Both my husband and I are entrepreneurs and under the age of 50. Our idea of retirement is a new start up - I swear my husband will be working on his deathbed, but he loves to create. Both he and I immigrated to Canada with our parents when we were children. We went to school on student loans, paid every red cent back plus interest. I did my first tax return when I was eleven years old because my father used to do the tax returns (for free) for all his friends and he noticed that my handwriting was a lot neater so he taught me how to do them. I practiced tax law for over a decade until I decided that I wanted to be mom first and a career person second.
In addition to working our respective a__es off, we have put everything we own on the line many times to get to where we are. Yes we make way more than $150K each; however, there was a time not too long ago where I would stay awake nights wondering where I was going to get the money to meet payroll (we didn't get paid during that time) for my staff and I'm proud to say that I never missed one payroll and banks laughed at us when we asked for money. Now the situation is very different, we have banks and private equity funds knocking on our doors daily (you know the saying, they take away the umbrella when its raining and give you many when its sunny), we employ over 30 people in Canada when average salary of $80k and over 20 in the US. The last time NDP was in power, I learned many ways to strip the BC tax base - not only did BC not get the increased tax revenue due to rates, they also lost the lower base. I had a long discussion with an NDP Minister at the time and he couldn't understand how I could move the tax base out of BC. This time around, I will figure out ways to reduce my tax burden and given the type of business we are in, I can assure that I can, if I want to, not pay 1 cent of BC tax legally. If someone thinks that taxes won't go up drastically (greater than what has been announced) under the NDP regime, they must believe the sky is purple because someone tells that it is even though they can see it isn't. The other thing that most people don't realize is that those of us who do make over 150k also employ others in our private lives - a housekeeper, a gardener, a pool guy (sorry he's an old man), private school tuition, tutors, US schools, private clinics for medical care (takes the burden off the tax funded one) and donations. Everyone talks about spinoffs from events, I wonder when someone will think about spinoffs from those who do earn greater than 150k and realize that we are putting more money into the economy that just taxes.
-- another mom