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Canada's budget to increase taxes on the wealthiest, says source
(www.reuters.com)
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this post was submitted on 16 Apr 2024
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That income is high enough to be taxed more, but I agree more granularity would be better. I hope that they increase taxes on the rich mostly by closing loopholes that favour the 1% at our expense. A billionaire that pays no taxes now isn't going to owe more if we increase the tax rate. 3 times 0 is still 0. It's the loopholes we have to close.
It's not usually the doctors making 250-400k that are shirking their fair share of taxes, but the use of loopholes certainly starts in that range and accelerates exponentially with higher wealth and income.
A large part of this is also the monopolies that large companies hold on essentials: groceries, telecoms, banks, etc. These are industries where competition does not spur innovation: rather, competition only harms the consumer.