Canadians want a wealth tax and are willing to vote for it

[rogerdodger]

You should be tired of paying 53% of your income in taxes.

The highest MARGINAL tax rate if you live in Ontario is 46%.

For the first $100,000 of income, you pay 22% in taxes.

Correction - highest marginal tax rate in Ontario is 53.53 % - which happens on income over $220,000

TaxTips.ca - Ontario 2024 & 2025 Tax Rates & Tax Brackets

TaxTips.ca - Ontario tax rates for 2024 & 2025 for eligible and non-eligible dividends, capital gains, and other income.

www.taxtips.ca

 

[danmand]

They should tax all capital gains more then 10K as income for the year of the pandemic.

Anyone worth 20m will pay 200K surtax. The Thompsons $390M. lol

The obvious solution to a more fair tax system and wealth distribution is to tax capital gains the same as income(even as that would cost me a lot of money)

 

[nottyboi]

The obvious solution to a more fair tax system and wealth distribution is to tax capital gains the same as income(even as that would cost me a lot of money)

They should also credit all RRSP contributions at the top tax bracket.

 

[danmand]

They should also credit all RRSP contributions at the top tax bracket.

RRSP contributions are deductions in income, so credited at the individuals marginal tax rate, which seems fair to me.

I thing other expenses, for example medical expenses, should also be deductions in income.

 

[nottyboi]

RRSP contributions are deductions in income, so credited at the individuals marginal tax rate, which seems fair to me.

I thing other expenses, for example medical expenses, should also be deductions in income.

NOt at all fair, the working rich get deductions at at higher bracket, get to save more and get to withdraw at a lower marginal rate. Something many working that don't break the 50-60K/year income range do not get.

 

[JohnLarue]

NOt at all fair, the working rich get deductions at at higher bracket, get to save more and get to withdraw at a lower marginal rate. Something many working that don't break the 50-60K/year income range do not get.

Not at all fair???
Who promised you anything in life is fair

Improve your skill set so you can command a higher compensation & quite whining

the working rich get deductions at at higher bracket

They also pay tax at the higher bracket.
RRSP Contributions are limited the lower of $27K or 18% of your taxable income
So $27K will be a rounding error and will not move the tax needle for the very productive people you despise

get to withdraw at a lower marginal rate

Do you really think the very productive & wealthy people you despise will be withdrawing from their RRSP at a lower tax bracket in retirement????

Something many working that don't break the 50-60K/year income range do not get.

Perhaps these folks should be gaining more marketable skills and/ or assuming the risks required to become wealthy , you know open a business, work like a dog, hire lots of people etc.

 

[nottyboi]

Dear genius,

Taxes have many forms:

Income tax

Value Added Tax

Sales tax

Property tax

Health surcharge tax

Climate action incentive tax.

Tire recycling tax

He's lucky there is no stupid tax.

 

[JohnLarue]

He's lucky there is no stupid tax.

Justin already implemented his stupid taxes
Being taxed on an invisible odorless gas essential for all life is about as stupid as it gets

That is the penalty Canadians must pay for electing stupid twice

 

[toguy5252]

Fuck that. Over 40% of Canadians do not pay income taxes ( on a net total basis ) which means the rich are picking up the bill.

Trudeau is right: 40% of Canadians don’t pay income taxes, which means someone else is picking up the bill

Ted Rechtshaffen: The top 20 per cent is likely paying 70 per cent or more of all income taxes

financialpost.com

Has it occurred to you that people who do not pay any tax do not make enough to pay tax? By definition people who make more should pay more. I think everyone can agree on that. the issue is what is an equitable rate of actual tax paid not just the posted marginal rates. The tax system is designed to favor wealthier people and facilitates the accumulation of wealth by the wealthy. That is not a bad thing but the growing disparity in income and wealth creates inequities.

 

[danmand]

NOt at all fair, the working rich get deductions at at higher bracket, get to save more and get to withdraw at a lower marginal rate. Something many working that don't break the 50-60K/year income range do not get.

Your analysis is correct, but I doubt many individuals in the $50-60K/year income range would have any surplus to contribute to an RRSP.

