Re:No One Goes There Anymore
by drpgq on Saturday May 16, 2020 @11:01PM
(#23209164)
As an Ontarian it is frustrating how the marginal tax rate has risen over 50% over the last decade, but ignorant people think things are the same as in the US. Of course capital gains on primary residences is taxed at 0% so it isn't really surprising that real estate and its financialization is Ontario's main industry.
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Re:No One Goes There Anymore
by NikolaNovak on Saturday May 16, 2020 @11:07PM
(#23209206)
I'm actually with the OP - taxes as such don't offend me; I'm more concerned to get value out of them / their efficiency and purpose, rather than what they are in absolute terms. But wanted to point out that 50% is not unheard of and doesn't have to be in "millionaire" category of income.
I don’t think it’s just that it has risen over 50%, the increases over the last ~6 years are quite rapid. Consider BC [1]:
Top income tax bracket in BC in 2013: 43.7%
Top income tax bracket in BC in 2014 and 2015: 45.8%
Top income tax bracket in BC in 2016 and 2017: 47.7%
Top income tax bracket in BC in 2018 and 2019: 49.8%
Top income tax bracket in BC starting in 2020: 53.5%.
I believe that there have been similar effects in ON from increases & new brackets, on both the federal and provincial level.
[1] https://twitter.com/cperciva/status/1229900065726054400?s=21
Re:No One Goes There Anymore
by sandworm101 on Sunday May 17, 2020 @01:40AM
(#23209845)
Don't forget the tax brackets:
2015 top bracket: "over $151,050"
2019 top bracket: "over $205,842"
So anyone anywhere near that bracket, despite the increased percentages, is probably paying less tax overall.
How would they be paying less overall? They just added new brackets.
The rapidity is similar in Ontario. I think that's why the public still thinks that the top rates are around the 2013 values and say we need to raise the top rates higher.