New tax on millionaires to fund health care in B.C., promises NDP Leader Eby
British Columbia NDP leader David Eby has proposed a new tax bracket for individuals earning over $1 million annually to fund healthcare. The B.C. Conservatives have criticized the plan, arguing it will discourage medical professionals from working in the province.
Why it matters
Tax policy changes in regional governments directly affect economic competitiveness and the funding of essential public services like healthcare.
In a Sunday press release, the B.C. NDP said that only the top two tax brackets would see rates rise by two percentage points, while brackets below that would go unchanged.
Right now, those who make $1 million or more a year are taxed at a rate of 20.5 per cent, the highest tax bracket in B.C.
But the new $1-million income tax bracket Eby is proposing would see a four-per-cent-increase to the current top income tax bracket of $265,545 and higher.
That would mean, if re-elected, incomes of $190,504 to $265,545 and $265,545 to $1-million would be bumped up to 18.8 per cent and 22.5 per cent, respectively.
Anyone earning over $1 million annually would pay a 24.5 per cent tax rate on every dollar above that threshold.
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