Changes at "G21-P056 Eliminate Extreme Wealth Via Progressive Taxation"

Submitter Name

Atul Bahl

Proposal

The GPC will advocate for: increasing tax rates for higher income brackets; imposing steep, progressive wealth and inheritance taxes on net worth and estates over $10 million and 100% on wealth and estates above a certain cap; and taxing income from capital at a rate equal to income from labour.

Objective

To reduce wealth concentration and inequality in Canada and thereby to protect and strengthen Canadian democracy. 

Benefit

Extreme wealth threatens democracy. The ultra-rich have the resources to bend the political and legal systems and the corporate media to their will. To prevent this and create the conditions in which democracy can thrive, we must greatly reduce the concentration of wealth in the hands of the few.

Supporting Comments from Submitter

1. From the late 1930s to the early 1970s, the top marginal tax rate in Canada exceeded 70% and, for some years during that period, it exceeded 90%. See: How Much Income Tax Could Canada’s 1% Pay?, October 2015. Canadian Centre for Policy Alternatives: https://www.policyalternatives.ca/sites/default/files/uploads/publications/National%20Office/2015/10/How_Much_Tax_Could_Canadas_Top_1_Pay.pdf.

2. See Wetiko: On Capitalism, Mind Viruses, and Antidotes for a World in Transition:

https://www.kosmosjournal.org/article/seeing-wetiko-on-capitalism-mind-viruses-and-antidotes-for-a-world-in-transition/

3. Capital and Ideology, Thomas Piketty.

4. Canada’s top billionaires are $37 billion richer since start of the pandemic, September 16, 2020. Canadian Centre for Policy Alternatives:

https://www.policyalternatives.ca/newsroom/news-releases/billionaires-wealth-pandemic

5. Growing wealth inequality 'dangerous' threat to democracy: experts, April 15, 2016, Reuters:

https://ca.reuters.com/article/idUSKCN0XC1Q2.

6. Wealth Tax? Canadians like the idea. November 19, 2020, Abacus Data:

https://abacusdata.ca/wealth-tax-canada-poll/.

Green Value(s)

Ecological Wisdom, Sustainability, Participatory Democracy, Social Justice, Respect for Diversity, Non-Violence.

Relation to Existing Policy

Add to current GPC policies G18-P021 Eliminate the Use of Tax Havens, G14-P02 High-frequency Stock Trading Tax, G10-p23 Robin Hood Tax, and G08-p026: Tobin Tax to Increase Foreign Aid.

Proposition :
Le PVC plaidera en faveur d'une augmentation des taux d'imposition pour les tranches de revenus les plus élevées, d'un impôt sur la fortune et les successions fort et progressif sur la valeur nette et les successions supérieures à 10 millions de dollars et de 100 % sur la fortune et les successions au-delà d'un certain plafond et d'une imposition des revenus du capital à un taux égal à celui des revenus du travail.

Objectif :
Réduire la concentration des richesses et les inégalités au Canada et, par conséquent, protéger et renforcer la démocratie canadienne. 

Avantage :
L'extrême richesse menace la démocratie. Les ultra-riches ont les moyens de faire plier les systèmes politiques et juridiques et les médias d'entreprise à leur volonté. Pour éviter cela et créer les conditions dans lesquelles la démocratie peut s'épanouir, nous devons réduire considérablement la concentration des richesses entre les mains d'une minorité.

Commentaires d’appui de l’auteur.e :
1. From the late 1930s to the early 1970s, the top marginal tax rate in Canada exceeded 70% and, for some years during that period, it exceeded 90%. See: How Much Income Tax Could Canada’s 1% Pay?, October 2015. Canadian Centre for Policy Alternatives: https://www.policyalternatives.ca/sites/default/files/uploads/publications/National%20Office/2015/10/How_Much_Tax_Could_Canadas_Top_1_Pay.pdf.

2. See Wetiko: On Capitalism, Mind Viruses, and Antidotes for a World in Transition:

https://www.kosmosjournal.org/article/seeing-wetiko-on-capitalism-mind-viruses-and-antidotes-for-a-world-in-transition/

3. Capital and Ideology, Thomas Piketty.

4. Canada’s top billionaires are $37 billion richer since start of the pandemic, September 16, 2020. Canadian Centre for Policy Alternatives:

https://www.policyalternatives.ca/newsroom/news-releases/billionaires-wealth-pandemic

5. Growing wealth inequality 'dangerous' threat to democracy: experts, April 15, 2016, Reuters:

https://ca.reuters.com/article/idUSKCN0XC1Q2.

6. Wealth Tax? Canadians like the idea. November 19, 2020, Abacus Data:

https://abacusdata.ca/wealth-tax-canada-poll/.

Valeurs des Verts :
Sagesse écologique, Justice sociale, Démocratie participative, Non-violence, Développement durable, Respect de la diversité

Lien avec la politique actuelle :
Ajouter aux politiques actuelles du PVC. G18-P021 - Éliminer l'utilisation des paradis fiscaux, G14-P02 - Taxe sur les transactions boursières à haute fréquence, G10-p23 - Taxe Robin des Bois, et G08-p026 - Taxe Tobin pour augmenter l'aide étrangère.