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.
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.
The article throws around a lot of stats, but the question is how we want to structure our society. How much should the rich be taxed, and how much should the less rich receive?
I like the phrase
From each according to his ability, to each according to his needs
(Yeah, I know who popularized it, but it predates him)
Cause: the rich got where they are through a mix of luck, advantage, and work. They should give enough that people who didn’t have the same luck and advantage can attain a reasonable level of comfort.
How far should that go? I dunno. We had a 95% tax bracket at one point, and I’m not opposed to that. This article comes from rich people whining that they may have to pay something approaching the full taxes for their income. I think that would be a great place to start.
Remember that time there was a 95% tax bracket and civilization stopped because no one had an incentive to produce goods, offer services, and innovate technologies?
Me neither.
If someone can afford to live for the next 1000 years without needing to work, they have too much wealth and haven’t been taxed enough.
Stop talking about fair share. The people who are suffering the most are not getting their “fair share” of anything.
This is a confusion between total dollars paid vs % of dollars paid. Sure, the top 20% pay the lion share of the total dollars in taxes, because they have the vast majority of dollars. If I as a normal Joe worker am paying 30% of my income in taxes I dont think it unfair to expect the wealthy to also pay at least that % regardless of what the total dollar amount is. There is a lower threshold to that though as there is a minimum amount that a person needs to survive. People close to that should pay a lower % as every dollar is worth more to them since they have so little (if any) left over after expenses. Giving them an extra $1000/year could be life changing. To the wealthy who pay $10M/year in taxes and still have $10M left over, changing the tax rate so they pay $11M/year and “only” have $9M left will change their lifestyle not one bit.
The answer is no, they’re not paying enough. The fact that Canadian billionaires exist is proof of the government’s failure. If it were up to me we would have laws literally preventing someone from getting to a billion. If you have that much money, it’s because you stole it from the people below you who did the heavy lifting.
This is the best summary I could come up with:
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.
“That word fair is completely subjective,” said Trevor Tombe, a professor of economics at the University of Calgary.
Jake Fuss, director of fiscal studies at the Fraser Institute, echoed that a lot of these discussions are not informed by definitions, which is why the institute releases an annual report about Canada’s tax system that has found high-income Canadians are paying disproportionately more in taxes.
The Fraser Institute’s 2023 report suggests that the top income-earning families — those making just under $250,000 — pay the majority of Canada’s taxes.
Still, Allison Christians, the H. Heward Stikeman Chair in the Law of Taxation at McGill University, said some of those numbers are skewed because some top earners can shelter their income through creative tax planning.
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.
The original article contains 627 words, the summary contains 157 words. Saved 75%. I’m a bot and I’m open source!
