Eat the Rich

by Rod Edwards on September 24, 2009

I know its fiscally non-conservative, but I imagine ability to pay taxes and obligation to do so should, to some degree, be matched. However, this article postulates that increasing taxes on the rich will drive them to move to less burdensome municipalities, based on some anecdotal feedback from New York state, where various billionaires have thrown hissy fits. What say you?

{ 2 comments… read them below or add one }

skuleman 09.24.09 at 2:00 pm

Well it does make sense. We’re currently looking at retirement options, and key to those plans is moving away from the GTA. The property tax differential amounts to about $3000 per year in after tax income. that means needing about 100,000 extra in the RRSP’s to “subsidize” our ridiculous property taxes here. Once we retire, about the only reason we will ever have to enter the city of Toronto may be a few family dinners (etobicoke) and a play every couple of years.

Taylor Cutforth 09.25.09 at 12:54 pm

I don’t think such taxes should be punitive. Especially since sometimes the philanthropy of the wealthy can be more efficient or direct in addressing a specific issue in a community without drawn-out political brinksmanship/hindrance or awareness campaigns.
I find governments and etc are more set to deal with broader issues rather then micro management.

I would argue though that some philanthropy is guilt based weather the wealthy person has anything to be guilty over or not. Taxing them to begin with frees them up from such needless burdens that shouldn’t necessarily be on their shoulders to begin with.

The U.S. (nationally) (not Canada) should raise its taxes on the very very wealthy (they wouldn’t even notice or rationally care) as it doesn’t matter that the uber wealthy live in your country as much as keeping their business(es).

Corporate taxes in the states are too high and strangely don’t have enough of the right types of regulation and too much of the wrong types or aren’t enforced properly.

Their governments should be focusing on closing loop holes in regulation and taxation with regards to business.

As much as I dislike Moron Miller and is ever mindless expansion of taxes, the property taxes of Toronto was actually too low and was supposed to go up at some point eventually but the timing and implementation of it was awful.

I lived in etobicoke as well only a couple years back. An area well above my income level at the time (which is fine). Felt much poorer then I was, but really wasn’t a problem accept my own, and more in my head.
Moved to Parkdale which flipped that situation around to a complete opposite. So Living within your means and in an area that fits your income level makes sense.
And despite what the NDP or other idiots think, it does not feel like financial segregation, as I have yet to ever experience the concept in a negative sense. Which I think people self impose onto themselves and not others onto them.

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