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

Invermere gets new CAO

Invermere found his new CAO after a long period of research.

Radium council discusses short term rentals

RHS council are elaborating the second draft plan for STR

Farmers’ Institute report highlights emerging local food scene

Beef cattle ranching remains mainstay of valley agriculture

Beautification process begins in Canal Flats downtown

Canal Flats wants to improve the esthetic of the town

B.C. reports 91 new cases as officials remain worried over ‘clusters of COVID-19

There have now been a total of 8,395 cases in B.C. since the pandemic began

Penticton woman sentenced to one year in prison for manslaughter of teen boyfriend

Kiera Bourque, 24, was sentenced for manslaughter in the 2017 death of Penticton’s Devon Blackmore

B.C. Green leader says NDP abandoning environmental plan

Horgan’s claim of unstable government false, Furstenau says

Province’s response to old growth forest report falls short, says Nelson scientist

Rachel Holt says province is saving areas that don’t need protection, ignoring those that do

Join Black Press Media and Do Some Good

Pay it Forward program supports local businesses in their community giving

Is it time to start thinking about greener ways to package cannabis?

Packaging suppliers are still figuring eco-friendly and affordable packaging options that fit the mandates of Cannabis Regulations

Kootenay yearling released into northern wild

Photos: Scroll to the bottom of the story to see Kenzo’s release

Transgender B.C. brothers debut fantasy novel as author duo Vincent Hunter

‘Transgender people are being misrepresented in popular fiction and media, and we aim to change that’

‘Won’t be gathering for Thanksgiving:’ Trudeau says COVID-19 2nd wave underway

In all, COVID-19 has killed about 9,250 people in Canada

Most Read