This month, the United States Congress passed President Donald Trump’s One Big Beautiful Bill, which, among other things, extended and made permanent the income tax rate reductions and revised tax brackets first brought in through the 2017 Tax Cuts and Jobs Act, namely a 2.6 percentage point cut to the top bracket. This should raise alarm bells for policymakers north of the border, as Canada will continue to have uncompetitive personal income tax rates compared to our American counterparts and fall even farther behind in the race to attract entrepreneurs, professionals, investors, and top talent.
