this post was submitted on 16 Apr 2024
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Usually I'm supportive of tax hikes on the rich, but I think it's important to note that the top tax bracket in Canada is $246752. Canada needs more granular tax brackets at the top end.
While I agree that top tax brackets could use more granularity, it’s also important to note that it’s only income above that amount that gets taxed more. I’m personally okay with anything above that being taxed a lot and at the same (high) rate.
I think it's fair to add more levels. It's fair that someone earning $400K should be paying less marginal tax than someone earning $10MM. The first person is still likely spending a significant portion of their income each year on living expenses, while the second person is earning more than can be reasonably spent, so it's just "NumBeRs gO Up!" at that point.
idk, something like 60% tax above 400K, 70% tax above 1MM, 80% tax above $3MM, 85% tax above $10MM.
What are the downsides?
That might make Canadian sports teams fail since nobody will want to take the income hit to work here? Even then, they could just restructure their compensation to be paid over a lifetime, so they get $3MM/yr for 50 years instead of $12MM/yr for 10 years (or whatever).
I think that kind of system is fine too.