Quote:
Originally Posted by Flash Walken
ndp'er?
 |
Hardly.
You've asked for an alternative solution, did you not? Wealth tax is the only tax that could be applied fairly to the entire population and it is practically impossible to manipulate. If you want to live, work and own assets in this country/province/municipality - pay a fair share based on what you own as a person (or as a legal entity), not on some fictitious amount you can concoct through creative tax accounting.
Canada's national wealth is estimated at $7.5T. 2014 Canadian income tax revenue is estimated at $225B, roughly 3% of the above amount. Coincidentally, my 2013 family income tax was roughly 3% of our total assets. To prevent free-riding, the taxation system can call for a higher of (% of your total asset value or % your gross income). So, in order to pay no taxes at all, one would have to own no assets and make little or no money (children, poor, disabled). This system would have to be based on the assumption that wealth growth rate exceeds the rate of wealth taxation.
Canadian taxation system is not yet broken but could use a few adjustments. It just leans a bit too heavily on the working middle class.