I’m not sure about hiking the capital gains tax, though Trudeau’s plan to only hike it over certain amounts was reasonable. Capital gains is the accounting term for any return on investment, so taxing that less than income makes sense to encourage investment in economy.
who's profitting off of peoples' hard work?
No one. People profiting off investments and risk. It’s not just labour but also the capital (equipment, infrastructure) that reduces and enables labour. We’re getting off track but please review micro and macroeconomics.
i mean, if there's a system where one person is able to gain wealth without work, there must be another person in the system that works without gaining wealth. a system that does not charge those who can afford it ends up burdening those who are not wealthy
If you buy shares for instance, you get capital gains. The issue is that the super rich get paid through shares and investments more than through income (share options in executive remuneration packages). Ideally, you would close that loophole by taxing all remuneration as income but how is issue.
I would like to add that government has to fund other stuff too. Ontario is also underfunding healthcare, social services like shelters and mental health supports, jails (which is hilarious given how much our premier likes them), and education.
once again i'm pretty sure that a tax rate like in the new deal would actually be great for funding things. if the ultra-wealthy can be taxed like 90% to fund things, 10% of 100 million is still 10 million, an absurdly immense amount of money