Stop rich from using offshore tax havens

Socialists always say we should raise taxes on the rich. The rich reply that they will take their investments and businesses elsewhere.

Socialists always say that we should raise taxes on the rich. The rich reply that they will take their investments and businesses elsewhere. Let’s look at the facts.

In Canada the top income bracket starts at approximately $128,000. Anything above that is taxed at 29 per cent. This is the lowest tax rate among G8 countries. In the United States, it is 44 per cent. If a tax bracket of $250,000 to $750,000 were to be established at a tax level of 33 per cent and a tax level of 35 per cent over $750,000, the government would raise approximately $12 billion.

Instead of raising the tax rates, and curbing offshore tax havens, the federal government taxes ordinary citizens to make up the revenue shortfall, as well as borrowing money from abroad which the average Canadian is held to pay back including interest.

Dennis Howlett of Canadians for Tax Fairness testified at the Finance committee that tax evasion in Canada is costing the government $80 billion annually. Shouldn’t the government do something about this, rather than allowing the rich elite to continue to avoid paying their fair share of taxes?

Bob Abrahams, Nelson

 

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

Just Posted

Provincial search and rescue award a surprise for Kaslo’s Don Hunt

Hunt is one of six recipients of the Public Safety Lifeline volunteer awards

Woman who assaulted downtown Nelson business owner sentenced

Nicole Brown was found guilty of assaulting Linda Randall during an attempted shoplift in 2017

RDCK reduces number of properties under evacuation alert from Talbott Creek Fire to 46

Improved visibility has allowed helicopters to resume water suppression efforts on fire

Art as reconciliation: Ymir artist hosting BC Culture Days event

Damian John will lead a workshop titled Exploring Reconciliation Through Creativity

COVID-19: 4 more deaths, 366 new cases in B.C. since Friday

A total of 8,208 people in B.C. have tested positive for COVID-19 since January

16 COVID-19 cases reported in Interior Health region

One person is in hospital and 34 people are isolating

Group wants Parliament, courts to hold social media to same standard as publishers

Daniel Bernhard made the comments shortly after Friends of Canadian Broadcasting released a research paper

B.C.’s Chase Claypool catches first NFL touchdown pass

Abbotsford grad establishes new record for longest scrimmage TD by a Canadian

Is it time to start thinking about greener ways to package cannabis?

Packaging suppliers are still figuring eco-friendly and affordable packaging options that fit the mandates of Cannabis Regulations

Join Black Press Media and Do Some Good

Pay it Forward program supports local businesses in their community giving

B.C. has highest number of active COVID-19 cases per capita, federal data shows

B.C. currently has 1,803 active cases after weeks of COVID-19 spikes in the province

181 days gone: Family continues to look for man last seen in RCMP custody 6 months ago

Brandon Sakebow’s last known location was leaving Mission RCMP cell, police say; family has doubts

Most Read