80% of Canadians think our governments should tax the rich more, according to a newly released poll from Ipsos.
- Thread starter Claudia Love
- Start date
I think minimum tax rates and tighter scrutiny of benefits maybe in order.
I recognize the need to reward risk and innovation but there seems to be an alarming discrepancy between the super rich and the average earner. It is reminiscent of the feudal era when the lord had all the wealth and the peasants faced daily starvation. If you are barely surviving in a country in which a fellow citizen spends ~ $500 million on a vacation boat - you are on the road to an eventual insurrection.
I recognize the need to reward risk and innovation but there seems to be an alarming discrepancy between the super rich and the average earner. It is reminiscent of the feudal era when the lord had all the wealth and the peasants faced daily starvation. If you are barely surviving in a country in which a fellow citizen spends ~ $500 million on a vacation boat - you are on the road to an eventual insurrection.
I think there are only two of us with $500MM boats. Me and some guy who won the Superball lottery. Here's a pic of my boat below.
Personally, I think lottery winnings should be taxed 100%. I think they are tax-free now.
I think you will get pretty much similar poll results
in other developed nations in the west. Majority of
people are middle class. If the not-so-rich middle class
along with the poor have their say it is no surprise
our society would overwhelmingly want the filthy
rich minority to rescue our government from eventual
bankruptcy.
It is one thing to wish the government to tax the rich.It
is quite another to figure what taxation policy would spare
us poor middle class from having to pay more
than our fair share of tax. There has to be a
way our government can apply a one-time wealth tax
that should fix our financial issues once and for all.
The taxation would be applied in a way that Bill Gates's
net worth would be be adjusted from $100 billion USD
to $10 billion and Elon Musk's from $208 billion to $20 billion.
Such massive wealth transfer from Gates, Musk and their
peers would be the game changer in world's economy.
All the most pressing issues of our society you can think
of--government debt, poverty and inequality would become
a thing of the past.
in other developed nations in the west. Majority of
people are middle class. If the not-so-rich middle class
along with the poor have their say it is no surprise
our society would overwhelmingly want the filthy
rich minority to rescue our government from eventual
bankruptcy.
It is one thing to wish the government to tax the rich.It
is quite another to figure what taxation policy would spare
us poor middle class from having to pay more
than our fair share of tax. There has to be a
way our government can apply a one-time wealth tax
that should fix our financial issues once and for all.
The taxation would be applied in a way that Bill Gates's
net worth would be be adjusted from $100 billion USD
to $10 billion and Elon Musk's from $208 billion to $20 billion.
Such massive wealth transfer from Gates, Musk and their
peers would be the game changer in world's economy.
All the most pressing issues of our society you can think
of--government debt, poverty and inequality would become
a thing of the past.
Once your rising net worth hits the $1 billion mark you will
have to keep it at or below the $999.9 million threshold by
sharing extra cash with the needy. Would that make you happy?
Of course they do. That's when the "other guy" foots the bill.
From Garth Turners recent blog on taxation.
"How much is enough? The top tax rate in a majority of provinces now shoots over 50%. The federal Libs have mulled imposing an uber rate on incomes above the current threshold. The majority of the population is in favour, of course, because ‘progressive taxation’ is when the other guy pays. Wealth inequality is a political issue. Eat the rich.
However, will a (say) 60% marginal rate in Canada just further encourage those neurosurgeons, anaesthesiologists, corporate leaders, tech entrpreneurs, rock stars, blue chip lawyers, financial dudes or basketball titans to leave, offshore their wealth or find ways to avoid what seems like a punitive hit?
Of course it will. You’d do the same. And every time taxes have been raised, the amount collected has fallen short of projections. That’s exactly what happened when T2 upped the top rate in 2016, saying it would finance a small tax cut for other taxpayers. It didn’t. In the meantime we might have lost a mess of talented people.
The other point is perception. In our world of online envy and distraction, when it’s okay to make $500,000 a year as a TikTok influencer but grubby and wrong to earn the same as a bank forex trader, when people gladly pay for renovations in cash so the contractor can be a tax evader or average folk try to game the system but think Galen Weston is a criminal, we’ve lost perspective. Being successful is not wrong. It should be a goal.
Those at the higher end of the income scale subsidize the rest. It’s just a fact. The top 20% rake in 44% of all income – usually because they work hard, took risks and do complicated things – but they pay 53% of all income taxes. In contrast, the other 80% of people collectively receive 55.3% of income, yet pay only 47%. And this does not reflect a host of government benefits, from the Canada Child Benefit to GST credits and OAS payments, which are clawed back from, or not paid to, those who earn the most.
And let’s remember what the prime minister himself bragged about: one-third of working citizens pay no net tax. None.
Here’s the tally.
Who earns and pays in Canada?
Source: Statistics Canada, Fraser Institute
It may be time we all started asking politicians to spend less instead of taxing more. Even with a top 53.5% rate, plus a bevy of user fees, sales taxes and clawbacks, our nation shoulders $1.1 trillion in debt and will run deficits annually for years (or decades) to come. Unless the spending is contained, your successful grandkids – the surgeons and startup founders of the future – will be wondering if a 70% tax rate makes moving Stateside a no-brainer.
From Garth Turners recent blog on taxation.
