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Time to End Tax Breaks That Benefit the Rich


#1

Time to End Tax Breaks That Benefit the Rich

Canadian Minister of Finance Bill Morneau
Linda McQuaig

The real beneficiaries of the tax loophole targeted by the Trudeau government is high-flying corporate lawyers, businesspeople, accountants, doctors, dentists, insurance, and real estate agents


#2

Nah, we should continue them because we know how well “trickle down” and other capitalist trick-bags work – for capitalists. Of course we need a progressive graduated income tax system for individuals and corporations - and large wealth and transaction taxes as well.

The “tax breaks” are not “abuses,” but part of the capitalist system. The reason that these “breaks” exist and tax structures are so skewed towards the rich and corporations is that capitalist oligarchs and plutocrats own and control the political parties and systems of the Western “democracies” and most media – and many other social, national and international institutions.

Until we break the capitalist stranglehold on nearly every power lever they control by organizing democratic movements, organizations and political parties with enough power to take them on, we will have what we have - and it will get worse.


#3

Well, this is fundamental to the neoliberal ideology that currently rules the world (while denying emphatically that it is an ideology at all). Greed is good. Greed must be incentivised by rewarding it. The Government rewards the greedy by cutting their taxes, encouraging them to be more greedy. They get richer - everyone else suffers because the loss of tax revenue starves public services of the funds necessary to run them properly. The rich don’t rely on these services, and could not care less. Meanwhile, the poor continue to vote for neoliberal governments that continue to incentivise greed because they think people should be free to make as much money as they like, and keep it.


#4

Tom,

The only thing that you left out was the masses will need to flood the streets nationwide demanding resignations of corrupt politicians.

Nationwide.


#5

I sort of take flooding the streets a basic requirement (along with organizing for power) of breaking the cpaitalist stranglehold. Thanks for making it explicit.


#6

I believe in fairness so I believe small business should not end up worse off than employees.
Using my personal situation similar to any other employee with a pension:

A. Income earned during my years of employment is DEFERRED to later years in the form of a defined benefit pension,
B. Funds earned via employment is set aside and invested to fund the pension. These funds are TAXED AT A VERY LOW RATE during the years earned due to tax credits, and
C. Pension income is eligible for INCOME SPRINKLING with spouse for all of the retirement years, and there is no means test to determine how much the spouse assisted or contributed to earn the original employment income.

As it turns out in my case, nearly 50% of my eventual income derived from my employment (i.e. my pension) is eligible for INCOME SPRINKLING.

“The Liberal Proposal would Eliminate small business income sprinkling where the family members did not contribute to the business while still Allowing employment based income sprinkling with spouses via pension splitting even in cases where the spouse did not contribute to the employment.”


#7

Interesting how Puerto Rico has been a tax haven for wall street and the rich—a tax haven in the US-it has really benefited the people of PR. And the great miracle now happening in Kansas???

Raise the minimum wage-invest in low income areas-pull money from the military budget and invest in community healthcare centers-----all these measures will grow the economy .


#8

Imagine if one wrote this about the US tax code? There are books worth of these kinds of hidden tax loopholes for the .001 %.