When the federal government announced an increase in capital gains taxes in its recent budget, the hike was defended, in part, as a way to ensure the wealthiest Canadians pay their fair share.
But how exactly do we determine what a “fair share” is? Especially, as some data suggests, the wealthiest are already paying a larger share of the overall income tax burden.
While those tax changes may impact the very wealthiest, Fuss suggested that what is often overlooked is how much high income earners are actually paying in taxes.
Nocos referred to a recent Statistics Canada report showing that the wealthiest 20 per cent of Canadians account for more than two-thirds of the total net wealth.
As well, according to the data, the bottom 40 per cent of net income earners make up just under three per cent of total wealth.
The rich want dictionary definition fair?
How about everyone pays taxes until everyone has the same remaining wealth?
Want to pay less in taxes? Lower your prices. Give to charity. Buy the lower 40% homes and just give them to them so now they’re forced to pay more taxes.
No, the rich want fair to mean everyone owes the same dollar value in taxes, and if that’s more than the bottom 40% can afford, their private bank will loan them some money.
Yup. They should be paying at least 2/3 of the taxes on the total net wealth they currently hoard.