Monday, July 14, 2014

Ontario Liberal 2014 Budget New Tax Bracket Expected to Raise $840 Million

The Ontario Liberals are adding a new tax bracket that at $150,000 (beyond the surtax they added recently that kicks in around $220,000 per year. The Globe and Mail reports that is supposed to raise $840 million per year. Hopefully it will be reported what the actual number is, although I wouldn't hold my breath.

I expect that given wealthy individuals use of corporations and the general poor performance of the Ontario economy that the money raised won't meet expectations.

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