Very cool, I bet almost all of us are within the top 10 percent in the world.cjottawa wrote: ↑Jan 28th, 2013 5:48 pmA lot of people on this forum is in the top 1% of the world population, if you believe these guys got their math right: http://www.globalrichlist.com/
Kinda puts things into perspective.
Although I don't have the actual stats, I actually know a specialist who pulls in half a million and told me he hires an accountant who caters mainly to doctors and dentists. I believe the taxes he paid was closer to the range of his employees! That was a shocker for me. He gets audited quite a bit but I don't think he's ever been jailed and the penalties, if there ever was any, doesn't deter him. Having said that, I'm sure most of the doctors and dentists don't do tax evasion.
cassandra111 wrote: ↑Jan 28th, 2013 7:41 pmAlthough I don't have the actual stats, I actually know a specialist who pulls in half a million and told me he hires an accountant who caters mainly to doctors and dentists. I believe the taxes he paid was closer to the range of his employees! That was a shocker for me. He gets audited quite a bit but I don't think he's ever been jailed and the penalties, if there ever was any, deters him. Having said that, I'm sure most of the doctors and dentists don't do tax evasion.
Interesting and probable. But then why the audits?Brock15 wrote: ↑Jan 28th, 2013 7:54 pmlol, what this accountant does is tax planning, not tax evasion. There are lots of legal ways to reduce tax for high income earners, which is probably why the income gap keeps growing. What your friend probably has is a professional corporation, family trusts, wife as a shareholder, etc which are effective ways of reducing tax. Plus he could have just left the money in the corporation and pay tax at 15.5% rather than 48%.
