Saturday, July 31

wealth tax

Biden, Capital gains tax, Corporate Tax, Economics, Economy, Markets, Middle Class, Policy, Politics, Town Hall, trickle down, wealth tax

Biden says he’s’tired of trickle down’ leaving out the middle class:’Just pay your fair share’

At a CNN town hall, Biden said he is "tired of trickle down" economics leaving out the middle class. Trickle-down economics is the idea that benefits for the wealthy will "trickle down" to the rest of society. Biden said a solution to creating an equitable economy is ensuring the wealthy pay their fair share in taxes. LoadingSomething is loading. ...
FP Comment, Philip Cross, tax the rich, wealth tax

Philip Cross: We do not need a wealth tax

Article content continuedThe recent increase in wealth was led by younger generations. The wealth of baby boomers rose by 64.6 per cent between 2010 and 2019, while for Generation X it increased 133.9 per cent and for millennials, 465.5 per cent. Even so, over half of wealth was held by people more than 55 years old, which means a tax on wealth could easily morph into a tax on age.[related_likes /]It is worth clarifying that most wealth is held by individuals, not corporations. At the end of 2019, household net worth in Canada stood at $11,876 billion (ie, $11.876 trillion) compared to just $622 billion for corporations and $268 billion for government. Given this distribution, it is clear that a wealth tax would not shift the tax burden to firms. Most firms simply do not hold enough liq...