this post was submitted on 16 Apr 2024
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Usually I'm supportive of tax hikes on the rich, but I think it's important to note that the top tax bracket in Canada is $246752. Canada needs more granular tax brackets at the top end.
That income is high enough to be taxed more, but I agree more granularity would be better. I hope that they increase taxes on the rich mostly by closing loopholes that favour the 1% at our expense. A billionaire that pays no taxes now isn't going to owe more if we increase the tax rate. 3 times 0 is still 0. It's the loopholes we have to close.
It's not usually the doctors making 250-400k that are shirking their fair share of taxes, but the use of loopholes certainly starts in that range and accelerates exponentially with higher wealth and income.
We can actually do both, instead of one OR the other.
And we can do them both at once, or one at a time.
I bet that's what's happening here.
A large part of this is also the monopolies that large companies hold on essentials: groceries, telecoms, banks, etc. These are industries where competition does not spur innovation: rather, competition only harms the consumer.