Ontario raised its top personal income tax rate by 3.1 percentage points, preventing up to 2,158 new businesses from starting.
An estimated 2,158 new businesses will not startup in the province due to the higher tax rate.
B.C. recently raised its top personal income tax rate from 14.7 per cent to 16.8 per cent.
An estimated 1,374 new businesses will not startup in the province due to the higher tax rate.
By eliminating capital gains taxes, the government could help strengthen the incentives for people to start and grow businesses.
Ontario needs policies that encourage Ontarians to spend more energy and imagination working and innovating.
Instead of seeing innovation as troublesome heresy, people came to see virtue in innovation.
High marginal tax rates discourage productive economic activities such as work, savings, investment and entrepreneurship.