Billionaires in B.C. disproportionally benefitted by Canadian tax system, economy researchers say. (Flickr photo)

B.C. billionaires worth 5,845 times average middle-income household

Economists argue for changes to Canadian tax system benefitting rich

Ten families in B.C. are worth more than the combined total of 1.32 million lower-income residents in the province, according to the Canadian Centre for Policy Alternatives.

It’s a discrepancy economists Alex Hemingway and David Macdonald highlight in a recent analysis of how Canada’s tax system benefits people for their existing wealth rather than work they are actually doing.

READ MORE: Highest condo sale in Victoria fetches $10.79M

“[The] reality is that B.C. is enormously wealthy — we’ve simply allowed this wealth to be amassed by the richest few. There is nothing inevitable about this and we can create public policy to benefit the majority,” Hemingway said in a release.

Out of the 10 families researchers studied, seven inherited their wealth from previous generations.

READ MORE: Nearly 8,000 homeless in B.C. first province-wide count reveals

With a net worth of $25 billion, the wealthiest billionaires in the province are 5,845 times richer than the median middle-income household. Canada, the analysis said, is the only country in the G7 that doesn’t have an inheritance tax. The CCPA is asking to introduce an inheritance tax at the rate of 45 per cent on estates worth more than $5 million.

“This research shows that countries with more income inequality are likely to have lower life expectancy, worse health outcomes, higher crime rates and lower levels of social trust,” the analysis said.


@KeiliBartlett
keili.bartlett@blackpress.ca

Like us on Facebook and follow us on Twitter

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

Nelson and COVID-19: everything you need to know

Check this page for every local story related to the outbreak

Schools re-open in Nelson and Creston, but only for children of front-line workers

School District 8 is providing on-site education for certain families during the pandemic

COVID-19 leaves Nelson couple with devastating choice

Sebastien De Marre and Marie-Paule Brisson won’t leave their foster children behind in Haiti

Castlegar wedding shows love conquers all

Brandon Melanson and Kimberly Patricia Melanson were married at Millennium Park last week.

Grand Forks conservation officer steps up to buy groceries for quarantined snowbirds from Kitimat

‘In these times of need, when people in the community need something like that done, it’s a no-brainer’

B.C.’s COVID-19 rent supplement starts taking applications

$300 to $500 to landlords for April, May and June if eligible

B.C. unveils $5M for mental health supports during the COVID-19 pandemic

Will include virtual clinics and resources for British Columbians, including front-line workers

B.C. First Nations Health Authority launches virtual doctor program

Program to provide primary health care through COVID-19 pandemic

UPDATE: Canadians awake to extra COVID-19 emergency benefit money, feds clarify changes

The CRA and federal officials are working to clarify the confusion around payments

VIDEO: B.C. singer creates frontline workers tribute song

Cambree Lovesy’s song saluting those battling COVID-19 draws interest online

Statistics Canada report looks at COVID-19’s impact on violence in the family

Police across Canada reported almost 100,000 cases of intimate partner violence in 2018

132,000 B.C. jobs lost just the start of COVID-19 impact, finance minister says

Finance Minister Carole James says ‘this isn’t the entire picture’

Most Read