These are not Eby's tax hikes. JOSIE OSBORNE is the FINANCE MINISTER, and as we know her solution to everything is ......RAISE TAXES! Source: X (David Eby) B.C. NDP Leader David Eby is campaigning on a new “millionaire tax”, but his tax hikes would start on incomes above $190,405. Beginning in 2027, Eby proposes raising the provincial tax rate on taxable income between $190,405 and $265,545 from 16.8 per cent to 18.8 per cent.
David Eby is introducing A NEW TAX "ON THE WEALTHIEST" to fund health care in B.C. See the problem? He's increasing taxes for anyone making over $190,000 a year, these are our doctors and business professionals. Income between $265,545 and $1 million would face a 22.5 per cent rate, up from 20.5 per cent, while income above $1 million would face a new 24.5 per cent provincial rate.
University of Calgary economist Trevor Tombe said the proposal would have significant implications for B.C.’s tax competitiveness. “This would raise BC to the highest income tax rate since 1981, and make the province (by a decent margin) the highest tax rate jurisdiction in Canada,” Tombe said. “The gap with Alberta would be back at 1990s levels.” The NDP estimates the changes would affect 3.88 per cent of B.C. income earners and eventually raise $1 billion annually for health care and affordability measures.
“As we face an unprecedented attack on our economy and rising costs for working families, we’ll ask the wealthiest to chip in a little more,” Eby said.
In a Sunday election 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. If implemented, the top marginal tax rate in B.C. would hit 57.5 per cent, meaning that 57.5 cents out of every dollar earned above a certain threshold in B.C. would be collected as tax. It wouldn’t just make B.C. the highest tax jurisdiction in Canada, but it would place British Columbians in a higher tax bracket than even some of the most notoriously high tax corners of Europe. According to the most recent figures from the OECD, top-earning British Columbians would be paying 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). In fact, they’d likely be paying more of their income in tax than any other jurisdiction save Denmark. Although Denmark’s top rate comes in at 55.9 per cent in OECD data, in practice, the Danish rate can rise as high as 60.5 per cent, according to a June analysis by PricewaterhouseCoopers. B.C.’s top tax rate would also push well ahead of California, the single most high-tax jurisdiction in the United States. According to the U.S.-based Tax Foundation, Californians pay a top income tax rate of 13.3 per cent. Which, when combined with a federal top rate of 37 per cent, comes to 50.3.
The new tax rate was pitched by Eby on Sunday as a “millionaire’s tax,” as the new top rate of 24.5 per cent or more only applies to annual incomes of $1 million or more.
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These are not Eby's tax hikes. JOSIE OSBORNE is the FINANCE MINISTER, and as we know her solution to everything is ......RAISE TAXES!
Source: X (David Eby)
B.C. NDP Leader David Eby is campaigning on a new “millionaire tax”, but his tax hikes would start on incomes above $190,405.
Beginning in 2027, Eby proposes raising the provincial tax rate on taxable income between $190,405 and $265,545 from 16.8 per cent to 18.8 per cent.
David Eby is introducing A NEW TAX "ON THE WEALTHIEST" to fund health care in B.C. See the problem? He's increasing taxes for anyone making over $190,000 a year, these are our doctors and business professionals.
Income between $265,545 and $1 million would face a 22.5 per cent rate, up from 20.5 per cent, while income above $1 million would face a new 24.5 per cent provincial rate.
University of Calgary economist Trevor Tombe said the proposal would have significant implications for B.C.’s tax competitiveness.
“This would raise BC to the highest income tax rate since 1981, and make the province (by a decent margin) the highest tax rate jurisdiction in Canada,” Tombe said. “The gap with Alberta would be back at 1990s levels.”
The NDP estimates the changes would affect 3.88 per cent of B.C. income earners and eventually raise $1 billion annually for health care and affordability measures.
“As we face an unprecedented attack on our economy and rising costs for working families, we’ll ask the wealthiest to chip in a little more,” Eby said.
In a Sunday election 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.
If implemented, the top marginal tax rate in B.C. would hit 57.5 per cent, meaning that 57.5 cents out of every dollar earned above a certain threshold in B.C. would be collected as tax.
It wouldn’t just make B.C. the highest tax jurisdiction in Canada, but it would place British Columbians in a higher tax bracket than even some of the most notoriously high tax corners of Europe.
According to the most recent figures from the OECD, top-earning British Columbians would be paying 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).
In fact, they’d likely be paying more of their income in tax than any other jurisdiction save Denmark. Although Denmark’s top rate comes in at 55.9 per cent in OECD data, in practice, the Danish rate can rise as high as 60.5 per cent, according to a June analysis by PricewaterhouseCoopers.
B.C.’s top tax rate would also push well ahead of California, the single most high-tax jurisdiction in the United States. According to the U.S.-based Tax Foundation, Californians pay a top income tax rate of 13.3 per cent. Which, when combined with a federal top rate of 37 per cent, comes to 50.3.
The new tax rate was pitched by Eby on Sunday as a “millionaire’s tax,” as the new top rate of 24.5 per cent or more only applies to annual incomes of $1 million or more.
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