Quote:
Originally Posted by Mathgod
Canada does not have an estate tax, and IMO badly needs one. And in case anyone's wondering, I personally stand to lose if such a tax is implemented. That's right, I'm advocating for a policy that will have a negative impact on me personally if implemented. GASP!  How can such a thing be possible??? The answer is I happen to give a damn about others, that's how.
Some point out that when a person dies, the person's assets are considered sold at that point, and 50% of the capital gains on the asset are considered income for that tax year. Some would argue that this amounts to an estate tax. I disagree. Capital gains tax and estate tax are two different things. An estate tax looks specifically at the value of the assets being inherited, where CGT looks at the amount of appreciation in the value of the asset over time.
People bring up the issue of double taxation. I'd argue it's not an issue at all. Whether you're taxed x amount twice, or 2x amount once, the end result is the same amount of tax paid. It's the same thing. A government should put in any tax system that it needs to in order to raise the revenue it needs to provide services, programs, infrastructure, etc. Any combination of taxation policies is justified, as long as the overall system is feasible and doesn't place an unreasonable burden on anyone.
So yes, time for an estate tax. For all the talk coming from conservatives about bootstraps/hard work/self determination, it does come across as ironic when they want to carve out a nice neat little exemption to those principles for those who happen to have won the birth lottery and lucked their way into being born into a family that has significant wealth.
Raising the GST to curb consumption is probably a good idea too. |
Yes, you've said
that you support an estate tax, but you've still given none of us a reason why
we should. "Canada does not have an estate tax, and IMO badly needs one" -- why? I don't really care that you stand to lose and don't care, I do as do many of us, and thus I
do care. You've explained that taxation happens for various transactions -- great, there are also plenty of instances where an exception exists. You've not explained why this particular exception should not be, only that you believe it so. I remain unconvinced.
As a left-leaning progressive who wasn't born into a family with significant wealth, an estate tax would impact what little I might get from my parents one day. The same argument against a flat income tax (10% of $50,000 is more impactful to that person than 10% of $5,000,000) could also apply to an estate tax. I do well for myself and my family, but someone who is less fortunate getting whatever their parents have left might be able to help themselves out quite a bit in this world, but somehow you think it's justified to impose upon them a tax that would disproportionately affect them versus someone who is getting a ton more.
Raising GST also impacts lower income people disproportionately. Nice.
I certainly 'give a damn' about others, but I think you're going about accomplishing your goals entirely the wrong way.