Posts Tagged ‘tax’
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Liberals’ passive-income tax changes could bring in $6-billion a year: watchdog
The PBO numbers… showed that 1.3 per cent of CCPCs hold between $1-million and $2-million in passive investment assets and 1.6 per cent hold over $2-million. Yet those two categories represent nearly 90 per cent of all passive income earned by CCPCs… 60 per cent of all passive income – representing about $11-billion – is earned by CCPCs with no active business income, “suggesting they were set up solely for the purpose of generating income.”
Tags: budget, jurisdiction, tax
Posted in Governance Policy Context | No Comments »
Trudeau targets income inequality in Canadian Confederation speech
Trudeau said Ottawa has committed nearly $1-billion to investigate offshore tax evasion and aggressive tax avoidance, an investment he said is paying off in recouped tax revenues and penalties. “There are people in Canada who are so wealthy that not only do they think they don’t need to pay their fair share of taxes, they’re forcing us to spend a billion dollars to go after them just so they’ll do the right thing and pay what they owe”
Tags: economy, ideology, standard of living, tax
Posted in Equality Debates | No Comments »
Canada’s wealthy may have started a tax revolt, and Ontario is the first to notice
The provincial update revealed that personal income tax revenues in the country’s largest province were downgraded to come in nearly $2 billion lower than forecast in the spring budget, despite an upgrade in projected economic growth. No explanation was offered for this unusual set of circumstances — tax revenues should rise in a growing economy — but the suspicion is that high-earning Canadians are fed up seeing more than 50 cents on every dollar they earn over $200,000 taken by the taxman.
Tags: budget, economy, featured, ideology, tax
Posted in Governance Debates | No Comments »
The real pirates of the Caribbean
… regardless of whether or not most tax haven users are withholding their taxes illegally, surely there is a more troubling moral and ethical factor to consider. It has to do with the ability of so many people to get away with not paying their taxes. They can do so because they’re rich. They can afford the expensive advice of high-priced lawyers and accountants who can exploit convenient loopholes and ambiguities in the tax laws. This explains the vast amount of taxes owed that never get collected.
Tags: budget, economy, globalization, participation, standard of living, tax
Posted in Debates | No Comments »
Canadian tax hypocrisy that favours the rich must end: Broadbent
Tax avoidance and evasion by the rich ultimately undermines democracy: it starves social programs and public services, increases after tax income and wealth inequality, and further concentrates economic resources in the hands of a few… Ordinary Canadians have a right to be angry that the very rich are being pampered by our political elites. The response should be broad-based, progressive tax reform to make the system much fairer and more transparent.
Tags: budget, economy, featured, globalization, ideology, jurisdiction, privatization, standard of living, tax
Posted in Governance Policy Context | No Comments »
Offshore tax havens are harmful to all Canadians
… our federal leaders are so beholden to Canada’s richest men — their chief fundraisers — that substantive crackdowns on these schemes are being prorogued. These tax evasions are a spit in the eye to the Liberals’ fabled “middle class,” let alone to the 12 million Canadians who collectively own less than our richest 100 families… It seems that democracy is on sale. The rich families finance politicians to fight elections and, as a quid pro quo, politicians protect their wealth through favourable legislation.
Tags: economy, featured, ideology, privatization, standard of living, tax
Posted in Debates | No Comments »
How will governments solve the tax haven riddle?
The entry price for these offshore structures means that they’re beyond the reach of everyone except those whom the industry refers to as UHNWIs — ultra high net worth individuals. In fact, the majority of wealth in tax havens belongs to those worth more than $50 million. These legal offshore tax shelters reserved for the elite create a two-tiered tax system — where the wealthy stockpile their cash tax free and everyone else pays to make up for it.
Tags: budget, economy, featured, ideology, privatization, standard of living, tax
Posted in Debates | No Comments »
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