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

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

Haida Gwaii COVID cases climb to 24 over B.C. Day long weekend

10 cases active, 14 cases now recovered; 23 people also isolating as a result of contact tracing

Boon Docs comics illustrate Haida Gwaii health staff ‘Behind the Mask’

Family doctor and cartoonist Caroline Shooner shares inspiration for new comic series

Two Kwuna sailings cancelled on B.C. Day

BC Ferries making schedule adjustments on Aug. 3 to facilitate charter flight

Fishing lodge ‘shocked’ by B.C. ban on non-resident travel to Haida Gwaii

West Coast Fishing Club ‘shocked and stunned’ by travel restriction put in place July 30

Province restricts non-resident travel to Haida Gwaii amid COVID outbreak

Provincial staff will help enforce travel restrictions from islands, mainland

B.C. records 146 new COVID-19 cases through long weekend

More that 28 people tested positive for the virus each day since Friday

Canucks tame Minnesota Wild 4-3 to even NHL qualifying series

J.T. Miller leads Vancouver with goal and an assist

Cyclist in hospital after being hit by load of lumber hanging from truck on B.C. highway

A man is in hospital with broken ribs, punctured lung and a broken clavicle and scapula

COVID-19 vaccine efforts provide hope but no silver bullet to stop pandemic: Tam

There are more than two dozen vaccines for COVID-19 in clinical trials around the world

Two people die in propane heated outdoor shower near Princeton

Couple was attending a long weekend gathering

Racism in B.C. healthcare: Deadline for First Nations survey coming up on Aug. 6

Survey comes after hospital staff allegedly played a blood alcohol guessing game

‘We want to help’: As overdose deaths spike, beds lay empty at long-term Surrey rehab centre

John Volken Academy searching for ‘students’ to enlist in two-year residential treatment program

Study shines light on what makes LGBTQ+ youth feel safe in a community

The study goes beyond looking at school or family supports

Alberta to require masks at schools this fall, but still no mandate in B.C.

B.C. students are also set to return to classrooms in September

Most Read