Posts Tagged ‘tax’

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Countries reach agreement on corporate tax

Saturday, October 9th, 2021

More than 130 countries have agreed on sweeping changes to how big global companies are taxed, including a 15 per cent minimum corporate rate designed to deter multinationals from stashing profits in low-tax countries… The OECD said that the minimum tax would reap some $150 billion (U.S.) for governments… it would end a “race to the bottom” in which countries outbid each other with lower tax rates.

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… how Canada has ‘turned a blind eye’ to cracking down on offshore tax schemes

Tuesday, October 5th, 2021

… as much as $3 billion in tax revenue is lost annually to wealthy Canadians’ use of offshore accounts. Add to that as much as $11.4 billion in lost tax from corporations with offshore subsidiaries, and tax havens cost the Canadian public almost $15 billion each year… Canada has been widely criticized as a tax haven because our provincial governments don’t require residency or even basic identification to register a company… a beneficial ownership registry for all federal corporations… would create a legal registry of the real owners of corporations.

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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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Here’s what Erin O’Toole doesn’t understand about daycare

Tuesday, August 17th, 2021

There’s no doubt more money flowing to parents would help with affordability… [but] Spurring demand without building supply is not a balanced equation. That’s partly why the Liberal budget dedicated billions of dollars to agreements with the provinces to expand early learning and child-care capacity and to boost the wages of child-care workers — simultaneously lowering fees and creating more spots. The $30-billion price tag is enormous, but the Liberals — and many a public-policy researcher — argue that society will benefit handsomely over time and the net cost to Canadians will eventually be negligible.

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Tax the Rich: Forging a future for the many, not the few

Thursday, July 22nd, 2021

The evidence for a wealth tax keeps increasing. As per PBO’s latest numbers, a one-time 3% tax on Canadians with net wealth over $10 million, and 5% tax on net wealth over $20 million could raise upto $82.5 billion over five years… By instituting wealth tax, a pandemic profits tax, and closing tax loopholes, Canada stands to gain over $50 billion dollars in revenue every year for #ClimateAction, expanding healthcare, bolstering social security systems, providing clean drinking water in Indigenous communities and improving infrastructure.

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Common wealth tax myths busted

Monday, July 5th, 2021

Canada’s 47 billionaires increased their wealth by $78 billion during the pandemic, and they now control $270 billion in total. A 1% tax on wealth over $20 million could raise $10 billion in revenue in the first year. As Canada digs itself out of the economic repercussions of the pandemic the time is now to enrich the soil so we can grow back an economy that shares its fruits more equitably with all Canadians. Here are five commonly held myths that continue to muddy the conversation about tax reform:

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A global minimum corporate tax is an important step toward fairness

Monday, June 7th, 2021

The whole idea of a minimum global tax is to prevent multinationals from tax-shopping, so it will be effective only to the extent that many countries agree to it. The next step is to get the bigger G20 group on board, and then there’s the Organization for Economic Development and Cooperation… the biggest companies that have flourished during the pandemic, should pay their share.

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Beware Economists Bearing Policy Paradigms

Tuesday, May 25th, 2021

The ideas dominant since the 1980s – variously called the Washington Consensus, market fundamentalism, or neoliberalism – originally gained traction because of the perceived failures of Keynesianism and excessive government regulation. But they took on a life of their own and produced highly financialized, unequal, and unstable economies that were unequipped to cope with today’s most significant challenges: climate change, social inclusion, and disruptive new technologies.

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Closing Ottawa’s Tax Gap Not A Silver Bullet Post-Covid

Tuesday, May 18th, 2021

With the federal government projecting swelling budget deficits in the Fall Economic Statement and then the 2021 Budget due to pandemic relief measures, the debate is shifting to the revenue raising measures needed to pay for them. However, “closing the tax gap should not be considered a silver bullet to deal with burgeoning federal debt” notes Richard Bird, an eminent tax scholar.

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Free speech is not at risk by supporting changes to the Broadcasting Act

Tuesday, May 11th, 2021

… the outcry over Bill C-10 is being sustained by people whose ultimate goal is to kill the entire idea of Canadian cultural policy in the internet age. Yet, these self-styled martyrs for democracy are pushing fringe views that run counter to the values and preferences of the overwhelming majority of Canadians, who support sensible updates to Canada’s main media law… Conservative voters are among the most likely to believe that Facebook weakens Canadian democracy…

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