Posts Tagged ‘tax’
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Canada is bad at studying wealth inequality and we explain why that matters
Thursday, April 4th, 2024
Canada’s top 1 per cent owns 26 per cent of all wealth in Canada, and our top .01 per cent owns 12.4 per cent of all wealth. This is somewhat lower than the U.S. numbers, but it is much higher than official Statistics Canada numbers report… But looking only at income paints an incomplete picture because it ignores intergenerational wealth that has been inherited… wealth — or its absence — can be more important to the lives of individuals, as well as to broader social cohesion.
Tags: economy, ideology, participation, tax
Posted in Equality Debates | No Comments »
Ford government’s budget shortfall soars to $9.8 billion as tax revenues plunge
Wednesday, March 27th, 2024
“… We are going to follow through on a plan that is working — knowing that the higher deficits, compared to what we projected last year, will be time-limited while the return on investment will be felt for decades.” … settlements with public servants after the government’s Bill 124 wage-cap legislation was found to be unconstitutional have added billions in additional costs to the treasury. Under Ford, the provincial debt has soared by $116 billion to $462.9 billion, the largest debt of any subnational jurisdiction in the world.
Tags: budget, economy, ideology, jurisdiction, standard of living, tax
Posted in Governance Debates | No Comments »
Is starving Ontario’s hospitals and schools really something to brag about?
Tuesday, March 26th, 2024
In the last five years, the Ministry of Finance has brought in close to 30 measures to reduce its own revenues. All told, those changes drained no less than $7.7 billion from the provincial treasury in 2023-24… The overarching goal is not to use public dollars efficiently, it’s to drive economic activity into the private sector so investors can turn a profit. This is why the current Ontario government has no qualms about privatizing surgeries and diagnostic procedures — even though private procedures can cost more than double what they cost in a public hospital.
Tags: budget, economy, featured, Health, ideology, privatization, tax
Posted in Governance Debates | No Comments »
So, what expenditures should Canada cut to meet its NATO obligations?
Thursday, March 21st, 2024
About a quarter of all spending is transferred directly to Canadians, either through elderly benefits (Old Age Security and Guaranteed Income Supplement), Employment Insurance benefits and the Canada Child Benefit… Another 20 per cent of Ottawa’s spending is transferred directly to the provincial governments… Equalization payments account for about $24-billion… Interest payments on the debt account for another $47-billion… while Ottawa’s total spending is $500-billion, only $96-billion in operating spending is discretionary
Tags: budget, ideology, jurisdiction, standard of living, tax
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Canada should support G20 plan to tax billionaires
Thursday, March 7th, 2024
In an unprecedented development, the G20 has announced it is exploring the idea of co-ordinating efforts to ensure the world’s billionaires pay annual taxes worth at least 2 per cent of their wealth… By co-operating, the world’s leading economies could curb the ability of the superrich to play countries off against each other, and incentivize nations to tax their own billionaires… It’s a plan Freeland should support, even enthusiastically champion.
Tags: budget, economy, ideology, standard of living, tax
Posted in Equality Policy Context | No Comments »
Bleeding the patient: tracking five years of Ontario revenue reductions
Sunday, January 28th, 2024
Since 2018, the Ministry of Finance has made close to 30 policy changes that have cut taxes, cut fees, and paid out large sums in the form of tax credits. As the table below shows, those changes are draining a minimum of $7.7 billion from the provincial treasury in 2023-24… it looks like it’s coming out of public services… successive governments have deliberately bled themselves dry and then pled poverty afterward.
Tags: budget, featured, ideology, jurisdiction, standard of living, tax
Posted in Governance History | No Comments »
Ontario is dead last in program spending—again
Sunday, January 28th, 2024
In 2022, Ontario’s program spending per capita was $3,863 less than the average of the other provinces. This means that for every dollar per person spent on programs in other provinces, Ontario spent 75 cents… there is no evidence—and no one is claiming—that Ontario’s low spending is the result of some magical efficiency in program delivery here. There’s nothing efficient about having too few nurses.
Tags: budget, economy, featured, ideology, jurisdiction, standard of living, tax
Posted in Governance Policy Context | No Comments »
Canadian CEO pay breaks all records, reflecting a new Gilded Age for Canada’s rich: report
Wednesday, January 17th, 2024
In 2022, the average worker in Canada got an average pay raise of $1,800, or three per cent. But, prices went up by 6.8 per cent in 2022… This report proposes that governments address the rampant income inequality between the rich and the rest of us through four taxation measures that both disincentivize extreme CEO compensation and redistribute CEOs’ extreme income to Canadians on the lower end of the income spectrum.
Tags: economy, standard of living, tax
Posted in Equality Debates | No Comments »
Don’t Blame Carbon Pricing for Affordability Challenges
Monday, January 1st, 2024
With the latest data, we find that the gradually increasing indirect taxes, including carbon taxes, have caused overall consumer prices to be only 0.6 per cent higher in October 2023 than they were in January 2015… The effect of carbon pricing on rising food prices is even smaller, accounting for the indirect effects of carbon taxes… Carbon pricing is definitively not to blame for affordability challenges.
Tags: economy, jurisdiction, standard of living, tax
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Time to hit the rich with a wealth tax
Thursday, November 30th, 2023
… in their budget last March, the Liberals proclaimed they were “ensuring the wealthiest Canadians pay their fair share,” as they brought in income tax changes that will raise another $525 million a year from high-income earners. But these changes will have little impact on the wealthiest Canadians, who are largely able to avoid income taxes. To tax the truly wealthy – and only them — a wealth tax is far more effective… A wealth tax would apply exclusively to those with net assets of more than $10 million…
Tags: economy, ideology, tax
Posted in Equality Debates | No Comments »
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