After some legislative wrangling, if all goes as expected, Ontario will have a 2 percent surtax in place on those making $500,000 or more . The surtax is part of the annual budget being voted on today.
The premier of that province agreed to the “tax the rich” plan in hopes of offsetting a looming deficit $15.2 billion deficit, by raising some $450 million in additional taxes. It affects 23,000 wage earners in that province.
The tax would increase the taxes of someone making $600,000 annually by $3120, reports the Toronto Star.
You can read the entire article here.