Quote:
Originally Posted by CanuckShooter
A tiny little change to the capital gains isn't what I'd call taxing the rich.
I always wondered why they don't tax capital gains at 100% the same as interest or wages. The claiming 50% of your gains for taxes is really a tax break for the rich isn't it? Same with the dividend tax credit, flow through shares etc etc etc.
Personally I don't think the rich need tax breaks, the working poor are the ones that could use tax relief.
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A couple of things:
- I think, as a general policy, we want to encourage capital investment. Why would you risk your money as an investor if you're going to be taxed the same as just working for it as an employee with significantly lower risk profile?
- With this threshold it's going to hit a lot of doctors, lawyers etc. who use professional corps - while this may seem like "taxing the rich", these are people who work for a living, not the Galen Westons of the world.
- This is going to serve as an ad hoc inheritance tax. You may not have over $250,000 of capital gains in life, but your estate may on death.
Regardless of whether this or any of the other budget changes have the desired effect, I'm not in favour of giving this government any more money to spend on filling the country full of "students" and dumping all over the West.