.80, the typical excise taxes amounted to about $4.00 (> 80% of retail), a 500% tax rate.
The distiller kept 80 Cents, to cover manufacturing, advertising, distribution, and profit.

Oops, so much for my Canadian utopia.

No alcoholic beverage in Australia has 100% excise on it.

We have the most convoluted system anyone could imagine with excise on beer and spirits being charged at a dollar rate per litre of alcohol with wine being simply attracting GST and WET based on the wholesale price of the wine.
F'rinstance a $5 (wholesale) bottle of wine may attract $1.50 WET a bottle of Grange costing Dan $200 will see the guvment getting $60.... which is why you rarely see down and outs sitting in the gutter drinking Grange.

Beer and spirits on the other hand the excise is on the alcohol in the product...
Lets say its a 5% beer.... 20 litres of beer = 1 litre of alcohol = $50 total excise on the 20 litres or about 80 cents a can.
So the $60 slab of Bud mentioned above would have about $19 of excise in the price....
Spirits works the same way but a higher rate.
https://www.smh.com.au/national/spir...03-p52xf8.html
'The excise duty on spirits is currently $85.87 per litre of pure alcohol, while full-strength beer is taxed at the rate of $50.70 per litre, according to the Australian Tax Office. Wine is taxed at 29 per cent of the wholesale price under the wine equalisation tax.'
From reading the above you can see why - if you have an alcohol problem in Australia - it makes far more sense to be a 'wino' with a taste for Chateau Cardboard than a beer drinker...

[darylat8750]

Originally Posted by TeddyDiver

None of those have any affect on savings and investments on stocks etc, which was the original point.

They certainly do affect all of the above. Total tax burden affects everything about personal finance and business finance.