The province's top income tax bracket to 53.53 per cent, the third-highest rate in North America.
Due to the new tax, financial capital will be used less efficiently and productivity will suffer.
The top 20 per cent pay nearly two-thirds of all federal and provincial income taxes.
In 2021/22, federal personal income tax revenue grew by 6.2 per cent.
When linked to a GST hike, support for a national prescription drug program falls from 79 per cent to 40 per cent.
When tax rates increase, people often change their economic behaviour in ways that shrink the targeted tax base.
The projected federal deficit in 2022-23 is 34 per cent higher than the deficit in 2019-20.