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 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
(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.