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British Columbia is getting a new tax bracket.
It won’t affect most BC residents, however, as the bracket will be for the top 1% of income earners within the province.
Budget 2020 moves British Columbia forward with thousands of new jobs building the infrastructure that our growing province needs, strengthening investments in health and education, and making life more affordable for everyone. #BCBudgethttps://t.co/usMWFigJ2w— Carole James (@carolejames) February 18, 2020
"Today, we're asking the people at the top, the highest 1% of individual income earners, to pay a little more and help BC provide families and communities with better services and stronger infrastructure," said Carole James, finance minister.
The new tax bracket has a rate of 20.5% and it’s for anyone with an income over $220,000 per year.
James said nearly half the revenue will come from people making more than $1 million per year.
It took me a bit to find it, but BC is bringing in a seventh tax bracket. Income over $220K will be taxed at 20.5%. The 50% psychological barrier has now been broken in B.C.. Pulling up tax filer stats to put this into perspective— Dr Lindsay Tedds 🌈👼🏻🥑🍸🇨🇦🇬🇧🚴♀️🏳️🌈 (@LindsayTedds) February 18, 2020
Currently, the highest tax bracket has a rate of 16.8% and is for anyone who makes over $153,900 per year.
During the budget speech, the NDP said this change will produce more money to help deliver infrastructure and services that create good jobs and “keep BC’s economy moving.”