NDP leadership candidate Brian Topp unveiled his proposal for tax reform today.
Should he one day form a government, Topp would, among other things, bring in a new top income tax bracket, asking Canadians who post taxable income of greater than $250,000 to pay an income tax of 35 per cent on anything above that amount. The current top federal tax rate is 29 per cent and that kicks in on income above about $128,000 a year. He'd also tax most capital gains as income. (Capital gains are taxed right now at a discounted rate.) His point: Wether your income comes from using a shovel all day or from placing goods bets in the stock market, you should be taxed in a similar manner.
Read his press release from today or download the 11-page plan. (Both are PDFs)
Topp was in our studios in Ottawa today and I talked to him (left) about his plan and, as you'll see on the video, asked Mike Moffatt, an economist and senior lecturer at the University of Western Ontario, to weigh in on Topp's plan.
Also have lots of great feedback on Topp's plan at my Facebook page.