Friday, April 13, 2012

Canadians OK with higher taxes to fight inequality


According to a new poll released Tuesday, Canadians are willing to pay more taxes to help close the growing income gap and want corporations to pay higher tax rates too. The survey of 2,000 Canadians, commissioned by the left-leaning Broadbent Institute, found that 23 per cent are "very willing" and 41 per cent are "somewhat willing" to pay slightly more tax in order to protect social programs such as health care, post-secondary education and pensions. A majority of Canadians – even wealthy ones – are behind the idea of raising income taxes on people who earn more than $250,000 and more than $500,000. The poll found 83 per cent are in favor of that idea. Prime Minister Stephen Harper’s Conservative government has steadily lowered the rates since taking office in 2006, arguing the tax breaks help corporations create more jobs. The NDP and Liberals are opposed to the lower rates, saying they haven’t helped create new jobs and that corporations are just sitting on higher profits. The poll results go against Conservative mythology, said Broadbent, speaking to Evan Solomon, host of CBC-TV's Power & Politics. "It shows that Canadians are way ahead of their politicians… 64 per cent of Canadians say they themselves are prepared to pay more taxes. Not just the rich, not just corporations," Broadbent said. The survey showed that 77 per cent of respondents agree that widening income gaps are a big problem for Canada that will have long-term consequences and 71 per cent agreed that income inequality undermines Canadian values.
                I have to agree that the majority of Canadians are actually on to something here. I feel that it is only logical for the richer to pay more taxes, considering the income gaps. When reducing debt in an economy, you must first remember that your middle class is where the answer lies. The key to a successful economy is a “booming” middle class. Canada is, in many ways, a lot like America; they have a democracy. Therefore, I believe that if the majority if the people (including some of the rich), think taxes should be raised for those earning more than $250,000 annually; there should be action taking place. I don’t see why taxes are the same for all people on the first place. I believe that a certain percentage should be taken out based on your income and there should be no “loop holes” for the rich.

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