A growing share of Canada’s investment overseas is being channeled by Canadian banks into tax havens.
The latest Statistics Canada figures show 24% of Canadian direct investment overseas in 2011 went to the top twelve tax havens, up from 10% in 1987. In fact, tax havens of the Barbados, Cayman Islands, Ireland, Luxembourg and Bermuda . . . → Read More: The Progressive Economics Forum: Canadian banks use of tax havens keeps growing
If you need help with your tax return, don’t ask Neil Reynolds. His latest attack on the New Democrat proposal to collect modestly more tax from Ontario’s super-rich stated that “the province’s highest marginal rate on personal income would rise, federal and provincial rates combined, from 46.4 per cent to 49.4 per cent – meaning . . . → Read More: The Progressive Economics Forum: Neil Reynolds’ Fuzzy Tax Math
Ontario’s NDP was out today with a Robin Hood proposal to collect more provincial tax from personal incomes in excess of half a million dollars. The approximately $570 million of additional revenue would increase the Ontario Disability Support Plan, protect childcare spaces and remove provincial HST from home heating.
UBC economist Kevin Milligan has been . . . → Read More: The Progressive Economics Forum: Taxing Ontario’s Richest
Finance Canada published its annual Tax Expenditure Report for 2011 and it shows that the cost of some of the most inequitable tax preferences and loopholes continues to rise.
For instance the stock option deduction, which allows CEOs and executives to pay tax at half the rate of ordinary working income, is estimated to cost . . . → Read More: The Progressive Economics Forum: Cost of Inequitable Tax Loopholes Increases
It’s often said that there aren’t enough rich people in Canada to make a real difference to fiscal policy and, in consequence, the rest of us. Yesterday Canadian Business’s annual special edition devoted to Canada’s richest 100 people hit the stands, where it will stay until Christmas. As a regular contributor I was invited to […] . . . → Read More: The Progressive Economics Forum: One Way the Richest 1% Can Help the Other 99%
This essay was commissioned by the National Post. It was published in today’s edition under the headline “A Problem for Everyone“. In the print edition, the overline – a large font summary of what you are about to read written by the editors – reads: “Income inequality isn’t just unfair — it threatens the whole […] . . . → Read More: The Progressive Economics Forum: Why even conservatives are worried about rising inequality
With much of the talk on taxes in BC about the HST, we issued a new report today that looks at the bigger context for BC’s tax system (Vancouver Sun oped here, CTV News story here). Iglika Ivanova, Seth Klein and I compare and contrast BC’s tax system after a decade where tax cuts were […] . . . → Read More: The Progressive Economics Forum: BC’s Regressive Tax Shift