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

 

Just Posted

Seven Nelson rec projects granted Columbia Basin Trust funding

Nelson’s baseball and tennis clubs were the big winners

UPDATE: Two-car accident closes Highway 3A at Thrums

Road expected to open for single-lane alternating traffic at 2 p.m.

1919: Hudson’s Bay Company gets an addition, council votes to exclude ‘undesirable enemy aliens’

Greg Scott brings us five Nelson Daily News stories from a century ago

Call a foul on cancer with the Pink Whistle Campaign

Local basketball referees are raising money for cancer research

Man found dead identified as Andreas Pittinger

Pittinger was known locally for hosting a radio show

VIDEO: Canada’s flag turns 54 today

The maple leaf design by George Stanley made its first appearance Feb. 15, 1965

Eight cases of measles confirmed in Vancouver outbreak

Coastal Health official say the cases stem from the French-language Ecole Jules Verne Secondary

Plecas won’t run in next election if B.C. legislature oversight reforms pass

B.C. Speaker and Abbotsford South MLA says he feels ‘great sympathy’ for Jody Wilson-Raybould

Workshop with ‘accent reduction’ training cancelled at UBC

The workshop was cancelled the same day as an email was sent out to international students

Former B.C. premier Gordon Campbell accused of sexual touching

Accuser went to police, interviewed by Britian’s Daily Telegraph

Judge rules Abbotsford home must be sold after son tries to evict mom

Mom to get back down payment and initial expenses

Trump officially declares national emergency to build border wall

President plans to siphon billions from federal military construction and counterdrug efforts

Snow turns to slush, rain as it warms up across B.C.’s south coast

Some areas are already covered by more than half a metre of snow following three separate storms

Father to be charged with first-degree murder in Amber Alert case

11-year-old Riya Rajkumar was found dead in her father’s home in Brampton, Ontario

Most Read