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

Williams Lake doctor gets top marks in Canada

“It still kind of feels like a dream.” — Dr. Ghaida Radhi

Medieval Market set to host 105 vendors this weekend

With craft fair season upon us, Lake City Secondary School’s Williams Lake Campus

Woodland Jewellers’ exquisite pendant up for grabs through annual fundraising raffle

In all, 10 one-of-a-kind pieces of jewellery have been created by Bourdon since 2009

Banff Mountain Film Festival coming to Williams Lake Dec. 3

This year’s event will take place at the Gibraltar Room in the Cariboo Memorial Recreation Complex

B.C. politicians view supermodel’s transition journey on Transgender Day

Liberal MLA Jane Thornthwaite and New Democrat MLA Spencer Chandra Herbert appear in the documentary

John Mann, singer and songwriter of group Spirit of the West dead at 57

Mann died peacefully in Vancouver on Wednesday from early onset Alzheimer’s

VIDEO: B.C. high school’s turf closed indefinitely as plastic blades pollute waterway

Greater Victoria resident stumbles on plastic contamination from Oak Bay High

B.C. mayor urges premier to tweak road speeds in an ‘epidemic of road crash fatalities’

Haynes cites ICBC and provincial documents in letter to John Horgan

South Cariboo Driver hits four cows due to fog

The RCMP’s investigation is ongoing

B.C. won’t appeal decision protecting ICBC court experts

Change to evidence rules next to save money, David Eby says

1898 Yukon gold rush photo featuring Greta Thunberg look-alike sends internet into tailspin

Jokes erupted this week after a 120-year-old photo taken by Eric A. Hegg surfaced from archives

BC Ferries’ two new hybrid vessels set sail for B.C. from Romania

Two Island Class ferries to be in use by 2020

Distracted driving tickets not for ICBC revenue, B.C. minister says

Minister Mike Farnworth calls SenseBC analysis ‘nonsense’

Most Read