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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.
by drpgq 6y ago
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.
- NikolaNovak 6y agoI'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.
- amscanne 6y agoI 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 https://twitter.com/cperciva/status/1229900065726054400?s=21
- deleted 6y ago[deleted]
- sandworm101 6y agoDon'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.
- drpgq 6y agoHow would they be paying less overall? They just added new brackets.
- drpgq 6y agoThe 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.
- gorgoiler 6y agoWouldn’t operating real estate as a financial market all involve secondary or fund-owned residences, and therefore be subject to capital gains tax?