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BC Budget: New income tax introduced for BC’s richest residents

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.

"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.

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.”



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