The Billionaire Loophole: Canada's Tax System and Inequality
Canada's tax system has been criticized for fueling inequality, as the top one percent hide billions in offshore tax havens, protecting wealth and starving public services.
A group of wealthy Canadians, known as "Patriotic Millionaires Canada," has written an open letter to Finance Minister François-Philippe Champagne, urging him to implement policies to reduce income inequality in the next budget by effectively taxing the rich.
One of us is a former member of the Canadian Parliament, and the other is a current member of the one per cent, so we’re well-positioned to tell you that our current level of wealth inequality is threatening the stability of our economy and democracy, and is partially the result of a failure to tax extreme wealth.
Ratna Omidvar and Sabina Vohra-Miller, who signed the letter on behalf of the group, emphasize the need for change to address the growing wealth gap.
Author's summary: Canada's tax system fuels inequality, hiding billions in offshore havens.