Fun fact: under Brian Mulroney's PCs in the 1980s the capital gains inclusion rate was hiked from 50% to 75% -- and the overall combined corporate rate was in the low-40s versus the current rate of 26.5%. And yet, businesses were formed. They took risks. Imagine that.
@maxfawcett ...and interest rates were at least as high as they are now, possibly higher (too lazy to check)
@maxfawcett Capital is much more mobile nowadays - - free trade was in its infancy and dial-up modems weren’t even a thing back then
@maxfawcett And this is another example of people being angry about something that won't actually affect them, unless they make over $250k in capital gains, which most do not. But that won't stop the "Well what about when this old lady dies and leaves her $4m estate to her kids..." posts.
@maxfawcett Nothing whines “woe is me!” like business people at the public trough.
True, but you’re forgetting that the overall regular income tax rates at each bracket were lower when they made the bump (in 1988 they bumped the inclusion rate but lowered the regular income rates). This resulted in lower net tax. Can’t just cherry pick one side of the equation when making the comparison.
@maxfawcett Before 1962 i think it was, there was no capital gains tax. Also, its a simpletons approach to quote tax rates un specifically to an era, there where other tax factors, let them be write offs, loop holes, dollar value, trade limits, shelters etc.
@maxfawcett Everyone: "Wealth distribution is totally out of balance in this country". Also everyone: "Don't you dare raise taxes on the wealthy. They might get mad at us peasants and make us more poor as punishment".