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.
this post was submitted on 16 Apr 2024
113 points (100.0% liked)
World News
32376 readers
752 users here now
News from around the world!
Rules:
-
Please only post links to actual news sources, no tabloid sites, etc
-
No NSFW content
-
No hate speech, bigotry, propaganda, etc
founded 5 years ago
MODERATORS
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.
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.
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.
God damn, meanwhile in Australia our top tax bracket is AUD190K (USD122K) @ 45%!
us is similarly silly. why the heck don't tax brackets scale into the millions???
You and I both know exactly why
true. I hope those rich folks can have enough kids to run everything. No slaves coming from my loins.
Good. They just bred you out of the gene pool.
damn straight. my genes or anyone elses are nothing all that special. this wierd idea of immortalizing ones genes is just stupid. I have had my space time and thats enough.
You're only here because people have been immortalizing themselves through genes for generations.
If you're not strong enough to continue on that trend, then you don't get to continue past this point.
Other people will, though, and influence the world accordingly.
sure and have which is how we got to where we are now. I completely accept and am cognizant of the accident of birth.
Ours in NZ is even worse, 180k (USD 100k) at 39% is our top tax bracket.
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.
Really need to start taxing wealth, and not just income.
And not just liquid wealth.
Own stocks? Pay a tax on their value at time of purchase, updating every year from that day.
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.
Until there is action taken to tax loans using stock as collateral, nothing significant will happen.
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.
The Shopify president whose worth 3.5 billion is whining like a bitch on twitter about it
How can one country be so fucking based.
Its as if the great Tommy Douglas himself looks upon Canada and smiles