The tax system is ridiculously slanted towards the well off.

 

[jcpro]

Has it occurred to you that people who do not pay any tax do not make enough to pay tax? By definition people who make more should pay more. I think everyone can agree on that. the issue is what is an equitable rate of actual tax paid not just the posted marginal rates. The tax system is designed to favor wealthier people and facilitates the accumulation of wealth by the wealthy. That is not a bad thing but the growing disparity in income and wealth creates inequities.

Good logic. Of course people who pay less use the public services more. Would it be OK to cut their access back a bit because, you know, they do not contribute? That would be fair, too. No?

 

[Frankfooter]

Justin already implemented his stupid taxes
Being taxed on an invisible odorless gas essential for all life is about as stupid as it gets

I'd say someone unable to understand the Greenhouse Effect and CO2's role in it wins the stupid prize hands down.

 

[danmand]

Good logic. Of course people who pay less use the public services more. Would it be OK to cut their access back a bit because, you know, they do not contribute? That would be fair, too. No?

The principle is: Pay according to ability, receive according to need. Simple.

 

[jcpro]

The principle is: Pay according to ability, receive according to need. Simple.

Maybe simple, but inherently unfair and unequal.

 

[danmand]

Maybe simple, but inherently unfair and unequal.

You are entitled to your opinion, but we live in a democracy, for good or bad.

The majority of Canadians agrees with "Pay according to ability, receive according to need".

 

[Darts]

The tax system is ridiculously slanted towards the well off.

Not just tax but life in general is slanted towards the well off. That is why some (far from all) people work/study hard to try to be well off.

 

[Frankfooter]

Good logic. Of course people who pay less use the public services more. Would it be OK to cut their access back a bit because, you know, they do not contribute? That would be fair, too. No?

We just discovered all those people you complain about are now called 'essential workers'.
So we should do the opposite and support them more than those who aren't 'essential'.

 

[JohnLarue]

Has it occurred to you that people who do not pay any tax do not make enough to pay tax?

Has it occurred to you that people who do not pay any tax still avail themselves of govt services?
I am not opposed to the basic personal exemption, however 40% of any population getting a free ride is defiantly a problem

By definition people who make more should pay more.

Not by definition. That is the way the tax code is currently structured , it could be altered to a flat rate

I think everyone can agree on that.

In general you will find agreement, however when the top 10% pay 54% of taxes and the cut off for 10% is 96K and we still get lonnies whining about it and demanding more, then there is a defiantly a problem

Posthaste: Canada’s top 10% of earners pay 54% of taxes — but here’s the kicker, many are just middle-class | Financial Post

The top 1% pay 22% of the taxes and the cut off is $234,129
The 1% earn 11% of the total income In Canada. Interestingly, 100 years ago the 1% earned 18% of all income so we have seen some income distribution to that end.
Wolfgang Klein - One Percent

There were at least 1100 names on the Ontario Sunshine list making more than 300K ie in the 1% (it could be a much higher number -but the database crapped out after 1100 names )
Sunshine List - Comparative Public Sector Salary Disclosure Data | Ontario
That is just the Ont govt , how many fed govt paid 1% ers are there running around in Ottawa ?
And then there are the government contractors , advisors and consultants aka Gerald Butts

the issue is what is an equitable rate of actual tax paid not just the posted marginal rates.

no the issue is irresponsible government spending and the loonie ideology that somebody else can pay for what you want

The tax system is designed to favor wealthier people and facilitates the accumulation of wealth by the wealthy.

Hardly, the system appears to favor those that get their snoot into the government trough

That is not a bad thing but the growing disparity in income and wealth creates inequities.

Actually it appears like government and the public sector unions creates inequities, rather than productive fellow citizens who create real economic value, put their capital at risk and employ lots of people

 

[Frankfooter]

That is the way the tax code is currently structured , it could be altered to a flat rate

Flat tax?
Wow, that's extreme.

 

[danmand]

Robert Reich


Talk about giveaways to the rich: In just the first year after the former guy's tax cut, 82 ultra-wealthy households got more than $1 billion in total tax savings.