A prominent Canadian technology investor joined the chorus of Canadian businesses criticizing the increase to the capital-gains tax. Read on
Fine so fuck off then. Talk is cheap.
God these people are such fucking crybabies. It’s not even an especially significant tax hike.
Edited to add:
“Foundations, high-net worth folks that are holding the capital into companies — that’s going to be gone.”
That’s a lie, but if it were true - good riddance. We’d get a lot more done as a country without those ghouls playing the working class against each other. Let them all move away - it’s not like regular Canadians won’t start businesses to take their place.
Also, when I say it’s not an especially significant tax hike: Capital gains are currently taxed as if you made 50% of the profit you actually made, and now that’s going up to 66%. It’s not a tax rate of 66%, it literally means “When we tax you, we’ll pretend you only made 2/3rds of the profit you actually did.” Regular people, already get taxed on 100% of their employment income (albeit generally in a lower tax bracket).
Also we can always ramp up public investment to fill the gap.
Absolutely!
Thinking more about this: the gap between the rich and the poor is the highest it’s been since 1920, and it’s increasing every day, and the investor class as done very, very well with no end to the party in sight.
And they somehow think they don’t haveenough yet? That they’re entitled to even more? That even a small impediment on the path to oligarchy is unacceptable?
The line HAS to go up.
The attitude shifted 40 ago to seeing the rest of us as merely holders of their money. It’s just taken a generation for the idea to fully take root
Stop whining and pay your fair share.
Who cares!
Rich guy stays, keeps his money while we give him more and government pays him and he tries to pay as little or no tax at all. We lose.
Rich guy leaves and we don’t get the benefit of having him around. We lose.
Screw em … I rather take my chances of not having them around. At least then someone more motivated to do meaningful work in the country would have a chance.
Hey, fuck you, bud. Feel free to go scam some other country to death.
“Capital flight”? Are they tired of being laughed at for “brain drain” already?
It’s not like the need won’t still be there if they leave, it just means that someone else who’s less greedy can fill the gap.
I remember when Europe taxed companies even more! The whole place died!! No Business! No Europeans! Nothing existed! Business ceased to exist!! it was horrible!!!.. Or was it business as usual…?..
They all moved to Ireland…
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.
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No, wait… That was just the US and Canadian companies setting up shop there for their European branches.
As far as I understand it the US capital gains inclusion rate is already quite a bit lower than the current Canadian rate. I don’t buy that this small increase is tipping the scales for those already choosing to invest in Canada over the US.
I’m not that knowledgeable about finance and economics, but I feel like the flight thing is overblown. If it’s a company based in Canada making profits outside of Canada, bringing those profits back and deciding to leave then that would be a loss. If it’s a company based in Canada and making profits in Canada and they decide to leave, either we can still tax a cut of their business before it leaves the country or some Canadian alternative can fill the gap. Of course this all assumes there’s somewhere else to go that’s more favourable, and I don’t see a 16% increase in the inclusion rate tipping that scale for a large portion of businesses.
Maybe we should reconsider the environment we provide that would both make that increase significant enough to have a business leave for somewhere else, and also that it’s cheap enough to modify operations that way. Are all the staff going to come too, or is this just some Hollywood accounting that offshores assets with no real change in operations.
Such a tired old trope.
Sure they will…I’m sure that these asshole would be just as willing as me to move to Argentina to escape a minor increase in taxes. Fuck off chorus of Canadian businesses, you ain’t doing shit just like your asshole counter parts in America and Europe outside of bribing conservatives harder.
Don’t they need to liquidate their investments first, and trigger a taxable income first? Then they’ll be taxed as a foreign income?
Who cares where they live? Canada can tax its citizens globally, if it really wants to, and it can tax any businesses operating in Canada.
