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Ontario’s personal income tax rate hike may have prevented 2,158 new businesses from starting
Topic Started: Yesterday, 12:26 PM (34 Views)
clone
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Director @ Center for Advanced Memetic Warfare
Ontario’s personal income tax rate hike may have prevented 2,158 new businesses from starting

TORONTO—The Ontario government’s increase to the province’s top personal income tax rate in 2013 may have prevented more than 2,000 new businesses from starting in the province, finds a new study released today by the Fraser Institute, an independent, non-partisan Canadian public policy think-tank.

“Tax hikes by the previous government at Queen’s Park discouraged entrepreneurs from starting thousands of new businesses, which are vital for economic growth and prosperity and drive innovation,” said Charles Lammam, director of fiscal studies at the Fraser Institute.

Using 30 years of Canadian data from 1984 to 2015, the study, titled The Effects on Entrepreneurship of Increasing Provincial Top Personal Income Tax Rates in Canada, finds that increases to the top personal income tax rate reduce the number of new businesses started.

That’s because entrepreneurship is inherently risky and higher personal income taxes decrease the potential income (and reward) for entrepreneurs who are successful, reducing their incentive to start a new business.

For Ontario, the study estimates that, holding all else constant, a one percentage point increase to the top personal income tax rate prevents 696 new businesses from starting over a four-year period.

Considering that the previous Ontario government in 2013 raised its top provincial rate 3.1 points to 20.5 per cent, over the same time span of four years, the province may have lost out on 2,158 new businesses.

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Edited by clone, Yesterday, 12:33 PM.
Only liberals can choose not to go down the road to widespread, systematic violence.
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Robertr2000
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Personal "income tax" is a misnomer. It's "parole tax", which is illegal, so they call it "income tax" which is legal but was created for "investment gains", not mental and physical labor in exchange for compensation.




carry on.....


"if that **** wins we'll all hang from nooses"
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Harambe4Trump
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Robertr2000
Jul 10 2018, 12:31 PM
Personal "income tax" is a misnomer. It's "parole tax", which is illegal, so they call it "income tax" which is legal but was created for "investment gains", not mental and physical labor in exchange for compensation.




carry on.....


Wouldn't it be easier to just get a better accountant and financial planner?
Skipping leg day is the equivalent of a woman having an abortion. You're ashamed of it, and it was probably unnecessary.
#MAGA
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Robert Stout
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Harambe4Trump
Jul 10 2018, 12:32 PM
Robertr2000
Jul 10 2018, 12:31 PM
Personal "income tax" is a misnomer. It's "parole tax", which is illegal, so they call it "income tax" which is legal but was created for "investment gains", not mental and physical labor in exchange for compensation.




carry on.....


Wouldn't it be easier to just get a better accountant and financial planner?
There is a convoy of taco trucks headed their way to save Ontario's economy.............. :hooray:
Jesus can raise the dead, but he can't fix stupid
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Robertr2000
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Harambe4Trump
Jul 10 2018, 12:32 PM
Robertr2000
Jul 10 2018, 12:31 PM
Personal "income tax" is a misnomer. It's "parole tax", which is illegal, so they call it "income tax" which is legal but was created for "investment gains", not mental and physical labor in exchange for compensation.




carry on.....


Wouldn't it be easier to just get a better accountant and financial planner?
No, dropping payroll tax to zero is preferable.
"if that **** wins we'll all hang from nooses"
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Drudge X
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Who would thought that socialist government can make it expensive to employ a worker.
Kate Steinle was separated from her family permanently but leftists didn't seem to mind.
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