(Gatineau) Québec solidaire has unveiled part of its tax reform, which aims to introduce a “large wealth tax” targeting those with net worth of more than a million, and a large real estate tax. These measures would have to “return 2.65 billion to the community”.
Posted at 9:48 am
Charles Lecavalier The Press
The main tax bracket is 0.1% or $1000 per million per year. For example, a person who owns three investment properties and a boat totaling two million will have to pay an additional $1,000 on their tax return because the first million is not taxed.
For buildings and houses, the amount of mortgage debt is subtracted from the property value to calculate net worth.
Québec solidaire believes that “the richest 5% need to do more to fund health, education and the environment” and that “millionaires need to do more,” particularly “to fund poverty reduction.”
The “Large Estate Tax” targets assets of more than a million. “Anything over $1 million in net worth is taxed at 35%. So if someone leaves a million dollars, they don’t pay any additional taxes,” the party explains.
With this inheritance tax, QS wants to counteract the fact that when it comes to the “largest assets”, the greatest inequalities “are not in the income, but in the accumulated sum”. He points out that 24 of the 37 OECD countries, including Germany, France, the UK and Japan, have an inheritance tax.
wealth tax
- The first million of net worth are tax free
- Between $1 million and $9.9 million: 0.1% of net worth
- Between $10 million and $99 million: 1% of net worth
- Over $100 million: 1.5% of net worth
inheritance tax
- The first million net assets of the estate are tax-free
- The rest is taxed at 35%.