Taxing the Rich
Niels Veldhuis of the Fraser Institute takes me to task today in a Letter to the Editor in response to the story, ‘Tax the rich more in Canada, study urges” (Nanaimo Daily News, Dec. 12).
He claims that “the story focusing on the report by Canadian Labour Congress economist Andrew Jackson is seriously misleading… the report conveniently ignores the impact of state and provincial income taxes.”
In fact,Â the small section of my study addressing this issueÂ acknowledges that “state income taxes in the US are generally lower than provincial taxes.”
The point I did make was that very high income New York City taxpayers- the heavy-hitters on Wall Street – have to pay a state and city income tax which, on top of the top US federal rate of 35%, is enough to bring them to a combined rate of 50%.