In Ontario we TAX the Rich!

in Income Tax, Ontario Government

Let me clarify the statement, in a move to make sure their budget gets passed the Provincial Liberals have succumbed to a threat by the NDP to defeat the budget if there was not a tangible tax on the rich, and thus the Liberals have announced a Two Percent Surtax on those earning more than $500,000 a year.

How to rationalize this change of decision:

“They wanted a tax on the rich. I want to pay down the deficit faster,” said the Premier.

Thus the $470,000,000 estimated extra income will be put directly on the deficit, so McGuinty gets to live another day, and portray himself as a fiscal conservative while taxing the rich. A very interesting twist on the Liberals platform.

So the highest provincial tax rate is now 48.5% (up from 46.5%), anyone care to comment? Even though I earn some good coin (in my REAL job, not here), there is no danger of me having this tax inflicted on  me, but I am curious to hear if I have any readers who are in this tax bracket (or know folks who are in this bracket) and what they think of this interesting new tax?

Is it a good thing that the Ontario Government wants to Eat the Rich?

Questrade Democratic Pricing - 1 cent per share, $4.95 min / $9.95 max

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