- Andrew Jackson makes the case for a review of Canada's tax system focused on boosting revenue from the wealthy people and corporations who can readily afford it:
These tax loopholes are costly. Partial inclusion of capital gains in taxable income costs the federal government alone $3.6 billion per year; partial inclusion of stock options costs $725 million per year; and special tax treatment of dividends costs $3.7 billion per year.- Will Denayer highlights how concentrated wealth can result in centuries of inequality. And Josh Boak discusses the issue of income inequality as it's been addressed in the U.S.' election campaign.
Realistic reform of these three tax preferences would likely limit them rather than eliminate them entirely. For example, the stock options deduction might continue, with a capped value and some exemption for employees in start-up companies. One might contemplate an increase in the capital gains inclusion rate to, say, 75% where it stood before 2000, with some protection for inflation, or a cap on the total amount of capital gains accrued.
Nonetheless, it is clear that significant additional tax revenues could be gained by limiting federal tax loopholes on capital income, and that this could lower the proportion of after-tax income received by the most affluent Canadians and promote greater income equality.
- Eric Holthaus weighs in on the need for immediate action to rein in climate change - along with the danger that we've already caused more damage than our planet can handle.
- Meanwhile, Ben Parfitt exposes BC Hydro's recognition that fracking and its resulting earthquakes could cause severe damage to hydro dams and other existing power infrastructure. And Derrick O'Keefe suggests that if fracking can't withstand a factual debate about its impacts, we should be hesitant to allow it at all.
- Finally, while some try to argue as to the main label to be affixed to the NDP, Don Braid nicely sums up what the party stands for at all levels:
The NDP always sees Alberta from the bottom up: from the street rather than the executive suite.
That simple fact explains how Premier Rachel Notley’s government behaves. It’s a useful lens for those still deeply disoriented by the first non-conservative government since, oh, early 1935.
The PPA dispute is just the most dramatic example of this instinctive sympathy for the underdog. More than a dozen policies reflect this, in every area from the workplace to the marketplace, from worker safety and consumer ripoffs to relations with First Nations.
The list includes minimum wage hikes; strict new controls on predatory payday loans; child tax benefits; investigating the Alberta Motor Vehicle Industry Council; the controversial farm safety bill; a review of condo deals; allowing victims of family violence to break residential leases; an apology to victims of mistreatment in residential schools; recognizing gender identity and expression; and a post-secondary tuition freeze.
That’s how the NDP sees the world — from down below. After decades with a government that was more comfortable with a corporate view, it takes getting used to.