“We need the CCPA to remind us that our dreams of a decent, egalitarian society are reasonable — indeed that with a little work, they are practical. And I love that practicality, that protection of the dream of the possible.”
— Naomi Klein
Issue(s): Inequality and poverty, Taxes and tax cuts
Projects & Initiatives: Alternative Federal Budget
December 12, 2007
OTTAWA—Canada should raise federal personal income tax rates on the rich to close the growing income gap and to bring them more in line with those in the U.S., says a study released today by the Alternative Federal Budget project of the Canadian Centre for Policy Alternatives.
The study, by economist Andrew Jackson, points out that Canada's top federal tax rate is considerably lower than the U.S.: The top U.S. tax rate is 35% on incomes over $326,000 and 33% on incomes over $150,000; Canada's top federal income tax rate is 29% on incomes of over $116,000.