For example, if the current 5th income tax bracket in BC (which only affects people earning more than $103,000 a year) were to increase from 14.7% to 17%, the province would raise about an additional $375 million a year. Notably, under this scenario, most people making over $103K would see only modest increases in their taxes. Heck, even someone making half a million dollars a year would see an increase in their tax bill of only about $9,000 (or 1.8% of their total income).
Alternately, if the government created a new tax bracket that kicked in at incomes over $200,000 a year (set at 21%), it would also raise over $300 million. That would only impact the wealthiest 1% of BC taxpayers.(PolicyNote.ca)
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