marginal tax rate

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Trudeau budget more bad news for Ontario

Ontarians are on the hook for approximately 40 per cent of the federal government’s net debt.

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Higher taxes on high earners—not a good idea

In Ontario, the combined provincial/federal top marginal income tax rate is 53.5 per cent.

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The PC platform would not reduce the sky-high top marginal rate facing highly-skilled workers.

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In this year’s budget, the Wynne government forecasts a nearly 5 per cent increase in program spending.

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The federal Liberals plan to increase the top federal personal income tax rate.

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The new Trudeau government plans to raise personal income taxes on the top one per cent of Canadian income-earners in order to fund a personal income tax decrease on the middle class.

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The Liberal campaign platform has some laudable goals. However, one of the worrying policy initiatives, and one that is hopefully de-prioritized, is the raising of the top marginal federal tax rate on personal income from 29 to 33 per cent.

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The day before delivering his budget speech, Quebec Minister of Finance Carlos Leitão called the budget a “good news budget.” Indeed, Quebec’s 2015 budget continues to make progress on tackling deep-rooted fiscal problems.