Common Wealth Canada
@commonwealthcanada
Jeff Bezos: "The bottom half workers pay 3% of all taxes – it should be zero" There is a much better option than taxing working people. If the goal is fairness, start with land. It benefits from society's productivity without contributing back.
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Toronto landlord who owns 30,000 houses explains why young people don't want homes. Remember, your income is taxed way more than their land profits.
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Our biggest challenges in housing, poverty, and productivity stem from our relationship to land. No policy will make homes affordable or end poverty without making land a worse long-term investment.
We could virtually eliminate income tax for Canadians if we better taxed land and resource rents instead. Instead, working families are getting the snot taxed out of them while rents rise.
"Some of these places don't even have closets. Investors aren't very choosy about whether the floorplan works...they just want the best value for their money." Our economy treats housing as investment first, home second. Time to reverse this mindset.
GenSqueeze's Paul Kershaw tells the hard truth about Canada's housing crisis: "To restore affordability for all, we need home prices to minimally stall or fall, so that earnings have a chance to catch up... 70% of Canadians support this." It's time to tax land, not paycheques.
B.C. could eliminate taxes on income, property, transfer, and SVT with a single tax on land value. It could leave most households ahead and make the tax system much fairer.
Greece's former Finance Minister Yanis Varoufakis says publicly created wealth is being privatized at scale, which could be paying us dividends instead. "We are producing capital collectively but only Google gets the profits."
The greatest conflict of interest: 95% of Canadian MPs own property, 40%+ are landlords. "They definitely don't want the price to go down because they need the money." Nobody in office is saying it: homes can't both be good investments and affordable.
"UBI seems to be effective...I don't need it to be perfect, I just need people not to starve." - George Stroumboulopoulos
"All the commons, all the royalties from those commons need to go into the [Alaska] Permanent Fund… because it's ours." Canada's vast natural resources should be managed the same way. We should be using it to fund dividends for all Canadians.
You've heard of universal basic income. What about universal basic capital? Billionaire Nicolas Berggruen says it's how we tackle inequality and give citizens a stake in a nation's success. "As opposed to taxing the robots, why not own the robots?"
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