From Nationalpost · · 1m 40s
David Eby's pledge to make BC highest taxed jurisdiction
B.C. NDP leader David Eby proposes 57.5% top tax rate for millionaires.
In brief
B.C. NDP leader David Eby proposes 57.5% top tax rate for millionaires. B.C. NDP leader David Eby pledges to raise top marginal tax rate to 57.5% for annual incomes over $1 million, placing British Columbians in a higher tax bracket than most European countries. Originally reported by Nationalpost.
David Eby's tax pledge
B.C. NDP leader David Eby proposed a new tax policy that would give his province one of the highest marginal tax rates on earth.
57.5% top tax rate
If implemented, the top marginal tax rate in B.C. would hit 57.5 per cent, meaning 57.5 cents out of every dollar earned above a certain threshold in B.C. would be collected as tax.
Higher than Europe
According to the most recent figures from the OECD, top-earning British Columbians would pay a higher tax on income than their well-paid peers in France (55.4 per cent), Japan (55.9 per cent), Sweden (52.4 per cent) and the U.K. (45 per cent).
Denmark comparison
In fact, they’d likely be paying more of their income in tax than any other jurisdiction save Denmark, which has a top rate of 55.9 per cent in OECD data but can rise as high as 60.5 per cent in practice.
California comparison
B.C.’s top tax rate would also push well ahead of California, the single most high-tax jurisdiction in the United States, where Californians pay a top income tax rate of 13.3 per cent combined with a federal top rate of 37 per cent for a total of 50.3.
Millionaire's tax
This would be added to the top federal rate of 33 per cent for a total of 57.5 per cent, applying only to annual incomes of $1 million or more.
The big picture
B.C. NDP leader David Eby pledges to raise top marginal tax rate to 57.5% for annual incomes over $1 million, placing British Columbians in a higher tax bracket than most European countries.
