A new report from the Parliamentary Budget Officer shows that the personal income tax cut proposed by the Trudeau Liberals will cost more in terms of lost revenue than first thought, and will strongly favour high income earners and families.
From a progressive point of view, the last days of the year were…less than ideal. Between Conservative re-election and Brexit in the UK, climate change-linked fires in Australia and a failure of global leadership at the Madrid climate change conference, Jason Kenney and his minions on a rampage and Trump and more Trump, I’m not sorry to see the back of 2019.
In recent years, progressives and social democrats have begun to embrace a much bolder tax fairness agenda than was the case even five years ago. This is especially true in the United States where Democratic Presidential candidates Bernie Sanders and Elizabeth Warren have both made the case for a significant tax on large holdings of wealth, the closure of personal tax loopholes for investment income such as stock options, and serious corporate tax reform. In the 2019 federal election, the NDP similarly called for a wealth tax, higher taxation of capital gains in the personal income tax system, and a higher corporate tax rate.