taxtherich-thumb-1.png
taxtherich-thumb-1.png This article is more than 10 years old

OECD to Canada: Tax the rich to close fast-growing income gap

Canada’s income gap is among the fastest growing in the developed world, a new report from the Organisation for Economic Co-operation and Development report has found. The top 1% in Canada captured 37% of the overall income growth in the last three decades. Only the United States has a worse record, whose wealthy plutocrats took 47% of […]

Canada’s income gap is among the fastest growing in the developed world, a new report from the Organisation for Economic Co-operation and Development report has found.

The top 1% in Canada captured 37% of the overall income growth in the last three decades. Only the United States has a worse record, whose wealthy plutocrats took 47% of the total income growth in the same period.

The OECD explains that “changes in tax policies have contributed to the rise in top incomes and may have also driven the change in compensation practices in turn.”

And the solution to this growing income gap, says the OECD report, is for governments to implement tax reforms by “changing tax rules for top income recipients,” including raising the marginal tax rate on top earners, “abolishing or scaling back” tax credits and loopholes (such as stock options), and developing policies to increase transparency and reduce international tax avoidance. 

Here’s how the The Wall Street Journal summed it up:

 “OECD calls for tax overhaul to tackle income inequality: Research body says very rich should pay more tax”

Photo: al40. Used under a Creative Commons BY-2.0 licence.

Our journalism is powered by readers like you.

We’re an award-winning non-profit news organization that covers topics like social and economic inequality, big business and labour, and right-wing extremism.

Help us build so we can bring to light stories that don’t get the attention they deserve from Canada’s big corporate media outlets.

 

Donate
PressProgress
PressProgress is an award-winning non-profit news organization focused on uncovering and unpacking the news through original investigative and explanatory journalism.

Most Shared

thumb-2024-10-013-brent-chapman-united-nations News

Take Back Alberta Leaders are Training ‘Scrutineers’ to Infiltrate Campaigns and Act as ‘Security’ on Voting Day

Related Stories

News

BC Conservative Candidate Warned of United Nations ‘Conspiracies’ to Take Control of Canada

View the post
New

BC Conservative Candidate’s Campaign Shared Graphic Comparing Public Health Policies to Nazi Holocaust

View the post
News

BC Conservatives Under Fire Over Spokesperson Known for Insults, Slurs and Online Abuse

View the post
Our free email newsletter delivers award-winning journalism directly to your inbox.
Get Canadian Investigative News You Won't Find in Corporate Newspapers.
Our free email newsletter delivers award-winning journalism to your inbox.
Get Canadian Investigative News You Won't Find in Corporate Newspapers.