The top 20 per cent of income-earning families in Canada pay nearly two-thirds of all income taxes.
The federal and provincial governments project combined budget deficits of $233.5 billion in 2021.
The Biden administration plans to increase the U.S. federal corporate tax rate from 21 per cent to 28 per cent.
The government offset the benefits of the lower tax rate by eliminating tax credits.
Canada has the seventh-highest top combined personal income tax rate in the OECD.
In total, 48 U.S. jurisdictions have lower top PIT rates than every Canadian province.
The government’s plan to increase the “basic personal amount” will cost nearly $7 billion annually.
More tax credits complicate the tax code.
Since its inception, the U.S. federal minimum wage has never been reduced.