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

Council Briefs | Village of Queen Charlotte: January 6

Grant writing, flood mapping, and the Seventh St. cleanup on the agenda

Pair of Haida Gwaii sailings cancelled due to windstorm

MV Kwuna will be parked due to the adverse weather

Severe wind warning for Haida Gwaii and the North Coast

Winds of more than 100 km/h are predicted for Wednesday afternoon

On the Wing: Christmas Bird Count Reports 2019 part 2

Haida Gwaii’s bird count report for Tlell and Greater Massett

B.C. premier talks forestry, service needs with handful of northern mayors in Prince George

Prince George meeting completes premier’s tour of Kitimat, Terrace, Fort St. James and Quesnel

Fashion Fridays: The basics you need for your body type

Kim XO, helps to keep you looking good on Fashion Fridays on the Black Press Media Network

New U.S. LNG terminal near northwestern B.C. town proposed

AlaskCAN International LNG wants terminal just over Canadian border, but using B.C gas

Couple wonders who’s in a Cariboo photo that’s been hanging in their home for years

Charles and Lynn Dick believe the image was taken at the 70 Mile Road House

Here’s what Canada is doing to stop the coronavirus from getting in

Health officials are monitoring multiple possible cases in Canada

‘I would not go’ to China says B.C. traveller concerned about coronavirus

Alice Li said she goes to China every other year but would scrap any travel plans

Royal Canadian Legion expels B.C. member for wearing unearned military commendations

‘Stolen valour is stolen service and it’s just totally wrong’

‘Latte-sipping urbanites’ need to realize value of mining in B.C., association head says

Industry generates a total of $3.9 billion in sales of goods and service across the province

Uber, Lyft approved for ride-hailing in Lower Mainland

Kater Technologies Inc.’s application was rejected

B.C. man rescued after getting trapped headfirst in well as water level rose

The rescue involved crews from Oak Bay and Saanich

Most Read