Re: “Redistribution system works,” Trevor Giles, July 20
I don’t believe Mr. Giles’ assertions.
Canada has one of the lowest corporate tax rates in the western world. While trickle-down theory may say this is good and necessary, other countries with higher corporate taxes such as Sweden (and with more social programs to boot) are doing better in terms of income equality.
Mr. Giles cites Statistics Canada data only for income taxes from 2005. The Canadian Center for Policy Alternatives (based on Statistics Canada data from 2005) says:
“The wealthiest 10 per cent of family units in Canada held 53 per cent of the personal wealth, and the top 50 percent controlled an almost unbelievable 94.4 per cent of the wealth. That left only 5.6 per cent to be shared among the bottom 50 per cent.”
And, “Canada’s richest one per cent are taking more of the gains from economic growth than ever before in recorded history.”