which concluded that the government did not tax all forms of income equally; that you paid more tax on income earned through labour than income earned through capital gains. Carter’s suggestions—which were strongly supported by labour and the NDP at the time.
Somewhat recently Brian Topp broached the subject. Brian Topp—has advanced a more progressive tax system with a detailed set of policies. Topp claimed that his tax proposals will bring an additional $18 billion in annual revenue to the treasury.
NDP leadership candidate Brian Topp speaks frankly about raising taxes on high-income Canadians | Georgia Straight Vancouver's News & Entertainment Weekly
The concept was obvious and fair in that all income be taxed on a buck-is-a-buck basis, meaning that if you made $50,000 selling stocks, you would pay the same tax as you would making $50,000 working. But despite the importance of this report, the buck-is-a-buck principle never became reality. As it stands, income made from investments and capital gains has an exemption level and, even after this, is taxed at only half the rate (link is external) of labour-based income.
The Left should commit to the buck-is-a-buck principle, both ideologically, and because it is an effective tactic to shift a tax burden onto the sorts of people who typically make more than negligible incomes on investments and capital gains. Of course, some exemptions could still persist which protect selling a family home or dealing with small inheritances.
And some potential pitfalls exist (link is external) with this suggestion in our current tax code, as do some complications when we consider things like RRSP, RESP and TFSA accounts. Still, a system where flipping stocks for $100,000 nets you significantly lower taxes than working isn’t one conducive to progressive taxation, and could be addressed via a tax policy that has an effective populist edge that seeks a fair deal for Canadians who earn the vast majority of their income through work, unlike the “boys on Bay Street.”
https://canadiandimension.com/artic...nadian-left-balancing-ideology-and-efficiency
Somewhat recently Brian Topp broached the subject. Brian Topp—has advanced a more progressive tax system with a detailed set of policies. Topp claimed that his tax proposals will bring an additional $18 billion in annual revenue to the treasury.
NDP leadership candidate Brian Topp speaks frankly about raising taxes on high-income Canadians | Georgia Straight Vancouver's News & Entertainment Weekly
The concept was obvious and fair in that all income be taxed on a buck-is-a-buck basis, meaning that if you made $50,000 selling stocks, you would pay the same tax as you would making $50,000 working. But despite the importance of this report, the buck-is-a-buck principle never became reality. As it stands, income made from investments and capital gains has an exemption level and, even after this, is taxed at only half the rate (link is external) of labour-based income.
The Left should commit to the buck-is-a-buck principle, both ideologically, and because it is an effective tactic to shift a tax burden onto the sorts of people who typically make more than negligible incomes on investments and capital gains. Of course, some exemptions could still persist which protect selling a family home or dealing with small inheritances.
And some potential pitfalls exist (link is external) with this suggestion in our current tax code, as do some complications when we consider things like RRSP, RESP and TFSA accounts. Still, a system where flipping stocks for $100,000 nets you significantly lower taxes than working isn’t one conducive to progressive taxation, and could be addressed via a tax policy that has an effective populist edge that seeks a fair deal for Canadians who earn the vast majority of their income through work, unlike the “boys on Bay Street.”
https://canadiandimension.com/artic...nadian-left-balancing-ideology-and-efficiency
