Naomi Fowler ■ Taxing wealth – how to triumph over injustice: Tax Justice Network October 2019 podcast
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25 October 2019Reading time:
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In this month’s episode we speak to Gabriel Zucman about his new book with co-author Emmanuel Saez – The Triumph of Injustice: How the Rich Dodge Taxes and How to Make Them Pay.
Plus, as Extinction Rebellion holds protests around the world over the climate emergency, we point the finger at the surprisingly small number of companies which determine whether investment will go into a better future, or onto a continued path of destruction. How can tax justice and a different vision of growth lead us back from the brink?
Also featuring John Christensen of the Tax Justice Network. Produced and presented by Naomi Fowler.
So many people have become convinced that with globalisation and modern technology it has become very hard or impossible to tax the rich, to tax big multinational companies. And what we want to say is that this is wrong. The choice is ours when it comes to the future of tax justice, if there is a political will, there is a bright future for tax justice.
~ Gabriel Zucman
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stop taxing income
Think — should we be taxing work and production and Canadian wealth creation or taxing consumption and Canadian wealth dissipation ?
The same amount of tax could be raised by eliminating the graduated personal income tax and replacing it with a graduated tax on consumption.
Calculation of yearly taxable income is complicated and costly. Calculation of yearly personal consumption is simply money received less money saved and invested in Canada. Such calculation simplification would be a great saving of cost and aggravation.
Reduced consumption results in reduced energy consumed, carbon discharged and reduced harm to the environment.
Since the cost of goods and services in Canada includes the total of taxes paid to all levels of Government, and imported goods and services do not, a consumption tax would apply the same tax on both imports and Canadian production.
Graduated tax rates of 1% to 90% ( as on income in 1960) on consumption would discourage excessive and unnecessary consumption and reduce climate change. Such totally progresive taxation would encourage investment in the Canadian economy instead of in foreign economies and .
GST/HST should be replaced by a direct carbon tax. GST/HST is of no benefit other than for Government revenue and is costly to administer. Carbon tax has the advantage of altering consumer choice away from high carbon purchases and is less costly to administer.
Business taxes should not be on income retained for economic growth but replaced with a withholding tax on interest, dividend and other distributions as an advance payment on the graduated personal consumption tax.
Should you wish clarification or discussion please contact me.