Kim Moody, in the FP;
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.
