this post was submitted on 15 Oct 2023
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Canada
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Harper crippled us long term by reducing the GST.
It'll be political suicide to increase it for anyone, and now we all suffer.
It's not where I'd go. In Canada right now, investment income is taxed at a much lower rate than income from actual work, and that seems messed up. I don't know how much would be brought in by changing that, but it's not nothing. And, of course, you could always do things with the upper tax brackets.
I think it makes sense for investments to be less though as you're risking something vs just income. One is safe the other isn't.
But messing with upper brackets does increase tax revenue from investments of the wealthy as well so it is probably the easiest of all spots.
You're of course allowed to have that opinion, but I'd like to point out working for a living isn't risk-free either. 10 million in a conservative ETF is probably less likely to fail than a job you could get laid off from.
Yes, some kind of income tax is probably best. Honestly if it was up to me I'd get rid of corporate taxes in favour of them too, although I think there's treaty obligations not to do that right now.
What I'd also like to see, but would be difficult to implement is taxing the wealthy when they use assets for leverage / borrowing to avoid taxes.
They can defer taxes for decades this way, in some cases until they die.
Leave it for us small timers, but put a limit somewhere where it becomes taxed somehow.
I am fine with reducing CONSUMPTION tax which mostly impact the poor and the middle class. We should be raising the taxes on investment income.