Posts Tagged ‘tax’

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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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Budget 2021 Misses the Opportunity to #TaxtheRich

Thursday, May 6th, 2021

By implementing tax reforms like creating a wealth tax, implementing an excess pandemic profits tax, and closing tax loopholes, Canada can raise the revenue it needs to fund its post-pandemic recovery. We don’t have to choose between childcare and pharmacare; or making substantial investment in eldercare to implement new national standards the government has committed to establishing for Long-term care… by missing the opportunity to tax the rich, the government quite literally failed to cash in on what the people want.

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In first of three reports, charitable sector advisory committee proposes three core reforms

Thursday, May 6th, 2021

The current advisory group was formed in late 2019 as a means of engaging and advising the federal government on the state of laws and regulations supporting the work and operations of charities. There is broad consensus across the sector that it’s time to review and update federal policies that define the activities of charities and govern the way they raise funds, work with non-charities, and deploy their resources.

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Trudeau should join Biden in rejecting suffocating ‘trickle-down’ economics

Thursday, May 6th, 2021

Trudeau has shown some spine against the deficit hawks, but he has been timid about joining Biden’s campaign to tax the wealthy… Too bad. We could sure use the money to pay for needed programs. Besides, when nations co-operate, corporations have a hard time playing us off against each other in pushing for ever-lower taxes… if other countries follow the U.S. in policing their corporations this way “it’s the end of tax havens.”

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Pandemic pay bonuses are going to executives, instead of the front-line workers taking all the risks

Monday, April 26th, 2021

At the same time that executives at Chartwell — Canada’s largest operator of retirement and long-term-care homes — were writing each other big cheques, they were outright rejecting a shareholder proposal to study the possibility of a living wage for their staff. Think about that. They weren’t even being asked to actually pay a living wage — hardly a huge ask in itself. They were only being asked to look into the possibility of doing it, and they said no.

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