While the federal government is talking about the need for urgent and dramatic action, their spending and revenue plans have failed to match the rhetoric. Massive spending will require massive revenues far beyond carbon taxes.
One thing is for sure, the Tax the Rich debate is here to stay and our ability to invest in our future depends on its outcome.
While it is tempting to believe the extremely wealthy all “bootstrapped” themselves into affluence through their own ingenuity and hard work, the data paints a different picture.
Since the 1980s, governments around the world have reduced taxes on corporate profits and personal wealth, weakened regulations and privatized public infrastructure. These decisions allow the powerful to hoard wealth at the expense of workers, consumers, the environment, and social cohesion.
Canada’s corporate bailouts need to cut out tax dodgers and profiteers, and show long-term commitments are attached to the money.
Falling effective rates of tax on corporate profits have greatly undercut government revenues, with no overall economic gain.
