Would a wealth tax be effective?

Monday, September 6th, 2021

There is no more efficient way to reduce inequality and boost the economy than through funding public programs that people need. All within reach are things like affordable child care, ensuring high-quality and compassionate care for our seniors, funding a just transition to the zero carbon economy, or building enough affordable housing units to meet the need… A wealth tax will help us get there by making the tax system more progressive — and that will make it more fair. – vs – Canada already has a highly progressive income tax system where upper income earners pay a disproportionately large share of taxes.

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Don’t Fret over Deficits and Debt

Thursday, September 26th, 2019

In 2017-18, federal program spending was 14.5% of GDP—an increase of 1.6 percentage points from 2015, but still shy of postwar levels — and slated to fall to 13.8% by 2023-24. On the other side of the ledger, federal revenues are also near all-time lows relative to GDP. Revenues as a share of GDP, at 14.5%, are two percentage points lower than the 50-year average of 16.4%, representing an annual loss of more than $40 billion.

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Should there be a wealth tax on the very rich?

Wednesday, September 25th, 2019

One per cent of net worth is a very modest level of taxation. With a wealth tax at that level, the fewer than 10,000 Canadian families who would pay it wouldn’t be forced to change their lifestyles in any way. But Canada wide, the money raised could do a lot of good… [but] Wealth taxes… can trigger problematic responses… are an administrative nightmare. And they just plain don’t bring in as much revenue as their proponents hope.

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