Wednesday 25 April 2012

Would you flee over $10,000?

You have to chuckle at Bozo the Clown on CBCs Lang and O'Leary Exchange.  And I am not referring to Amanda Lang.

Kevin O'Leary, a man who loves money, money and only money, burped up a big one recently that made him look silly and petty. 

O'Leary claims that corporate executives in Ontario will be bailing from the province in droves because of the 2% surtax being placed on income over $500,000.  That takes the effective rate of tax on the wealthy from 16% to 18% - a whopping $10,000 on an income of $500,000 or more.

Think about it, Kevin.  How much would it cost to make the move out of Ontario?  Would you have to give up your job and lose your benefits?  And where would you go?  Alberta has lower taxes but higher housing costs... no savings there.  How about to the US, Kevin?  How much will it cost you to replace OHIP in the US?  I bet it will be more than $10,000.

Get the picture, Kevin?  No rational executive will panic at a 2% surtax unless they are... named O'Leary?

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