How Canada’s tax system puts the wealthy above workers
Rather than using the tax system to prevent wealth concentration, our current tax system promotes it. Those who earn income from their investments have more income left over after taxes, allowing them to accumulate wealth more quickly than others. SCP Fellow Silas Xuereb explains how, south of the border, we are witnessing the consequences of runaway wealth inequality – billionaires use their media conglomerates to get political favours, exploit the instruments of the state to enrich themselves and, increasingly, secure political office. All of these trends are leading to the erosion of democracy and public policy that advances the interests of the wealthy at the expense of everyone else. If Canada does not rebalance our tax system to prioritize work over wealth, we may soon find ourselves on the same path.