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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It's quite significant. Here is the scenario, your grandpa bought some farm land in 1952 for $25k, he passed it to your dad. Your dad passes away, you inherit the land, now worth $2M, and the government says you owe taxes on $1.975M at 100%, lets say 40% tax rate, $790,000 in taxes. You wanted to keep the land, as it had been in your family for generations, but don't have the cash and have to sell. Same kind of thing with typical 1980's 1,200 sq. ft. homes in Vancouver/Toronto worth millions. That seems reasonable to you?