"How much is enough? The top tax rate in a majority of provinces now shoots over 50%. The federal Libs have mulled imposing an uber rate on incomes above the current threshold. The majority of the population is in favour, of course, because ‘progressive taxation’ is when the other guy pays. Wealth inequality is a political issue. Eat the rich.
However, will a (say) 60% marginal rate in Canada just further encourage those neurosurgeons, anaesthesiologists, corporate leaders, tech entrpreneurs, rock stars, blue chip lawyers, financial dudes or basketball titans to leave, offshore their wealth or find ways to avoid what seems like a punitive hit?
Of course it will. You’d do the same. And every time taxes have been raised, the amount collected has fallen short of projections. That’s exactly what happened when T2 upped the top rate in 2016, saying it would finance a small tax cut for other taxpayers. It didn’t. In the meantime we might have lost a mess of talented people.
The other point is perception. In our world of online envy and distraction, when it’s okay to make $500,000 a year as a TikTok influencer but grubby and wrong to earn the same as a bank forex trader, when people gladly pay for renovations in cash so the contractor can be a tax evader or average folk try to game the system but think Galen Weston is a criminal, we’ve lost perspective. Being successful is not wrong. It should be a goal.
Those at the higher end of the income scale subsidize the rest. It’s just a fact. The top 20% rake in 44% of all income – usually because they work hard, took risks and do complicated things – but they pay 53% of all income taxes. In contrast, the other 80% of people collectively receive 55.3% of income, yet pay only 47%. And this does not reflect a host of government benefits, from the Canada Child Benefit to GST credits and OAS payments, which are clawed back from, or not paid to, those who earn the most.
And let’s remember what the prime minister himself bragged about: one-third of working citizens pay no net tax. None.
Here’s the tally.
Who earns and pays in Canada?
Source: Statistics Canada, Fraser Institute
It may be time we all started asking politicians to spend less instead of taxing more. Even with a top 53.5% rate, plus a bevy of user fees, sales taxes and clawbacks, our nation shoulders $1.1 trillion in debt and will run deficits annually for years (or decades) to come. Unless the spending is contained, your successful grandkids – the surgeons and startup founders of the future – will be wondering if a 70% tax rate makes moving Stateside a no-brainer.
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
The late Jack Layton was fond of saying that tax cuts don't benefit folks who don't pay taxes (i.e. 40% of the population).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
Tax others more, says the woman who doesn't pay any taxes at all.
Think about it why does one person need billion dollars when yes the world is suffering
you never hear of a billionaire saving the fucking planet
like oceans wildlife poverty never stops in the world
billionaires just watch the world be like those with money survive and those born into poverty starve
duo you have any idea how fucked up this world is because of printed money the worst thing ever vented
with an answer like that you just prove your not even close to being a billionaire so I suggest you stop with the personal attacks because billionaires are smarter than you .
80% of Canadians think our governments should tax the rich more, according to a newly released poll from Ipsos.
None of those 80% are rich people. The 20% who disagreed are mostly the people who donate money to fund Political parties.
All 80% were people who were out on the street at mid day, or people who answer their phone when an unknown number calls, AND they're willing to spend half an hour answering a phone poll.
As if ANY Government gives a shit about the results of polls they don't conduct themselves.
Political Correctness Is...
Feeling entitled to a piece of someone else' pie, because you've already eaten your own.
None of those 80% are rich people. The 20% who disagreed are mostly the people who donate money to fund Political parties.
All 80% were people who were out on the street at mid day, or people who answer their phone when an unknown number calls, AND they're willing to spend half an hour answering a phone poll.
As if ANY Government gives a shit about the results of polls they don't conduct themselves.
Political Correctness Is...
Feeling entitled to a piece of someone else' pie, because you've already eaten your own.
You can penalize creative entrepreneurs all you want but they will take their talent and jobs overseas. Do you think your clients work at McDonalds ?
Oh and by the way, most companies have only one CEO. There will be people who sit on multiple boards as directors but those are part time advisory positions.
You really need to bone up on how things run.
The polls mean nothing because the questions they raise are wrong. Do you really believe that this is a new idea that the population would suddenly come up with?
Instead of asking "do you think the rich should be taxed more?", ask "do you think the rich would eventually pay more in taxes?" and "if this were up to a vote, which side would the majority of your family and friends vote for?"
Otherwise, poll results like these will come up every so often. But like all the others before them, nothing will change.
Instead of asking "do you think the rich should be taxed more?", ask "do you think the rich would eventually pay more in taxes?" and "if this were up to a vote, which side would the majority of your family and friends vote for?"
Otherwise, poll results like these will come up every so often. But like all the others before them, nothing will change.
I'd Love to Change the World
Song by Ten Years After
………..
Tax the rich, feed the poor
'Til there are no rich no more
So communism fails, now so does capitalism ? Our government is far to stupid and inept to put any funds collected from increased taxation to any tangible use.
Song by Ten Years After
………..
Tax the rich, feed the poor
'Til there are no rich no more
So communism fails, now so does capitalism ? Our government is far to stupid and inept to put any funds collected from increased taxation to any tangible use.
Opinion: Where Are California's Wealthy Residents Fleeing? Low-Tax Resort Areas
The wealthy are quite capable of protecting themselves, including moving to another state. However, they are vitally important to California’s schools, health care and myriad other public services.
timesofsandiego.com
