Billionaires in B.C. disproportionally benefitted by Canadian tax system, economy researchers say. (Flickr photo)

B.C. billionaires worth 5,845 times average middle-income household

Economists argue for changes to Canadian tax system benefitting rich

Ten families in B.C. are worth more than the combined total of 1.32 million lower-income residents in the province, according to the Canadian Centre for Policy Alternatives.

It’s a discrepancy economists Alex Hemingway and David Macdonald highlight in a recent analysis of how Canada’s tax system benefits people for their existing wealth rather than work they are actually doing.

READ MORE: Highest condo sale in Victoria fetches $10.79M

“[The] reality is that B.C. is enormously wealthy — we’ve simply allowed this wealth to be amassed by the richest few. There is nothing inevitable about this and we can create public policy to benefit the majority,” Hemingway said in a release.

Out of the 10 families researchers studied, seven inherited their wealth from previous generations.

READ MORE: Nearly 8,000 homeless in B.C. first province-wide count reveals

With a net worth of $25 billion, the wealthiest billionaires in the province are 5,845 times richer than the median middle-income household. Canada, the analysis said, is the only country in the G7 that doesn’t have an inheritance tax. The CCPA is asking to introduce an inheritance tax at the rate of 45 per cent on estates worth more than $5 million.

“This research shows that countries with more income inequality are likely to have lower life expectancy, worse health outcomes, higher crime rates and lower levels of social trust,” the analysis said.


@KeiliBartlett
keili.bartlett@blackpress.ca

Like us on Facebook and follow us on Twitter

Just Posted

Exhibit showcases work of veteran taxidermist on Cortes Island

Dozens of mounted animals on display at Wild Cortes

Stranded hikers rescued by helicopter on Mt. Schoen

Campbell River Search and Rescue used hoist operation to rescue trio

Fire chief urges residents to check smoke detectors following structure fires in Campbell River

Smoke alarms failed in three incidents, including fire that destroyed second storey of home: Doherty

Coroner’s inquest into fatal police shooting in Port Hardy begins in Campbell River

James Reginald Butters, 24, killed in 2015 after RCMP responded to call of male uttering threats

Pile of wood mulch ‘spontaneously combusts’ in North Campbell River

Business owner thanks fire department for quick response

Trudeau vows to stand firm against ‘increasingly assertive’ China

China has accused Canada of meddling in its affairs

New study suggests autism overdiagnosed: Canadian expert

Laurent Mottron: ‘Autistic people we test now are less and less different than typical people’

B.C. hockey play excited to join Humboldt Broncos

Defenceman Sebastien Archambault played last two seasons with Junior B Sicamous Eagles.

B.C. father tells judge he did not kill his young daughters

Andrew Berry pleaded not guilty to the December 2017 deaths

Police watchdog investigating two officers after Langley teen’s suspected overdose

According to IIO, two officers were deployed to help Carson Crimeni but did not locate him before he died

Huawei executive’s defence team alleges Canadians were ‘agents’ of the FBI

eng’s arrest at Vancouver’s airport has sparked a diplomatic crisis between Canada and China

Trans Mountain gives contractors 30 days to get workers, supplies ready for pipeline

Crown corporation believes the expansion project could be in service by mid-2022

On vaccines, abortion, Goop, doctor Jen Gunter says: ‘I have a duty to speak up’

She speaks out on menstruation, the wellness industry and vaccines

Rosemount cooked diced chicken linked to listeria case in B.C.

The symptoms of listeria include vomiting, nausea, fever, muscle aches

Most Read