Québec solidaire (QS) wants to fetch $2.65 billion in additional income annually from the pocket of the “5%” of the richest citizens with an inheritance tax and an additional tax on “the great fortunes”.
The left-wing party believes that the wealthiest Quebecers should contribute more to the financing of state missions.
The measure provides an additional 0.1% tax for citizens who have net assets of $1 million to $10 million.
For this bracket, this would represent an additional tax of $1,000 per $1 million. In other words, an individual with assets of $10 million would pay an additional tax of $9,000.
It should be noted that net assets also take debts into account. For example, an individual who owns apartment buildings worth $1.5 million but who has a mortgage of $700,000 would not be affected by this measure.
For the $10 million to $99 million bracket, the tax rate increases to 1%. Above $100 million, the rate is 1.5%.
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