How much tax do billionaires pay canada?

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Hal Tremblay asked a question: How much tax do billionaires pay canada?
Asked By: Hal Tremblay
Date created: Sun, Mar 14, 2021 10:10 AM
Date updated: Mon, Aug 15, 2022 4:40 PM

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Drawing on the latest data and academic research, he shows that a 1-percent tax on Canadians with wealth over $20 million could generate some $10 billion in revenue during its first year. That's almost twice the oft-cited $5.6-billion estimate from the Parliamentary Budget Office (PBO).

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That share is slightly more than what people on lower incomes pay. Only the bottom 10% buck the trend: they pay about 47% of their income in tax.

They paid 3.4% of that back in taxes. It compares this rate to a middle class American in their early 40s, whose wealth increased by an average of $65,000 between the same period. They would have...

Warren Buffett, who has called for tougher tax rules for the wealthy, paid under $24 million in taxes between 2014 and 2018. Mike Bloomberg paid $70.7 million in income tax in 2018, despite...

While this group will pay 14.7 per cent of all taxes in 2017 (up from 11.3 per cent in 1997), it will earn a smaller percentage (10.7 per cent) of all income. By comparison, the bottom 50 per cent of income-earning families in Canada earn 20 per cent of all income, but pay just 14.6 per cent of all taxes.

The NDP’s proposal, a key part of the party’s platform since the start of this campaign, should have kickstarted a much bigger discussion. The party promises to implement a one-per-cent tax on...

Ontarians earning more than $509,000 in 2013 face a combined federal/provincial marginal tax rate of 49.5% while Quebecers who earn more than $100,000 and Nova Scotians who earn more than $150,000 currently pay tax at

Those with an income anywhere between the top 25% and 50% only pay 10.5% of all Federal Income Tax, no more than $143.95 billion. The entire bottom half of wage earners pays only 2.8% of its income in taxes into the federal coffers. In actual money terms: $37.74 billion.

The findings find that a new 65% marginal tax rate for top earners could yield between $15.8 billion and $19.3 billion in additional tax revenue. To put these revenue gains in context, in 2012-2013 the total tuition revenue of Canada’s colleges and universities was $8.1 billion and federal infrastructure spending was $5 billion.

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