Posts Tagged ‘tax’
I’ve dated a billionaire and lived on minimum wage. This is the one, radical solution to the inequalities I’ve seen
Tuesday, November 12th, 2024
Our economic system was born of the false premise that if the wealthy are prioritized in government policies, their wealth will trickle down to the poor. Since 2020, the world’s five richest men have more than doubled their fortunes. Recently, the CBC reported that “income inequality in Canada (had) hit the highest level ever recorded.”… Minimum wage increases have little impact in a system that enables and perpetuates kleptocracy.
Tags: poverty, rights, standard of living, tax
Posted in Equality Debates | No Comments »
Corporate profits continue to rise as corporate taxes fall
Monday, October 21st, 2024
Rising corporate profits and falling corporate tax rates are related. Corporate tax cuts encourage higher profits by increasing the share of profits that shareholders get to keep. Proponents of cutting corporate taxes typically argue that it will promote investment and eventually lead to higher productivity. But, over the past 30 years, the opposite has happened. In the late 1990s, annual labour productivity growth was over 2%. Now, it is less than 1%.
Tags: economy, jurisdiction, tax
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The hard truths Mark Carney’s economic turnaround plan must address
Sunday, September 29th, 2024
… trade barriers among provinces and territories reduce economic activity by as much as $200 billion per year. And lack of harmonization of rules, regulations and standards among jurisdictions stunts economic and productivity growth, elevates consumer prices, restricts labour mobility and slows the pace of new housing construction… Restoring the federal portion of the GST to its original seven per cent would generate about $28 billion in government revenues in 2028-29… equal to almost three-quarters of this year’s projected federal deficit.
Tags: economy, pensions, Seniors, tax
Posted in Debates | 1 Comment »
Who wants you to believe taxes have risen 2000 per cent? Would-be Prime Minister Pierre Poilievre for a start
Thursday, August 8th, 2024
For decades the Fraser Institute has been using its ample resources to disconnect taxes in the public’s mind from all the benefits, services, programs and infrastructure that taxes provide… the effective tax rate Canadians pay has increased by 28 per cent since 1961… But… government today provides a lot more benefits than it did in 1961 — most notably, universal health coverage and old age pensions — major programs that have become essential to the well-being and financial security of Canadians.
Tags: economy, Health, ideology, pensions, standard of living, tax
Posted in Governance Debates | No Comments »
The Danger of Poilievre’s ‘Axe the Tax’ Scam Hits Home
Monday, August 5th, 2024
Opposition to climate action stems mostly from Canada’s largely foreign-owned fossil fuel industry, American dark-money-funded think tanks and Canada’s major newspaper chain, owned by American hedge funds… Emissions are being reduced, and with the Canada Carbon Rebate the vast majority of Canadians are financially better off under pollution pricing… Canada cannot slogan its way out of the climate crisis
Tags: economy, globalization, ideology, standard of living, tax
Posted in Governance Debates | No Comments »
Ford’s zealous desire to privatize alcohol sales will be costly for Ontario taxpayers
Friday, July 12th, 2024
The Liquor Control Board of Ontario (LCBO)… annual profit — $2.5 billion in 2023 — goes into the public treasury, where it pays for things like health care and education… it’s doubtful that Ontarians would want to pay higher taxes so that more profits from alcohol sales could go to highly-profitable grocery store chains… Once all the LCBO’s lost revenue is factored in, the full cost to the public treasury of this privatization will likely be… close to a billion dollars.
Tags: budget, economy, ideology, privatization, tax
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Four decades of tax cuts, deregulation and privatization equals a serious distribution of wealth problem
Saturday, July 6th, 2024
After slashing government funding to public services starving them into crisis just to pay for tax cuts to the wealthy and their corporations, they then present privatization as the solution to a problem they created. The only thing deregulation and privatization does is create more profit-making opportunities…
Small tax cuts to the general population have been used as a cover for massive tax cuts to the wealthy and their corporations. Reversing tax cuts is not raising taxes, it is restoring revenue to rebuild our once civil society.
Tags: budget, ideology, privatization, standard of living, tax
Posted in Governance Debates | No Comments »
The rich say boosting the capital gains tax will hurt productivity, but it’s just not true. Time to do a little myth-busting
Monday, June 17th, 2024
Most academic economists support a higher inclusion rate, partly because it levels the playing field between different types of capital income. But the best motivation is $20 billion in revenue it will raise over five years, to support modest new programs announced in this budget. This will help fund school lunches, affordable housing initiatives, dental care and disability benefits — while still respecting Freeland’s fiscal “guardrails.”
Tags: budget, economy, featured, ideology, standard of living, tax
Posted in Equality Policy Context | No Comments »
Pierre Poilievre’s vision for Canada: Heaven for the very rich and squat for everyone else
Friday, June 14th, 2024
… the real redistribution in recent years hasn’t been the small bit directed toward benefits for ordinary Canadians but rather the gush of money toward the wealthiest Canadians. In 2021, the richest .01 per cent saw their incomes grow on average by a stunning 30 per cent to $12.5 million a year, while the incomes of 14 million working Canadians actually declined, according to Statistics Canada.
Tags: budget, standard of living, tax
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Inside the Campaign to Kill a Step Toward Tax Fairness
Monday, June 10th, 2024
… interest groups don’t have to offer an alternative and can just snipe at proposals that they dislike. The capital gains change is expected to bring in more than $19 billion over the next five years. Anti-tax groups don’t need to explain where that money should come from, or what services should be cut if the tax is axed… But the process is a warning about the powerful forces that will battle any move to increase tax fairness, if it means the rich will pay more.
Tags: budget, ideology, tax
Posted in Equality Debates | No Comments »
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