Quote:
Originally Posted by Hesla
Anyone have a good article or summary of proposed changes to taxes ?
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tl;dr: If you make between $45k and $199k, you get a small tax break. If you make over $200k, your tax bill goes up.
Current federal income tax brackets:
15% on the first $44,701 of taxable income, +
22% on the next $44,700 of taxable income (on the portion of taxable income over $44,701 up to $89,401), +
26% on the next $49,185 of taxable income (on the portion of taxable income over $89,401 up to $138,586), +
29% of taxable income over $138,586.
Proposed income tax brackets from the Liberal election platform (changes from current rates in bold):
15% on the first $44,701 of taxable income, +
20.5% on the next $44,700 of taxable income (on the portion of taxable income over $44,701 up to $89,401), +
26% on the next $49,185 of taxable income (on the portion of taxable income over $89,401 up to $138,586), +
29% on the next $61,414 of taxable income (on the portion of taxable income over over $138,586 up to $199,999), +
33% of taxable income over $200,000.