Thanks To Guys Like Stephen Harper And Brad Wall - Canada's Rich Still Getting Richer While Working Families Struggle
Canadian Prime Minister Stephen Harper and his good friend, Saskatchewan Premier Brad Wall, both adhere to the flawed 'trickle down' economic theory. They firmly believe that if you stoke the rich and corporate sector of the economy, the lower working class rung will benefit.
They are wrong. Their suppression of wages for working people and massive tax cuts for the rich have failed to bring any degree of economic equity for Canadians.
"The wage gap between the top and bottom income earners in Canada is widening, largely due to tax policies, a new report from the Organization for Economic Co-operation and Development said Monday.
The report found that the top 10% of Canadians in 2008 earned $103,500 on average, 10 times higher than the bottom 10%, who made an average of $10,260.
This is up from a ratio of 8 to 1 in the early 1990s.
The top 1% of Canadians, meanwhile, saw their share of the country’s total income increase to 13.3% in 2007 from only 8.1% in 1980.
And the very richest of Canadians, the top 0.1%, had their share of income more than double, to 5.3% from 2%.
The results suggest Canada needs to update its tax policies as taxes and tax benefits in particular have become ineffective in wage redistribution, the OECD said.
“The growing share of income going to top earners means that this group now has a greater capacity to pay taxes,” the report said. “In this context governments may re-examine the redistributive role of taxation to ensure that wealthier individuals contribute their fair share.”
The top federal marginal income tax rates declined markedly in the past 30 years, falling to 29% in 2010 compared with 43% in 1981.
As well, tax benefits now only offset less than 40% of wage inequality, compared with more than 70% before the mid-1990s.
“Taxes and benefits reduce inequality less in Canada than in most OECD countries,” the report said. “Benefit rates fell and benefits became less targeted. Changes in income tax rates played less of a role.”
Financial Post
-Here's what I'm Talking About .....
They are wrong. Their suppression of wages for working people and massive tax cuts for the rich have failed to bring any degree of economic equity for Canadians.
"The wage gap between the top and bottom income earners in Canada is widening, largely due to tax policies, a new report from the Organization for Economic Co-operation and Development said Monday.
The report found that the top 10% of Canadians in 2008 earned $103,500 on average, 10 times higher than the bottom 10%, who made an average of $10,260.
This is up from a ratio of 8 to 1 in the early 1990s.
The top 1% of Canadians, meanwhile, saw their share of the country’s total income increase to 13.3% in 2007 from only 8.1% in 1980.
And the very richest of Canadians, the top 0.1%, had their share of income more than double, to 5.3% from 2%.
The results suggest Canada needs to update its tax policies as taxes and tax benefits in particular have become ineffective in wage redistribution, the OECD said.
“The growing share of income going to top earners means that this group now has a greater capacity to pay taxes,” the report said. “In this context governments may re-examine the redistributive role of taxation to ensure that wealthier individuals contribute their fair share.”
The top federal marginal income tax rates declined markedly in the past 30 years, falling to 29% in 2010 compared with 43% in 1981.
As well, tax benefits now only offset less than 40% of wage inequality, compared with more than 70% before the mid-1990s.
“Taxes and benefits reduce inequality less in Canada than in most OECD countries,” the report said. “Benefit rates fell and benefits became less targeted. Changes in income tax rates played less of a role.”
Financial Post
-Here's what I'm Talking About .....
Well, wages are growing faster in Saskatchewan than elsewhere. And average wages in Saskatchewan are second only to Alberta.
http://www.leaderpost.com/business/Saskatchewan+leads+country+average+wage+growth/5763523/story.html
Posted by
Anonymous |
12:07 pm, December 05, 2011
"Canadian Prime Minister Stephen Harper and his good friend, Saskatchewan Premier Brad Wall, both adhere to the flawed 'trickle down' economic theory. They firmly believe that if you stoke the rich and corporate sector of the economy, the lower working class rung will benefit."
No they don't. They just pretend to, because admitting they're just fine with hosing most of the people of Canada so their buddies can get even richer wouldn't be very popular. They're lying like rugs.
Posted by
Purple library guy |
3:41 pm, December 05, 2011
Let me translate Leo's comment: "When you feed a bushel of oats to the horse, the greedy little sparrows get more than their fair share at the other end of the horse." Leo ... your point does not relate to the topic in my original post. The gap between RICH and POOR is expanding. The fact that the wage earning sector get some crumbs from the table does not change the fact that the gap between RICH and POOR is expanding PERIOD!
Nice deflection though :)
Posted by
leftdog |
6:05 pm, December 05, 2011