Quote:
Originally Posted by blankall
These are marginal rates. So it's 5% of the amount between 250 and 925. These are also pounds not dollars (1.7 pounds to 1 CAD). So in the example, someone with a home worth $500k CAD, would pay no tax on the first $425k and then 5% on the remaining $75k or $3,750 total.
I agree the British model is flawed. There's obviously a pronounced element of socialism and wealth redistribution in the UK model. The North American model, however, where virtually no property taxes are levied has the opposite problem. Working people subsidizing upkeep on property for wealthy landowners is absurd. Provincial revenue being transferred to municipalities is a major part of this problem. The cities should support themselves by raising property taxes.
|
I sit on a couple of municipal committees here in Metro Van and I've consulted on Translink 2050. It is amazing how much future planning is based on hypothetical revenue transfers from the provincial and federal governments.