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Graduated Income Tax System etc...
Q. One of my beefs with getting Mass. to have a graduated income tax, is that there is already a disparity in the Mass tax mechanics to begin with. To wit: (a) unearned income (which primarily is earned by people who are 'rich' i.e. have money to invest) is taxed at 10%. (b) mortgage interest is not deductible (since mostly well-to-do people *own* houses) and (c) if you *rent* you get to deduct half the rent (up to some maximum, like $2k) -- while if you *own* the house/condo, you get no deduction. The legislature has been *CONTORTING* the tax laws in order to create a semi-graduated income tax to get around the constitutional prohibition. If they go to THAT much trouble with this relatively simple system, I am leary of what they might/will do when they get ahold of the right not to change tax rates individually (this year the wealthy get hit) but to create additional tax-scales (ok, now anyone making over $60k/year will be paying more, but no one else). It gives them the ability to define, in effect, the majority votors tax grou[, and then a number of other tax groups which have different incomes. So if 50% of the votors earn less than say, $30k/year, you *really* don't want to be one of the people earning more than $30k/year. Period. I would rather move to Connecticut.
A. all that I know is if we assume for the sake of argument that I have slightly over $67K of taxable income, every additional dollar I earn is taxed at the rate of 53%. My neighbour, who plays professional hockey (dropped down to IHL from NHL) earns over $500K per year and also pays 53% on every dollar of additional income. I struggle to make mortgage payments, he has a Swiss bank account, yet we are taxed at the same rate. Yet this is our government's view of "fair". In the US, the top combined tax rate is closer to 40%. Taxpayers don't hit this limit until they exceed $200K of income. Are changes coming in Canada? You'd better believe it.
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