Canada's budget to increase taxes on the wealthiest, says source
Canada's budget to increase taxes on the wealthiest, says source
24 comments
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Usually I'm supportive of tax hikes on the rich, but I think it's important to note that the top tax bracket in Canada is $246752. Canada needs more granular tax brackets at the top end.
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That income is high enough to be taxed more, but I agree more granularity would be better. I hope that they increase taxes on the rich mostly by closing loopholes that favour the 1% at our expense. A billionaire that pays no taxes now isn't going to owe more if we increase the tax rate. 3 times 0 is still 0. It's the loopholes we have to close.
It's not usually the doctors making 250-400k that are shirking their fair share of taxes, but the use of loopholes certainly starts in that range and accelerates exponentially with higher wealth and income.
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It’s the loopholes we have to close.
We can actually do both, instead of one OR the other.
And we can do them both at once, or one at a time.
I bet that's what's happening here.
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A large part of this is also the monopolies that large companies hold on essentials: groceries, telecoms, banks, etc. These are industries where competition does not spur innovation: rather, competition only harms the consumer.
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While I agree that top tax brackets could use more granularity, it’s also important to note that it’s only income above that amount that gets taxed more. I’m personally okay with anything above that being taxed a lot and at the same (high) rate.
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I think it's fair to add more levels. It's fair that someone earning $400K should be paying less marginal tax than someone earning $10MM. The first person is still likely spending a significant portion of their income each year on living expenses, while the second person is earning more than can be reasonably spent, so it's just "NumBeRs gO Up!" at that point.
idk, something like 60% tax above 400K, 70% tax above 1MM, 80% tax above $3MM, 85% tax above $10MM.
What are the downsides?
That might make Canadian sports teams fail since nobody will want to take the income hit to work here? Even then, they could just restructure their compensation to be paid over a lifetime, so they get $3MM/yr for 50 years instead of $12MM/yr for 10 years (or whatever).
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Really need to start taxing wealth, and not just income.
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And not just liquid wealth.
Own stocks? Pay a tax on their value at time of purchase, updating every year from that day.
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It's a start. Its a modest increase in capital gains inclusion (66% instead of 50%) for all capital gains over $250,000 per year
So, good, normal people won't be affected at all, but only super wealthy folks triggering a quarter million in gains every single year are going to feel any effect. And unfortunately, there's more than a few ways to just avoid triggering gains anyways.
Eh, at least it's a start.
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Until there is action taken to tax loans using stock as collateral, nothing significant will happen.
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You're right, and this is an excellent idea. If you're turning an asset into a cashflow, it should be taxable under all circumstances.
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The Shopify president whose worth 3.5 billion is whining like a bitch on twitter about it
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Still won't do jack shits about astronomical food and rent prices.
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How can one country be so fucking based.
Its as if the great Tommy Douglas himself looks upon Canada and smiles
24 comments