Quote:
Originally Posted by lrt's friend
We tend to forget that the wealthy already have tax advantages. For example, the fact that only half of capital gains are taxable.
If it is true that we are already the lowest provincial tax jurisdiction in the country, how can further tax cuts be justified? And we know that tax cuts will be trumping investment in public infrastructure. Furthermore, usually these tax cuts benefit that top income earners the most.
It seems to me that a deficit problem is best addressed with a sensible combination of spending reductions and revenue increases. It is American Tea party rhetoric that demands that these problems be entirely addressed by spending reductions. Regardless, at some point revenue will have to increase whether through taxes or other measures. As we saw before, it was previously dealt with through a provincial health fee which is a more regressive way of obtaining revenue compared to the tax system. We can complain about that all we want but at some point, we need to pay for our schools, hospitals, roads, police, fire and transit services. The easy way out is to say that we eliminate middle management and perhaps some of that is necessary, but we have to be careful that too much management cutting may result in inadequate project oversight.
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THIS, THIS, THIS.
The rich pay way less tax than everyone else thanks to the policy of taxing capital gains at only half the rate.
What I want to see all governments do immediately is this:
-The first $10,000 of capital gains income continues to be taxed at half rate
-All over that is taxed as regular income, no discounts
That would eliminate this massive inequity while still protecting lower & middle income people's investment revenues.
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