Billionaires in B.C. disproportionally benefitted by Canadian tax system, economy researchers say. (Flickr photo)

Billionaires in B.C. disproportionally benefitted by Canadian tax system, economy researchers say. (Flickr photo)

B.C. billionaires worth 5,845 times average middle-income household

Economists argue for changes to Canadian tax system benefitting rich

Ten families in B.C. are worth more than the combined total of 1.32 million lower-income residents in the province, according to the Canadian Centre for Policy Alternatives.

It’s a discrepancy economists Alex Hemingway and David Macdonald highlight in a recent analysis of how Canada’s tax system benefits people for their existing wealth rather than work they are actually doing.

READ MORE: Highest condo sale in Victoria fetches $10.79M

“[The] reality is that B.C. is enormously wealthy — we’ve simply allowed this wealth to be amassed by the richest few. There is nothing inevitable about this and we can create public policy to benefit the majority,” Hemingway said in a release.

Out of the 10 families researchers studied, seven inherited their wealth from previous generations.

READ MORE: Nearly 8,000 homeless in B.C. first province-wide count reveals

With a net worth of $25 billion, the wealthiest billionaires in the province are 5,845 times richer than the median middle-income household. Canada, the analysis said, is the only country in the G7 that doesn’t have an inheritance tax. The CCPA is asking to introduce an inheritance tax at the rate of 45 per cent on estates worth more than $5 million.

“This research shows that countries with more income inequality are likely to have lower life expectancy, worse health outcomes, higher crime rates and lower levels of social trust,” the analysis said.


@KeiliBartlett
keili.bartlett@blackpress.ca

Like us on Facebook and follow us on Twitter

Just Posted

Keremeos’ heritage Grist Mill and Gardens. (Brennan Phillips - Keremeos Review)
Keremeos Grist Mill looking forward to restrictions easing with exclusive concert planned

Juno Award-winning folk artist Valdy is set to take the stage

The Greater Vernon Chamber of Commerce will host the Valley Wide Business Expo May 4 at Predator Ridge Resort. (photo submitted)
Golf raffle helps Okanagan families score homes

Habitat for Humanity Okanagan swinging into action this summer with a new raffle

Letter writer says COVID has created lots of newbie cyclists who don't know rules of cycling. (File photo)
LETTER: Newbie cyclists in Penticton need lessons on rules of the road

Penticton cycling group just received city funding, should give back by offering how-to lessons

The weekly COVID-19 map for June 6 to 12. (BC CDC)
South Okanagan sees only 5 new cases in last week

The Similkameen Valley went a second week without any new cases

Sandra Krauer, Penticton Mayor John Vassilaki and Barb Hoolaeff were in Skaha Park to announce the return of Ribfest for September, 2021. (Brennan Phillips - Western News)
Ribfest returns to Penticton

Festival runs from Sept. 17 - 19 at Skaha Lake Park with proceeds going to new splash park

Bear wanders Kelowna on June 15. (Michelle Wallace/Facebook)
Bear climbs fence, uses crosswalk in Kelowna

The bear was spotted on Baron Road Wednesday evening

An old growth cedar stands in a cut-block within the Caycuse Valley. More than 100 prominent Canadians, have signed an open letter calling for the immediate protection of all remaining old-growth forests in B.C. (Submitted)
Brian Mulroney and Greta Thunberg among 100 celebrities pushing to save B.C. old growth

List includes Indigenous leaders, scientists, authors, Oscar winners

The border crossing into the United States is seen during the COVID-19 pandemic in Lacolle, Que. on Friday, February 12, 2021. THE CANADIAN PRESS/Paul Chiasson
U.S. border restrictions to remain in place until at least July 21

Safety minister says Canada, U.S. extending restrictions on non-essential international travel

This photo of the small wildfire burning above Naramata was taken at 8 p.m. on Thursday, June 17, 2021 (Monique Tamminga Western News)
BC Wildfire on scene of small wildfire above Naramata

Smoke has been showing since earlier in the day

Students in the Grade 10 entrepreneurship program at Summerland Unisus School have completed a cookbook with international recipes. (Contributed)
Summerland students create virtual international cookbook

Entrepreneurship program at Summerland Unisus School uses virtual cookbook as fundraiser

Hundreds of people, young and old, joined the three-day Walking Our Spirits Home procession, honouring residential school survivors, those who never made it home and all those affected by the institutions. Here people walk the third portion on June 13. (Martha Wickett - Salmon Arm Observer)
Walking Our Spirits Home from Kamloops provides path to healing

First Nations in and beyond Secwépemc territory join in to honour residential school survivors

More flames
Lake Country home destroyed in large blaze, 11 dogs rescued

Fire crews are responding to 10839 Hallam Drive

Himalayan Life helped finance the construction of Nepal’s Yangri Academic Centre and dormitories after a 2015 earthquake devastated the valley, killing more than 9,000 people. (Screen grab/Peter Schaeublin)
B.C. charity founder pledges to rebuild Nepalese school swept away by flash floods

Six years after an earthquake killed more than 9,000 people, Nepal faces another catastrophy

(Facebook/Kelowna Cabs)
Kelowna Cabs reaches tentative agreement with dispatchers union

The tentative agreement could help end the dispute between the taxi company and the dispatchers

Most Read