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economy

Canada Taxes Favours The Rich 90% Of Experts Say

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Economy

https://www.bnnbloomberg.ca/canada-s-tax-system-unfairly-favours-wealthy-cra-auditors-poll-1.1125415

 

9 out of 10 auditors say that Canada's tax code favours the rich by a wide margin and that if the Government wants to promote equality closing loop-holes that make avoiding taxes is imperative

 

Canada's top income tax brackets used to be 29% but was raised to 33% under Trudeau. Corporate taxes remain at 15%.

 

However thanks to loop-holes the real taxes payed by the rich ends up being less. Canada had a long history of socialism and high taxes on the rich, a trend that has slowly reverted since the 1980s with taxes on the rich now much lower but coverage on programs like healthcare now being much less generous.

jesse_batista

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Economy

I don't think the base tax rates need to go up. What needs to change is the loopholes like they suggested to prevent evasion that makes them pay less than their fare share

 

Average income tax bracket is 20.5% but top income bracket 33%... With loop-holes the rich can more easily access I guess the real rate isnt really higher :oprah:

 

@Woolfsmck doesn't America still have a debate on loop-holes too?

jesse_batista

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Woolfsmck

The US tax code has do many hidden and special interest loopoles, that it's really impossible to tell who owes what.  

Needless to say, legislator's will sneak in special clauses to benefit their sponsors or help them when when they leave office...

like a cat in a sil, I watch life, moving&still, proceed across my face, I leave no trace.My words give a clue,look inside to see whats true

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Economy
Just now, Woolfsmck said:

The US tax code has do many hidden and special interest loopoles, that it's really impossible to tell who owes what.  

Needless to say, legislator's will sneak in special clauses to benefit their sponsors or help them when when they leave office...

Definition of corruption

 

Honestly this is why I support taxes on gross incomes rather than on net incomes

 

Put a lower tax on earnings and it's as simple as that. There's no escaping it that way. When u make it complicated and make deferrals or expenses deducting from taxes it just complicates everything

 

A tax on revenues or gross incomes tho would need to be a lower rate than what currently exists for businesses, self employed and Corporations tho than the current rate on profits

jesse_batista

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Woolfsmck
26 minutes ago, Economy said:

Definition of corruption

 

Honestly this is why I support taxes on gross incomes rather than on net incomes

 

Put a lower tax on earnings and it's as simple as that. There's no escaping it that way. When u make it complicated and make deferrals or expenses deducting from taxes it just complicates everything

 

A tax on revenues or gross incomes tho would need to be a lower rate than what currently exists for businesses, self employed and Corporations tho than the current rate on profits

Problem with gross income is that not all operating costs are the same.  My operating cost fluxuate dramatically year by year.  

Gambing revenue for example has very little overhead cost ...

like a cat in a sil, I watch life, moving&still, proceed across my face, I leave no trace.My words give a clue,look inside to see whats true

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Economy
4 minutes ago, Woolfsmck said:

Problem with gross income is that not all operating costs are the same.  My operating cost fluxuate dramatically year by year.  

Gambing revenue for example has very little overhead cost ...

Ya but each industries consumer good prices would adjust for that in theory

jesse_batista

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Woolfsmck

I'm lost.. raising consumer price increases gross revenue.so more tax...

Flat tax on net.   How to calculate net is the complicated part.

like a cat in a sil, I watch life, moving&still, proceed across my face, I leave no trace.My words give a clue,look inside to see whats true

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LadyGagasGodSon

My UCP loving friends BOAST about these loopholes such as buying RRSP’s, tax free saving accounts and investments, etc etc 🙃 *sigh*

You are small men. You are not worthy to rule the Dothraki.

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Economy
9 hours ago, Woolfsmck said:

I'm lost.. raising consumer price increases gross revenue.so more tax...

Flat tax on net.   How to calculate net is the complicated part.

I'm saying if a certain industry has more expenses than another, then with a gross tax those services would go up to compensate and industries with low expenses and higher profits would see taxes reduce and with competition their prices would drop

 

The current system isn't truly free market. It takes more profit from more profitable industries while indirectly subsidizing less profitable industries with lower taxes by deducting expenses

 

The more expensive industries wouldn't die, prices would just have to adjust to the fact that the tax system no longer defers lower pricing from less expensive Industries to more expensive ones

 

If u think about it the complicated tax system we have now not only has loop-holes that can cause evasion but also causes price distortion in industries

jesse_batista

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Woolfsmck

Higher profits aren't gonna drive consumer prices down..exec's will pocket all they can...

Low demand is the only reliable way ... or ..

. price controls...

hence a regulated economy...

 

like a cat in a sil, I watch life, moving&still, proceed across my face, I leave no trace.My words give a clue,look inside to see whats true

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