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

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

Two new COVID-19 cases announced in Interior Health region

The total number of cases in the region is at 533

Regional District of Okanagan-Similkameen compost project receives recognition

Federation of Canadian Municipalities names regional district for environmental leadership

6 puppies rescued in mass seizure on Princeton farm have died of illness: BC SPCA

Of the 97 distressed horses, cats and dogs seized, most of the puppies suffered from parvo

More wildfire smoke to fill the Okanagan

The smoke is coming from wildfires in California but is expected to be much lighter

COLUMN: The effects of proroguing Parliament

Only four hours were allotted for debating $50 billion in deficit spending

B.C. counts 125 new COVID-19 cases, up to 1,284 active

No new deaths or health care facility outbreaks

Documentary to celebrate the Shuswap’s music scene

Local initiative to feature several of the region’s artists

Join Black Press Media and Do Some Good

Pay it Forward program supports local businesses in their community giving

Guns seized in relation to southeast Kelowna murder investigation

RCMP seized several firearms from a West Kelowna home on Tuesday

Health Canada green-lights rapid COVID-19 test

Health Canada approved the BCube test from Hyris Ltd. in the United Kingdom Sept. 23

FINLAYSON: COVID-related job losses concentrated in urban areas… especially Metro Vancouver

The biggest job losses, in absolute terms, have been in Metro Vancouver

Action demanded over death of First Nations youth in Abbotsford group home

Family and Indigenous organizations push for thorough investigation

Okanagan man accused of attacking two young boys back in court

Brian Lamb will remain behind bars until at least Oct. 14

U.S. boater fined $1,000 for violation of Quarantine Act

49-year-old man entered Canada to visit girlfriend in Surrey

Most Read