Politicians claim new capital gains taxes will align us with California & New York🤔
Not true!🚫
1. Capital gain tax exemptions for entrepreneurs:
🇺🇸 Up to USD$10M
🇨🇦 Up to CAD$1.25M
2. Total income taxes on CAD$500K:
🍁 Ontario: $231K (45%)
🇺🇸 California: $195K (39%)
🇺🇸 New…
Chrystia Freeland is asked these excellent questions by Irene Galea of the Globe
@IreneHGalea
"analysis confirms the adverse effects of higher capital gains taxes..."
Canadians deserve answers to these questions that she avoided. She is driving innovation and entrepreneurs away!
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Replies
@HanifBayat
Medical premiums are about 2400 a month for a family of 4 and about 18-1900 for a couple which is never part of the calculation. Annnnd you get to pay 20% of you medical bill regardless of the insurance you have. Never factored in. Oh, and property taxes are about 5 x Canada
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@oolsen50
Not true. The calculation considered a FICA taxes for a single person in 2022. Actually the effective tax rates are even lower for 2023.
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@BourgaultGilles
I indicated the tax implications for a $500K income, not $500K in capital gains. My point is that for entrepreneurs and their employees, income taxes are higher here.
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@HanifBayat
Please tell me how comparing ourselves with California New York is something that we should be proud of.
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@wesSE22020
I believe the government has an 'overspending' problem, not a revenue problem. The housing crisis could have been addressed earlier by easing zoning restrictions and moderating the influx of immigrants. The government cannot continuously 'borrow more,' 'tax more,' and 'spend…
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@HanifBayat
What do you expect when you have a drama teacher and a journalist running the economic... you get clown policies
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@HanifBayat
Capital gains in housing should be raised even higher!! Capital gains on industry and manufacturing should be lowered!
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@HanifBayat
Reporter's comment that CA and NY are already major hubs for innovation is 100% and higher tax rates don't seriously impede that. OTOH the BoC just declared a productivity "emergency". Maybe Cdn farmers should move into avocado farming too b/c it's working so well for Cali?🙄
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@HanifBayat
To be honest, question is: what's the net positive of VC money?
VC wants high return on their investment. VC aren't interested in the common good.
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@HanifBayat
California and New York are not exactly places to aspire to be… It’s bizarre to think so.
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@HanifBayat
None of this matters. Any capital gains exemptions will just fuel the real estate market first.
The reality is that lowering capital gains does NOTHING for entrepreneurship in Canada- it just funnels investment into real estate.
Canada must solve a deeper problem first.
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