A reader of this blog, Chris, posed the following thoughtful question:
What do you think the implications would be if Canada were to implement more tax brackets? For example, if federal tax tiers were added at $200k and $300k with a federal rate of say 33% and 37% respectively?
I’m not sure why the government hasn’t gone in this direction because the majority of voters are not anywhere near these levels. This would help redistribute the tax burden and work down more of the country’s debt.
It’s always tempting to tax the rich more. This idea isn’t new. In fact, back in 1963 Quebec’s top marginal tax rate was over 93%!. This rate applied to income over $400,000 (the equivalent of about $2.9 million today). Read More…
Just rasing it by just a little will ring outrage heard from ocean to ocean.
Conservatives will never be on board for such a thing.
Although Canada doesn’t experience the same lvel of turmoil that surrounds americans where it is more a plutocracy than a democracy we too seem to forget that taxing the rich a bit more is the logical answer to such things as our debt.
Seeing as how they are already well-off taxing the small minority that already have it all makes complete sense. But will they do it? I say no.
Taxing the rich? heaven forbid!