Gap between rich and poor rising faster in Canada

[Guest Derek L]

I don't see these people leaving, as it's key to their continued prosperity to influence the politics in the country where they're invested. This means being at the center of the action.

Well that’s kind of the point, if you chase the wealth out the country, those with already incurred wealth, who’ll likely be “targeted next”, have no reason to stay………And when I say leave the country, I don’t wish to conjure up images of roof top evacuations ala Vietnam in ‘75.………..There is no law that prevents a Canadian citizen form living and “working” in the Caribbean for most of the year.

[Bob]

Well that’s kind of the point, if you chase the wealth out the country, those with already incurred wealth, who’ll likely be “targeted next”, have no reason to stay………And when I say leave the country, I don’t wish to conjure up images of roof top evacuations ala Vietnam in ‘75.………..There is no law that prevents a Canadian citizen form living and “working” in the Caribbean for most of the year.

What "influence" does having money invested in Canadian assets give a person over the Canadian government, sir? This is just left-wing bullshit chasing the boogie man of the rich people pulling the political strings of our country.

[Bonam]

You don't need to "pick up and leave". You can move millions of dollars out of Canadian assets into US or other global assets in seconds from your own home.

Canada will tax you on your worldwide income and capital gains if you are a Canadian resident for tax purposes. However, there are indeed options for moving your wealth elsewhere without physically moving (such as registering a business in another country).

[Scotty]

Canada will tax you on your worldwide income and capital gains if you are a Canadian resident for tax purposes.

Assuming, of course, the government knows about it.

Edited September 25, 2011 by Scotty

[CPCFTW]

Canada will tax you on your worldwide income and capital gains if you are a Canadian resident for tax purposes. However, there are indeed options for moving your wealth elsewhere without physically moving (such as registering a business in another country).

True but I figured that the target of these taxes (the "top 1%") would have plenty of means to avoid reporting investment income. Furthermore, the taxes will also discourage foreign investment.

[jacee]

There's really only one question to be asked/answered:

Should middle-higher income people pay MORE income tax than the richEST 1%?

I say no.

[Guest Derek L]

What "influence" does having money invested in Canadian assets give a person over the Canadian government, sir? This is just left-wing bullshit chasing the boogie man of the rich people pulling the political strings of our country.

Not sure what you’re talking about.

[Guest Derek L]

There's really only one question to be asked/answered:

Should middle-higher income people pay MORE income tax than the richEST 1%?

I say no.

They don't.....

[Michael Hardner]

Are we talking about leaving Canada here ? Seriously?

[Bonam]

Are we talking about leaving Canada here ? Seriously?

Why not? The feasibility and likelihood of that is certainly related to the consequences of drastic increases in taxes that target "the rich".

[Guest Derek L]

Are we talking about leaving Canada here ? Seriously?

No more than some are talking about a workers revolution………From my perspective, purely hypothetical

[cybercoma]

Why not? The feasibility and likelihood of that is certainly related to the consequences of drastic increases in taxes that target "the rich".

Who's talking about "drastic" increases? It's tough to have any kind of honest discussion about these topics when people characterize things in this manner. Here you imply that any increase would be a "drastic" increase, since no one has even mentioned a specific value of the increase, save for me saying that capital gains tax should be in line with whatever level a person's income tax is at. I don't think bringing capital gains in line with income tax is drastic at all. Don't take what I'm saying personally because it applies equally to the opposite exaggerative perspective.

[Bonam]

Who's talking about "drastic" increases? It's tough to have any kind of honest discussion about these topics when people characterize things in this manner. Here you imply that any increase would be a "drastic" increase, since no one has even mentioned a specific value of the increase, save for me saying that capital gains tax should be in line with whatever level a person's income tax is at. I don't think bringing capital gains in line with income tax is drastic at all. Don't take what I'm saying personally because it applies equally to the opposite exaggerative perspective.

Well, for someone in the top income bracket, that change means raising the capital gains tax rate from 15% 29%, almost doubling it? That sounds pretty drastic. And jacee's rhetoric certainly implies a desire for drastic changes of some sort.

[jacee]

They don't.....

Explain please?

[Guest Derek L]

Explain please?

The “middle class” pay less as an average in terms of a dollar amount and in the form of percent then the wealthy.

IOW, I’ll pay more in tax then a bus driver(More then he earns), and as a percentage of my income, it’s a greater portion of my income that goes to tax then his.

[CitizenX]

Senior economist Armine Yalnizyan was commissioned by the National Post to make a case about income inequality. It threatens the whole foundation on which our capitalist economy is based.

A problem for everyone Armine Yalnizyan, National Post · Sept. 21, 2011

Say the word "inequality," and many people automatically assume you're talking about the poor. But a mounting body of research shows that, left unchecked, a growing income gap affects the rich, the poor and everyone in between.

