Taxing the über-rich would reduce the deficit and social resentment

[CHIMO]

Why not raise taxes? Instead of belittling TD Bank CEO Ed Clark for suggesting that he and many of his colleagues would be in favour of having their taxes raised, perhaps we should take them seriously. Perhaps even more seriously than they intend.

Our debate about taxation has focused on one form of taxation – sales taxes – and what should be appropriate GST/HST levels. Most of the criticism of the Harper government's tax policy revolves around its having cut the GST to 5 per cent from 7 per cent. It seems to be conventional wisdom among tax experts and taxation enthusiasts that at least a 40-per-cent increase in the GST, back to 7 per cent, would generate the revenue to fight deficits and maintain social spending.

It's seldom mentioned in these circles that the GST, being a consumption tax, is fairly regressive. Despite a few compensatory loopholes, the GST affects most people about equally. The poor pay a much greater portion of their income in sales taxes than the rich. Sales taxes also act as a break on consumption – which is why, in slow economic times, they are often cut to try to stimulate spending. It's almost certain that, if the Harper government had not cut the GST before the current recession, all our experts would have called on it to do so as a stimulus measure.

The coming of the GST was welcomed by many tax experts mainly because it replaced an extremely cumbersome manufacturers' sales tax. Today, though, the tax choice is between sales and income taxes. We tax personal incomes at progressive rates, meaning that the wealthier pay much, much more than the poor. Millions of Canadians pay no income tax at all.

http://www.theglobeandmail.com/news/opinions/taxing-the-ber-rich-would-reduce-the-deficit-and-social-resentment/article1470102/

Seems to me like the way to go. Sorta like "Bring back that old time religion" type of thing. Everyone on the Conservative side should be in for it.

[HeresyLives]

1. Let's start with Bliss.

A man who was all gung-ho for Harper till recently apparently.

Musta joined the NDP. :rofl:

[CHIMO]

2. Well

Maybe that's where my vote should go.

[HeresyLives]

4. I doubt you've ever voted for anyone else.

[CHIMO]

6. It's

Snowing down south!

[HeresyLives]

8. But not in Vancouver....we know. LOL

[CHIMO]

10. It

Shows all across Canada. You just don't see it.

[HeresyLives]

11. Riiiight. LOL

Two moons, blue moons, and snow in the south. :rofl:

[Lucy Goosey]

3. I've been saying this for years.

Why won't anyone listen when I say it?

Could it be because I'm usually just saying it to my teevee during Harper appearances? :D

[HeresyLives]

5. Because 'tax the rich' died years ago?

[Spazito]

7. It did?

Really! For some perhaps.

[HeresyLives]

9. Yes, it did. Capital flight results

so it's dead, Jim.

[CHIMO]

12. Poor Try

Seems like just another talk radio absolutism. It's been 30 years old and is now near death. Friedman, Harper and his followers continue to hang on by their nails.

Fears of mass UK banking exodus prove unfounded

Fears of a mass exodus by London's financiers to the more favourable tax climate of Switzerland appear to have been exaggerated: fewer Britons applied for permits to work in the Swiss financial services sector last year than in 2008.

Research by Channel 4 News shows that, despite warnings by Boris Johnson, the mayor of London, that 9,000 high-­flying City workers would decamp to escape the windfall levy on bonuses and the 50p income tax rate, just 1,079 British citizens joined the financial sector in the Alpine state last year – and about two-thirds of those were applying for IT or other back-office jobs. That represented a 7% decline on the number of Brits applying for a carte de séjour – work permit – in the financial services sector in 2008.

Alistair Darling's announcement of the bonus tax in December's pre-budget report provoked growls of irritation in the City, with many senior bankers threatening to depart for foreign shores.

Broker Tullett Prebon and hedge fund Bluecrest have announced plans to allow some of their City staff to move overseas, but the Swiss data suggests that so far, departures from London have been a trickle rather than a flood.
http://www.guardian.co.uk/business/2010/feb/18/uk-banker-exodus-exaggerated

[HeresyLives]

13. Simple fact.

Before Thatcher, billions of pounds left the UK because of high taxes.

Billions of euros have already left Greece.

Billions will leave anywhere else that has punishing tax rates.

In seconds.

[CHIMO]

14. See

That you are still spouting the Harper line.

[HeresyLives]

15. Sorry, hate Harper with a passion.

And all other neo-cons. Bzzzt,try again.

[CHIMO]

16. You

May hate Harper but you seem to have the same philosophy.

Don't know what party would want to have you presenting their philosophy if it isn't Harpers'.

[HeresyLives]

17. Honey, my philosophy isn't even close to Harper

Pay attention to the economics, and skip the attacking of other posters.