The capital gains inclusion rate increase impacts much more than the rich. I recently had a quick chat with a young friend of mine who works in the public sector and leans heavily left, so we often get into friendly but lively debates about tax and economic policy. The topic d’jour, of course, was the proposed capital gains inclusion rate increase. Overly simplified, his comment was that the result of the proposal would be that instead of the rich “eating caviar,” they might have to eat something less expensive. Another person, who also works in the same public-sector industry, chimed in and said the rich would still be able to sit on their “piles of cash,” but they’d have a little bit less…

Read the full Financial Press article here.