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

Lake Country adopts road safety policy

The policy is meant to influence planning and implementation

B.C. man quits six-figure job to pursue comedy

Comedian Alex Mackenzie brings An Experiment Called Life to Okanagan stage at comedy festival

U16 B.C. fastpitch champions had Kelowna help

Kelowna’s Ryley Binne is part of the White Rock Renegades who won nationals last week

Prospects look to crack squad in West Kelowna Warriors pre-season action

The Warriors start the pre-season Wednesday night against the Penticton Vees

UBC Okanagan partners with industry to usher in next-generation of battery

It’s a collaboration between the university and B.C.-based tech companies

VIDEO: Title of 25th Bond movie is ‘No Time to Die’

The film is set to be released in April 2020

‘Unsubstantiated’ bomb threat against CP Rail in Revelstoke

On Aug. 18, a bomb threat was made against CP Rail in Revelstoke

Victoria father charged with double murder of his daughters takes the stand

Andrew Berry pleaded not guilty to the December 2017 deaths

New ‘Matrix’ film set with Keanu Reeves and Lana Wachowski

Fourth installment to feature Reeves as Neo and Carrie-Anne Moss as Trinity

It’s all gravy: Popular Kamloops poutinerie truck recovered

The Frenchies Poutinerie food truck was stolen back in July

Catholic church buys $7.5M equestrian facility in B.C., plans ‘agri-retreat’ centre

Church hopes to grow crops, host students and others on Bradner property

New regulations require training for B.C. addiction recovery homes

Inspections, standards replace ‘wild west,’ Judy Darcy says

True Leaf closes in on cultivation for Okanagan cannabis hub

True Leaf Cannabis Inc. says it expects to receive its cultivation licence by fourth quarter of 2019

Regional district to appeal loss of mosquito control in Shuswap provincial parks

BC Parks concludes treatment unnecessary for preservation of recreational value

Most Read