Under this federal government, the recent asks of the rich have included a four per cent increase in personal tax rates, an attack on small businesses and their ability to income split with family members, major amendments to the Alternative Minimum Tax and a host of other “adjustments.”
In addition, it is clear from the above statistics who pays for Robin Hood programs such as Pharmaccare, the Dental Care Plan and a whole host of other wasteful spending. Yep, those darn rich people. Again, if the rich feel that their hard-earned money is not being put to good use, there will be negative reactions.
That’s where the capital gains inclusion rate increase proposal comes in. The proposal to increase the inclusion rate from 50 per cent to two-thirds (with individuals able to maintain the 50 per cent rate for annual capital gains of $250,000 or less) is not about the vacuous speaking points pumped out by the Prime Minister’s Office and repeated by Justin Trudeau and others who try to suggest that the increase is good policy (necessary for “fairness,” “equity,” “intergenerational fairness” and the “capital gains advantage”).
Nope, this is a simple tax revenue-generating measure since this government has no desire to materially reduce spending and try to appease the value-for-money-spent crowd. Instead, it needs the revenue in order to continue to recklessly spend.
Unfortunately, though, the capital gains inclusion rate increase impacts much more than the rich. Average Canadians are waking up to the simple fact that they don’t need to be rich to be directly or indirectly impacted in a negative way.
Via Martin Pelletier;
Did you know the top 10 per cent of Canadians or about 2.93 million individuals, had an average income of $190,000 and paid 54.4 per cent of the total tax in this country?
Now consider this. The minimum income required to qualify to buy the average house in this country is $200,000.
He and his braintrust would rather ruin the country and rule over the rubble, than put together a coherent plan that benefits Canadians as a whole rather than the government/liberal party parasites.
” – and in the real world, if you move to take away a billionaire’s billions, he will leave. He doesn’t need you, and his love of country (like everything else) has a price that he may decide is too expensive; and lots of tax-free paradises welcome him to move there. Ask K.C. Irving why he spent six-months-plus-a-day in Bermuda each year. And when billionaires leave, they don’t just take their money – they take their businesses and investments, and then all their former employees go on welfare and don’t pay taxes either…”
Guess why Canada is running out of doctors. Go through 11 years of hard education, work 100-hour weeks and get 54% of their income taxed away – and see what the chuckleheaded government blows their money on – when they could drive 100 miles south, score a green card and instantly double their salaries and halve their taxes?
I recently heard that with the lower admin burden in the US, Canadian doctors need to spend double the time to see fewer patients, for less money
I wasn’t a doctor but was in the 56% income tax bracket decades ago. Nothing has changed just the inflated dollars.
The only thing that can realistically make housing more affordable in Canada is a major recession / depression and it’s already started. That’s the good news. The bad news is that the state engineered inflation (intentional or not) will destroy wealth across the board such that the eventual “affordable housing” will still be out of reach for all except the rich who have managed to game all the rules in place. When the majority vote for the parties led by sociopaths that are quite open about their intentions to destroy prosperity and the middle class, they get what they deserve, a nation in ruin. The bureaucrat class and their criminal unions that are sniveling about having to come into the office three days a week will eventually wake up to unemployment as the government will not be able to borrow anymore or face runaway inflation.
Why would those top 10% of earners in Canada invest here while they know the confiscatory capital gains tax makes it not worth the risk? Take their money elsewhere, or stop investing while the #Libranos are in office.
See who can wait for 2 years while simply watching their country burn.
Foreign investment went into a tailspin when Groper Blackface got elected PM.
So now he’s reduced Canadian investment.
Because the Liberals turned into a neo-Marxist party when they elected Shithead to be Liberal leader.
Their understanding of wealth & money must come from the Robert Mugabe School of Economics.
“…the Liberals turned into a neo-Marxist party when they elected Shithead to be Liberal leader”
That would be Shithead la Premiere. The current little cast off foreskin is just consolidating what PET (Penis Eradicus Totalis) started.
Under the “Canadians Are Stupid” logo..
“Rich” to the Canadian Kleptocracy,means “Having a penny left over on pay day”.
Or
Harkening back to the Jean Cretin era..Canadian Income tax,simplified form;
Line 1 “Gross Income”.
Line 2 “Add $1.”
Line 3 ‘ Submit total .
So easy even a Liberal could complete.
We are living the end stage of Kleptocracy.
The O.P.M from productive citizens has run out.
Now the internal thievery will become tribal.
As the lesser thieves get worked over.
Remember kiddies.
Do not steal.
Your government hates competition.
Communists never learn.
Taxes are why The Beatles left England for America back in the day.
Taxman-The Beatles, with lyrics.
https://www.youtube.com/watch?v=oO79rkfV0PI