Tech industry warns budget's capital gains proposals could cause 'irreparable harm'
Tech industry warns budget's capital gains proposals could cause 'irreparable harm'
TORONTO — The federal budget is being met with disdain from Canada's innovation industry, including tech darling Shopify, which called the capital gains measures in the fiscal plan a potential cause of "irreparable harm.
Sounds like the tax is on point!
Shocking, the super-rich warning the economy will collapse if they aren't allowed to become utra-rich (as quickly as they can now).
Oh, is that how this works? Well, considering the capital gains tax is significantly lower than the income tax, it sounds like wr should stop labouring, based on this logic.
"Innovation industry"?! Excuse me? Is that similar to "job creators" regularly doing mass layoffs? Give me a goddamned break...
This could be great for tech workers. Options are actually the worst form of compensation, and companies use them to lure employees into jobs in the tech industry that pay far lower than the same job in the US while it costs the company virtually nothing.
The real reason these guys running "innovation" companies are seething is that to compete it will mean they have to increase the base pay to tech workers (which is better for the employee) or they can issue stock instead of stock options (the issued and vested stock is taxed as income.) But they don't want to do this because they're greedy.
This tarnishes the allure of stock options, which is great.
That was my initial thought, before I read it again and realized it's 250K capital gains. This isn't triggered by having say 500K RSUs vesting. It's triggered when your shares' value grows by >250K in a year. 🥹
So while I agree with you on RSUs, this isn't even touching that for almost all people but perhaps some execs.
Irreparable harm to their bottom line, maybe.
Won’t anyone think of the shareholders?
This is a ⅓ increase in the amount of capital gains that are taxed above $250K. They're acting like the sky is falling when it's a tiny change that will only mildly affect multimillionaires.
Anyone complaining about this is publicly admitting to their selfishness and greed.
Edit: This doesn't even affect investments in RRSPs or TFSAs. Maxing out both of those is already plenty for retirement. Between the two of those, Canadians can contribute up to 37K/yr that won't be taxed on capital gains (or income) at all. Canada already has massive income tax exclusions for the moderately wealthy to accumulate more wealth tax free.
A couple could conceivably save ~70K/yr tax free. And these are the people complaining that we're going to change the tax on their marginal capital gains over a quarter million dollars to be ⅓ less than income instead of ½ as much s income? Fuck. That. Noise.
Anyone complaining about this is publicly admitting to their selfishness and greed.
It's a perfect tool. It let's some morons come out crying which should only galvanize the opinion that the tax is justified. As we're demonstrating in this thread. The most profitable move for the people affected by this would be to shut the hell up and come the next hike play the "well we paid our fair share" line. Which would of course be bullshit but it would sound more plausible.
If tech industry is warning, then Chrystia did a good budget. Period.
Bitch bitch bitch, no one should be making more than 250k a year, fuck thoese people anyways
250K in capital gains