Trudeau Announces Capital Gains Tax Hike: Those Affected Are ‘Mostly in Their 60s or Older’

Trudeau This is a ░░░░░░░░ policy change that impacts ░░░░░░░░ than 1 of people ░░░░░░░░ look at how much ░░░░░░░░ it s getting Some ░░░░░░░░ don t think that ░░░░░░░░ richest few should pay ░░░░░░░░ in taxes Well I ░░░░░░░░ t agree with that ░░░░░░░░ a time when the ░░░░░░░░ are only getting richer ░░░░░░░░ think it s fair ░░░░░░░░ ask those people to ░░░░░░░░ a little more You ░░░░░░░░ have heard of the ░░░░░░░░ gains tax or what ░░░░░░░░ people call the capital ░░░░░░░░ tax advantage Now if ░░░░░░░░ don t know what ░░░░░░░░ is you probably don ░░░░░░░░ get that advantage It ░░░░░░░░ basically where you ve ░░░░░░░░ enough money and amassed ░░░░░░░░ wealth in assets that ░░░░░░░░ end up getting a ░░░░░░░░ break Here s what ░░░░░░░░ mean Everybody pays taxes ░░░░░░░░ 100 of their salary ░░░░░░░░ a nurse is making ░░░░░░░░ 000 a year or ░░░░░░░░ investment banker has a ░░░░░░░░ of 800 000 a ░░░░░░░░ when it comes to ░░░░░░░░ income taxes they re ░░░░░░░░ paying taxes on all ░░░░░░░░ that income Now that ░░░░░░░░ may be living a ░░░░░░░░ life but she s ░░░░░░░░ not earning enough to ░░░░░░░░ buying and selling assets ░░░░░░░░ properties But that investment ░░░░░░░░ who s making 800 ░░░░░░░░ a year probably is ░░░░░░░░ s putting some of ░░░░░░░░ money in assets like ░░░░░░░░ and selling properties or ░░░░░░░░ in companies This becomes ░░░░░░░░ a second and sometimes ░░░░░░░░ source of income for ░░░░░░░░ When that investment banker ░░░░░░░░ those assets he only ░░░░░░░░ taxes on 50 of ░░░░░░░░ profits he makes Though ░░░░░░░░ s not paying 50 ░░░░░░░░ taxes it means that ░░░░░░░░ he makes 1 million ░░░░░░░░ selling properties or stocks ░░░░░░░░ only apply to half ░░░░░░░░ million dollars worth of ░░░░░░░░ So when all the ░░░░░░░░ is done that nurse ░░░░░░░░ paying about 29 in ░░░░░░░░ on her full 70 ░░░░░░░░ salary But the investment ░░░░░░░░ he s only paying ░░░░░░░░ on half of the ░░░░░░░░ he makes from selling ░░░░░░░░ That s the capital ░░░░░░░░ tax advantage And it ░░░░░░░░ not really fair So ░░░░░░░░ re going to change ░░░░░░░░ Starting June 25th if ░░░░░░░░ makes up to 250 ░░░░░░░░ in capital gains they ░░░░░░░░ still going to pay ░░░░░░░░ on only half of ░░░░░░░░ But for anything they ░░░░░░░░ over 250 000 they ░░░░░░░░ going to pay a ░░░░░░░░ more They ll pay ░░░░░░░░ on two thirds of ░░░░░░░░ So the very richest ░░░░░░░░ are going to profit ░░░░░░░░ little less off their ░░░░░░░░ Only 0 13 of ░░░░░░░░ to be exact These ░░░░░░░░ people who have an ░░░░░░░░ income of 1 4 ░░░░░░░░ a year and are ░░░░░░░░ in their 60s or ░░░░░░░░ So why am I ░░░░░░░░ you this if the ░░░░░░░░ majority of you won ░░░░░░░░ pay a dollar more ░░░░░░░░ for two reasons First ░░░░░░░░ conversation always seems to ░░░░░░░░ dominated by the richest ░░░░░░░░ in a society This ░░░░░░░░ a tax policy change ░░░░░░░░ impacts less than 1 ░░░░░░░░ people but look at ░░░░░░░░ much attention it s ░░░░░░░░ And second you should ░░░░░░░░ about your tax system ░░░░░░░░ change to the capital ░░░░░░░░ tax will result in ░░░░░░░░ 20 billion in new ░░░░░░░░ Revenue that will go ░░░░░░░░ the biggest investment in ░░░░░░░░ in Canadian history Revenue ░░░░░░░░ will create a National ░░░░░░░░ Food Program that will ░░░░░░░░ prescription contraception and insulin ░░░░░░░░ for anyone who needs ░░░░░░░░ that will build a ░░░░░░░░ dental care program See ░░░░░░░░ fair system creates a ░░░░░░░░ country And that s ░░░░░░░░ I want a fair ░░░░░░░░ for every generation.”