The recent passing of the Big Beautiful Bill highlights Canada's uncompetitive personal income tax (PIT). According to a story published in the Hub by Jake Fuss, Director of Fiscal Studies at the Fraser Institute, the bill imposed a 2.6% personal income tax break for the top tax bracket.Fuss claims this should be concerning to Canada — which has uncompetitive PIT rates limiting offers to retain top talent. Fuss states according to research, jurisdictions with high PIT incentivize workers to reduce their tax burdens by "relocating to a lower-tax jurisdiction. This creates competition between jurisdictions, with the jurisdictions with the lowest taxes typically more successful at attracting and retaining professionals, business owners, and entrepreneurs.".According to data measuring the 38 countries part of the Organization for Economic Cooperation and Development (OECD), Canada's PIT rates are uncompetitive in comparison with other advanced countries.In 2024, Canada's top combined (federal and provincial) PIT rate ranked as the fifth-highest among the 38 countries. Fuss notes in the last decade federal and provincial top PIT rates have increased.In 2015, Trudeau's government raised the top federal PIT rate from 29% to 33%. In response Alberta, British Columbia, and Newfoundland and Labrador did the same..Largest black hole merger ever discovered.Fuss argues "While Trump’s Big Beautiful Bill helped solidify the U.S. advantage, it exacerbated Canada’s competitiveness problem."Carney's Liberal government has not done much to help increase Canada's competitive advantage — only scrapping Trudeau's planned capital gains tax and decreasing the bottom federal PIT rate from 15% to 14% on income below $57,375.However, Fuss says this does nothing for attracting top talent. The Western Standard spoke with Fuss — asking him about the primary barriers to implementing PIT reform in Canada..BC supportive housing contains 'excessive' levels of fentanyl .Fuss says, "The federal government and most provinces across Canada are persistently running deficits and accumulating substantial debt because they have hit the gas pedal on spending at nearly every turn.""Debt interest payments are now consuming a significant portion of federal and provincial revenue, which consumes resources that otherwise could be available for tax relief."When explaining the benefits Canada would receive by lowering its top PIT rates, Fuss cites the results of a study by Professor Ergete Ferede which "suggests that a one percentage-point cut in the federal top PIT rate leads to an increase in the private employment rate by about 0.25% in the year following the tax rate cut."Meaning, "if the federal government cuts the top statutory marginal PIT rate from the current 33% to 29%—the rate prevailing before the 2016 tax-rate hike—the private sector will create about 110 thousand jobs in the year following the tax cut," Fuss concludes..'GLOBAL BROKERS': Vancouver BC-based narco network uncovered
