Posthaste: Is income tax rate on the wealthy too high? A lot of Canadians seem to think so, poll suggests

financialpost.com:

Many Canadians think high-income earners should pay their “fair share” of taxes, but they also think there should be a limit to just how much they’re required to fork over to the Canada Revenue Agency, with their idea of an appropriate ceiling lower than reality, recent research suggests.

Though a majority, or 70 per cent, of Canadians believe some people aren’t paying enough in taxes, only 35 per cent think the wealthy should be paying more than they already do, according to a new survey from think tank the Fraser Institute conducted by Leger Marketing.

Further, for taxes on extra income, more than three-quarters think the highest marginal rate charged on an additional $100 shouldn’t exceed 50 per cent and half agreed it should be 20 per cent or less. And when it comes to the top tax rate, 58 per cent think it shouldn’t be more than 50 per cent, and almost half said it should be at 45 per cent or less.

That’s a far cry from the current combined provincial and federal tax rate. As it stands, the top 20 per cent of earners are taxed at a combined marginal rate of more than 47 per cent across the provinces. The rate rises to more than 50 per cent in all but Alberta and Saskatchewan, the Fraser Institute said.

“Clearly there’s a difference between income tax rates in most provinces and the rate most Canadians believe is appropriate,” Jake Fuss, co-author of the report analyzing the poll results, and director of fiscal studies at the Fraser Institute, said in a press release.

According to the report, Newfoundland and Labrador is home to the highest combined marginal personal income tax rate at 54.8 per cent, followed by Nova Scotia at 54 per cent, Ontario at 53.53 per cent, British Columbia at 53.5 per cent, Quebec at 53.31