Saturday, December 03, 2022

tax reform | Quebec Solidaire wants to pay salaries to the rich

tax reform |  Quebec Solidaire wants to pay salaries to the rich

(Gatineau) Quebec Solidaire has unveiled part of its tax reform aimed at “taxing big fortunes” as well as taxing big estates, targeting people with net assets of more than a million. These measures should “return 2.65 billion to the community”.

Posted at 9:48 am.

Charles Lakevalier

Charles Lakevalier

The main tax bracket would be 0.1% or $1,000 per million per year. For example, a person who owns a boat with three income assets and a total value of two million must pay an additional $1,000 on his tax return, because the first million is not taxed.

For buildings and homes, the amount of the mortgage loan is subtracted from the real estate value to calculate the net worth.

Quebec Solidaire believes that “the richest 5% should contribute more to finance health, education and the environment” and that “millionaires must contribute more”, especially “to finance the fight against poverty”. for”.

As far as the “tax on large estates” is concerned, it targets assets of more than a million. “Anything over $1 million in net assets will be taxed at 35%. Thus, if a person makes a bequest of one million dollars, he or she will not pay any additional taxes,” the party explains.

With this inheritance tax, QS seeks to tackle the fact that for the “greatest fortunes”, the most significant disparities are “not in terms of income, but in accumulated amounts”. He points out that 24 of the 37 OECD countries, including Germany, France, the United Kingdom and Japan, have an inheritance tax.

wealth tax

  • The first million of net assets are tax free
  • Between $1 million and $9.9 million: 0.1% of net assets
  • Between $10 million and $99 million: 1% of net worth
  • Over $100 million: 1.5% of net assets

inheritance tax

  • The first million of assets are exempt from net wealth tax
  • The rest is taxed at the rate of 35 per cent.

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