Should Canada Tax The Wealthy? | The Agenda
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Channel: The Agenda | TVO Today
Views: 10,659
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Keywords: The Agenda with Steve Paikin, current affairs, analysis, debate, politics, policy, Wealth, Taxes, Government
Id: _z768MZ2KtY
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Length: 35min 29sec (2129 seconds)
Published: Wed Apr 26 2023
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This is a panel of 3 academics/intellectuals and a lobbyist. Having Birute on the panel was useful in that she really showed how bankrupt the ideas coming out of that segment of society really are.
Birute Luksenaite is a moron @ 4:49. 0 facts/statistics just claiming young people squander wealth on luxury purchases and are not frugal.
Then we get to 18:00 mark and even in the face of a chart that damning Birute says a change that large and such a discrepancy between generations is due to "lifestyle" of younger people.
I really enjoy TVO but thought this person was hard to listen to, where others tend to bring arguments backed by statistics or evidence she makes bold claims with 0 backing based entirely on personal opinion. Usually the panels have a much more intelligent discussion in my experience but this person just dumbed down the whole discussion.
Another "let them eat cake" moment by a Canadian Marie Antoinette.
If she isn't the face of why people should dislike rich people more, then who else?
tax entities exploiting housing and creating an unaffordable environment for all canadians
If you really want to equalize everything just tax dividends and capital gains at exactly the same graduated rate as you do regular income. People will bitch and moan and say that will stifle investment but the reality is that the reason that the “wealthy” don’t pay tax is because gains from capital are taxed more favourably than gains from Labour
Absolutely. Warren Buffet (mega billionaire) disclosed that he pays less in personal income tax than his executive assistant, who earns < $50,000.
He did this as part of a plea to government. Basically:
Get rid of the principal resident exemption. This is tax unfairness of the highest degree. Allow interest deductions.
Luxury tax on homes. You want to have 5,000 square foot single family dwelling in major cities and 2 people living in it, that's a luxury and the excessive footprint needs to be taxed as a luxury.
Increase capital gains inclusion to 60 - 70%.
Increase vacancy tax to 5% +.
Tyler pointed out the 2 biggest problems for housing which I appreciated:
Crack down on the real estate investors
Build more affordable supply
Housing needs to be thought of as a basic need like water and air for living rather than a financial investment to make money from. Wished more people realized how much damage this is doing. Making money needs to be more correlated to producing value. Buying extra properties and having tenants pay for them is the exact opposite, it just takes money from the working people who are actually creating all the wealth.
The fact this is allowed is one of the dumbest things I ever could have imagined and I feel so unbelievably let down by older generations and lawmakers for allowing it to exist. It’s in fact so stupid that it’s more likely corrupt than some accidental oversight, and then you see how many MPs are landlords and it starts to make sense. Our very housing minister, the one who should be getting people housed is a landlord and says he does it to make money, it’s not some responsible win-win situation. The banks, landlords, realtors, and landlord-MPs all benefit from high prices and are in on this pyramid scheme together and it’s disgusting.
On the supply side, building homes needs to become a more common activity for regular people. When the rent and buy price is this stupid there needs to be the option to not pay. Technology has made this much easier than before with prefabs, modular, factory-made kits, and free or cheap and pre-approved house designs on the internet. The government needs to allocate significant resources towards this such as expanding the grid and infrastructure, and making serviced land and materials available at a reasonable price. Developers don’t have much incentive to build affordable housing, but YOU do.
Wrong question I feel..
Can we close offshore tax?