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Isn’t it time the wealthy paid fair taxes?

5 114 0
21.04.2019

The wealthy are expert at hanging on to their wealth, often through concealing its existence in tax shelters, offshore, and in private corporations. It’s part of the reason our wealth inequality is now growing very fast.

The Trudeau government is fond of bragging about how much its tax changes have done to bring tax fairness to families. Their increases in child benefit payments and changes in pensions have been helpful. But this government has done almost nothing to ensure that the wealthy pay a fair share of tax.

Thomas Piketty, the French economist, pointed out in Capital in the 21st Century that progressive income taxes without parallel taxation of inherited wealth cannot narrow the widening gap between rich and poor. Year over year investment income grows faster than wages. In the five years up to 2016 Canada’s wealthiest got richer by more than a third. Middle class Canadians wealth grew by less than half that. Canada’s richest 87 families are today richer than the bottom third of Canadian families — 12 million Canadians.

Surely, if we set a........

© Toronto Star