Quote:
Originally Posted by WarrenC12
We have to look at asset taxes more, as those will impact the truly wealthy, who aren't really paying their fair share. The middle class wage earners, as usual, are asked to pay the brunt of taxes. Money can freely flow around the world easily now, and it is certainly being dumped into Canadian real estate.
I'm not sure how this can be so complicated in your view if we already deal with capital gains for virtually everything else.
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The middle class do not pay the brunt of taxes in Canada, its the top 20%. They pay 55% of all taxes and make 42% of the money. The share of taxes the middle 60 is paying is declining because of tax credits.
Both Liberals and Conservatives have seen to this, and provincially we have raised income taxes on higher-income earners in most provinces. The bottom 40% of Canadians now pay no income taxes, that number was the bottom 25% a decade ago - again happening because of tax credits and child care benefits.
But sure we can tax assets more. Put in land transfer taxes and HST/GST on purchases. It will increase home prices and rents, but that will happen when you tax assets more.
And look at my capital gains numbers above, yes we tax capital gains. and the revenue it brings in is a rounding error. Income taxes and GST is where our government makes money.