Time to talk replacements as capitalism moves to bury itself By Murray Dobbin September 26, 2011

Edited September 26, 2011 by CitizenX

[jacee]

Senior economist Armine Yalnizyan was commissioned by the National Post to make a case about income inequality. It threatens the whole foundation on which our capitalist economy is based.

A problem for everyone Armine Yalnizyan, National Post · Sept. 21, 2011

Time to talk replacements as capitalism moves to bury itself By Murray Dobbin September 26, 2011

In the first quarter of 2011, corporations were sitting on $471 billion of capital -- awash in cash they have no idea what to do with. Why? Because they and their political flunkies in Ottawa and the provinces have screwed the worker/consumer so badly that demand has flat-lined. No CEO in his right mind invests just on the basis of lower income taxes. There have to be customers with money to spend. Henry Ford would be shaking his head.

That explains the consumer 'fight back' strategy: Buy only local food, and buy NOTHING new.

Let's see if the rich can live off only themselves as consumers.

ETA

It's quite likely that neo-liberalist greed is doomed anyway. It will die a natural death as the baby boomers retire and start selling instead of buying. They are the middle class consumers that allowed greed to rule the marketplace. Their purchase power fuelled the boom of the '80's and when they had made their major purchases, the 90's crash came.

It never ceases to amaze me that all the finance gurus never manage to predict and plan for this most well known economic phenomenon of the 20th century. When its effects hit, business acts like its a total shock they weren't prepared for. I suspect it's the baby boom that made business think that 'growth' was the norm. Surprise surprise!

Edited September 26, 2011 by jacee

[CitizenX]

That explains the consumer 'fight back' strategy: Buy only local food, and buy NOTHING new.

Let's see if the rich can live off only themselves as consumers.

Something I have been expounding for a long time.

Edited September 26, 2011 by CitizenX

[Rocky Road]

This is a very important issue, I grew up in a lower-middle class family and we always tried hard to get ahead.

The struggle, has been amplified in the last 10 years, especially for me.

I would like to recommend an activist to all of you, he has put together a "Crash Course" web video

that is free to watch, and it takes over an hour to watch the whole series, but the information is very

well put together and if anything, it makes you wonder if there is any semblance of sanity to what is going on

with our globalized world.

http://www.chrismartenson.com - Click on Crash Course.

By the way this is my second post and I am happy to be a new member here, looking forward to some interesting debate.

[CitizenX]

This is a very important issue, I grew up in a lower-middle class family and we always tried hard to get ahead.

The struggle, has been amplified in the last 10 years, especially for me.

I would like to recommend an activist to all of you, he has put together a "Crash Course" web video

that is free to watch, and it takes over an hour to watch the whole series, but the information is very

well put together and if anything, it makes you wonder if there is any semblance of sanity to what is going on

with our globalized world.

http://www.chrismartenson.com - Click on Crash Course.

By the way this is my second post and I am happy to be a new member here, looking forward to some interesting debate.

Yes I've watched this video a few years back. It was very eye opening. I bought his book a few months back, just haven't gotten around to reading it yet. P.S. Welcome to the forum.

The Crash Course: The Unsustainable Future Of Our Economy, Energy, And Environment( Please buy Local)

This documentary is off the topic of the crash course but I highly recommend people watch it

Status Anxiety

http://www.youtube.com/watch?v=mKkdFSqAxV8

This only part 1...please go to You Tube for the rest

Edited September 26, 2011 by CitizenX

[Rocky Road]

Wow, great that you are familiar with him.

Anxiety fits in the umbrella of Mental Health,

and it certainly is a valid issue, in my experience.

[Shwa]

Wow, great that you are familiar with him.

Anxiety fits in the umbrella of Mental Health,

and it certainly is a valid issue, in my experience.

The anguish we experience with our terrible first world conditions. Nobody understands.

[Rick]

This is a very important issue, I grew up in a lower-middle class family and we always tried hard to get ahead.

The struggle, has been amplified in the last 10 years, especially for me.

I would like to recommend an activist to all of you, he has put together a "Crash Course" web video

that is free to watch, and it takes over an hour to watch the whole series, but the information is very

well put together and if anything, it makes you wonder if there is any semblance of sanity to what is going on

with our globalized world.

http://www.chrismartenson.com - Click on Crash Course.

By the way this is my second post and I am happy to be a new member here, looking forward to some interesting debate.

Welcome aboard Rocky!

[CitizenX]

Wow, great that you are familiar with him.

Anxiety fits in the umbrella of Mental Health,

and it certainly is a valid issue, in my experience.

If you enjoyed his video, I mean as much as one can. You might find this one as enlightening.

Only Part one..please go to you tube for the rest

Warning: May cause you to rock in the fetal position for long periods of time after viewing.

[bush_cheney2004]

If you enjoyed his video, I mean as much as one can. You might find this one as enlightening.

Meh...just more American media and propaganda. I wonder how Canadians decide which American media to worship vs. criticize.