this post was submitted on 23 Jan 2025
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51
Freeland to Scrap Canada’s Capital Gains Hike If She’s Elected (www.bloomberg.com)
submitted 1 day ago* (last edited 1 day ago) by [email protected] to c/[email protected]
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Do I smell austerity for the working class?

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[–] 9488fcea02a9 -5 points 1 day ago* (last edited 1 day ago) (2 children)

i agree that the rich need to be taxed, but i don't think taxing these rich people is what will solve most of our problems.... taxing a few thousand rich people who made $1M on stocks or whatever is a drop in the bucket compared to our real problems.

what are the real problems? billionaire oligarchs plundering our country. what are the exact steps to fix the problem? i'm not smart enough to figure it out. but we can start by ending corporate handouts, or things like oil companies sticking us with the cleanup bill when the leave town. fix price gouging on groceries and telecoms. i think actions like these are going to have a huge impact on the prosperity of working canadians versus an increase in a capital gains tax on the moderately rich.

[–] [email protected] 17 points 1 day ago (1 children)

First off, this move is antithetical to the idea of making the wealthy pay their fair share of taxes. Second, if you're making $1M on capital gains in a year, you're not upper middle class or lower upper class - or whatever 'they're not that rich' argument you intend. Third, and most importantly, the upper middle class/lower upper class (to use dated terminology) being taxed on their capital gains is a by-product. These taxes also catch, probably as they are intended to, people making 10 million or 100 million (I can't imagine lol). And let's not forget, they didn't work an hour to make that money.

How come only those of us with jobs should pay income taxes?

[–] 9488fcea02a9 -5 points 1 day ago* (last edited 1 day ago) (1 children)

Second, if you’re making $1M on capital gains in a year, you’re not upper middle class or lower upper class - or whatever ‘they’re not that rich’ argument you intend.

they really aren't that rich in the grand scheme of things..... they're not buying off politicians, or sending armies of lobbyists to ottawa. they're not propping up our monopolies and leaving toxic tailing ponds with millions in cleanup costs

i get it if people are really struggling and a cardiac surgeon or small business owner looks like a big bad rich person who needs to be taxed. but westons, rogers, and irvings in this country are happy to sit and watch while we go after these small potato rich folk while leaving them the continue pillaging the country

These taxes also catch, probably as they are intended to, people making 10 million or 100 million

anyone that rich has really good accountants and asset hiding schemes. they're not paying taxes anyways.

[–] [email protected] 5 points 23 hours ago

There are people who have to work for there money, and there are people who passively make money (and basically don't pay taxes on that passive income)

[–] [email protected] 12 points 1 day ago (1 children)

The working class ain't "rich" people though

[–] 9488fcea02a9 -4 points 1 day ago* (last edited 1 day ago) (1 children)

lots of working class people are going to be hit with these capital gains taxes...

i am probably going to get hit by this tax increase and i'm not particularly wealthy. but i don't care either way, if i'm taxed, then i'm taxed

my point is that there are bigger fish to fry, rather than going after dentists or whatever moderately wealthy people.

people online seem to think that anyone with a portfolio of investments is basically on the same level as galen weston....

[–] [email protected] 3 points 21 hours ago

I think you missed something here. There was a mention of austerity for the working class. I said it's always austerity for the working class. Yes there are bigger fish to fry that had nothing to do with what was said.