Canada's Liberal Party won an outright majority in Parliamentary elections held Monday, October, 19, 2015.
Among its promises was giving middle-class Canadians (those with annual taxable income between C$44,700 and C$89,401) a tax break by making taxes more fair. The Liberal Party promised to cut the federal tax rate from 22 percent to 20.5 percent, a saving of C$670 per person per year (about C$3 billion total).
How is the new government going to "pay" for this tax cut?
It will "ASK" the wealthiest of Canadians to "GIVE" a little more.
That's nice. The Liberal Party will [politely] ASK those earning over C$200,000 to give little more.
But to insure that the wealthiest one percent give what is asked of them, the Liberal Party will impose a new 33 percent tax bracket, four percentage points higher than the current 29 percent top marginal federal rate.