Harper's plan helps the "haves and have-mores"
Thinks the Conservative plan to eliminate captial gains tax is a good idea? While I admit, the part about individuals not having to pay tax on selling cottages etc...sounds enticing, really this change is only gonna benefit Harper's number one special interest group, namely the filthy rich (something like the wealthiest one per cent of Canadians). I mean, come on, even Bush wasn't able to pull something similar over on Americans a while back(even though he really wanted to).
Anyway, take a look at this argument for why cutting the capital gains tax is geared toward the, as Bush calls them, "haves and have-mores". While, the example is American, it pretty much will apply to what Harper has in store for Americanada. Yes, that's what our nation is gonna turn into once Harper takes over.
"Only 7 percent of all taxpayers report capital gains in any given year, and over two-thirds of the gains reported went to people making over $100,000 a year. Although it's true that most Americans own capital assets (like homes or businesses), they sell them only a few times in their life. The rich, on the other hand, make most of their annual income in capital gains, and deal in them constantly. That is why a capital gains tax cut would overwhelmingly benefit the rich."
(disclaimer: not that I'm saying Martin would do any better. In fact, this capital gains thing smacks of something Martin would also try to pull off as a gift to his fat cat friends if he had a majority, so it's not like I'm singling out Harper – it's just he's the one that suggested it).
I guess if Harper really wanted this to benefit the "average" Canadian (although I'm no expert on capital gains tax, so correct me if I'm wrong here), then he'd only eliminate capital gains on assets under $200,000 to throw out an arbritrary number. If you're going to be making, let's say, $1.2 million in capital gains (so basically, you aren't really lifting a finger for over a million), then you deserve to pay some sort of tax on it. Sorry.
Anyway, take a look at this argument for why cutting the capital gains tax is geared toward the, as Bush calls them, "haves and have-mores". While, the example is American, it pretty much will apply to what Harper has in store for Americanada. Yes, that's what our nation is gonna turn into once Harper takes over.
"Only 7 percent of all taxpayers report capital gains in any given year, and over two-thirds of the gains reported went to people making over $100,000 a year. Although it's true that most Americans own capital assets (like homes or businesses), they sell them only a few times in their life. The rich, on the other hand, make most of their annual income in capital gains, and deal in them constantly. That is why a capital gains tax cut would overwhelmingly benefit the rich."
(disclaimer: not that I'm saying Martin would do any better. In fact, this capital gains thing smacks of something Martin would also try to pull off as a gift to his fat cat friends if he had a majority, so it's not like I'm singling out Harper – it's just he's the one that suggested it).
I guess if Harper really wanted this to benefit the "average" Canadian (although I'm no expert on capital gains tax, so correct me if I'm wrong here), then he'd only eliminate capital gains on assets under $200,000 to throw out an arbritrary number. If you're going to be making, let's say, $1.2 million in capital gains (so basically, you aren't really lifting a finger for over a million), then you deserve to pay some sort of tax on it. Sorry.
posted by Werben at 7:15 PM
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