Posts Tagged ‘tax’

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Budget outlook: $5 billion in annual tax cuts weaken Ontario’s case for federal dollars

Thursday, January 20th, 2022

“In the months ahead, we can expect Premier Ford to ramp up his calls for more federal funding, especially for health care. He is not strengthening his case by giving away $5 billion each year.” … A better approach would be to chart a course to restore provincial revenues through an ambitious program of progressive taxation

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Israel capped CEO pay for banking execs at $1 million. Its unique experiment could work here, too

Friday, January 14th, 2022

Over the years, the ratio between those who hold the top jobs and regular employees has gone up tremendously. Justifications for this were always based on arguments that CEO pay is set in a competitive market. The reality, however, is different. CEO pay has no equilibrium and continues to ratchet up endlessly… For too long we’ve been brainwashed by free-market myths about CEO pay. The natural experiment in Israel has refuted them.

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Riches for top CEOs come at a cost to everyone else

Friday, January 7th, 2022

the federal government should review rules on how much executive compensation companies can deduct (the United States already caps it at $1 million per employee), capital gains and stock options, as well as instituting a wealth tax for the richest Canadians. “Higher taxation levels can reduce inequality and help to refill government coffers following the impact of the pandemic,” the report says.

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Canada’s top CEOs saw average pay increase of almost $100k in 2020

Tuesday, January 4th, 2022

“… when the economy does poorly, it’s often just the low-wage workers that suffer, it’s not the CEOs… and that was really highlighted by the pandemic and the data for 2020”… the report found that among the richest 100 CEOs, 30 headed companies that received the Canada Emergency Wage Subsidy (CEWS), 14 saw the structure of their bonuses changed in order to protect them from the impact of COVID-19 and five experienced both.

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We Finally Seem Ready to Take on the One Per Cent

Saturday, November 20th, 2021

Starting in the early 1980s and especially in the mid-1990s, social programs were cut and never restored, and no one suffered more than those at the bottom while those at the very upper end saw their wages (and stock options) begin to soar… But things change, sometimes quickly, and sometimes for the better. A minimum tax on corporate wealth was long seen as a pipe dream. Not now. Some 140 countries have just agreed to a minimum global corporate tax of 15 per cent… The pandemic has been a major accelerant. 

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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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