RE:RE:RE:Capital gains increased taxes WILL hit farmers HARD,,,,,,,,,Red_Deer wrote: Hey PACKER__You Should HAVE Run the 50% Number TOO__As the INCREASE
is OVER $146,000 PLUS Provincial Tax.
THUS I Continue to BELIEVE that IT IS UNFAIR to Have a SELECT GROUP
Pay THAT MUCH MORE TAX__Simply Because Their LAND VALUES Have Gone UP
in the Past 50 Years eh !!!
Ask and you shall receive.....
2,770,610 net capital gain AFTER the 1.25 million exclusion available to farmers, fishermen and small businesses, including incorporated doctors, dentists....
Inclusion rate 50% first 250,000 = 125,000
2,770,610 less 250k = 2,520,610 @ 66% =1,663,602
Total 1,788,602...
I will again not bother with all the income brackets and charge the max 33% tax rate
1,788,602 @ 33% = 590,238.....that is 13, 200 LESS tax payable than I had before
If I ran the numbers through all five income tax brackets (instead of just using the highest one) the tax owing would be lower than even that!
All provinces set their taxes however they please...any province could decide to lower its tax rate by the amount that the federal inclusion rate increase will increase its provincial reveneues...but I doubt that will happen.
Some Premiers support "axing the tax"....but we haven't heard a peep out of them about the changes in the capital gains inclusion rate, have we? Surprise, surprise....
But my question is still out there? We already tax capital gains at a lower rate than employment income....How much lower should we tax capital gains at??? 12%, 10%....no tax at all????
And how do we make up the shortfall in revenues??? Raise the rates on employment income? (???)
We have workers who pay taxes on income....and we have investors who pay taxes on capital gains. If there is a rationale for taxing one group at a substantially lower rate than the other group...I'd like to hear it. That's all