Politicians surrender to the super rich.
#Democracy
https://www.theguardian.com/commentisfree/2026/jan/16/super-rich-inequality-politicians-extreme-wealth
Discussion
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@dmacphee Canada’s politics has been dominated by the position that if the country’s policies support the wealthy, the ordinary will become a little wealthier as well …
The reality is this creates income inequality that has become so severe it harms not only the poor, but the successful middle class
But for so long so much of Canada’s politics has been built to support wealth, ideas to challenge it are seen as radical and outrageous.
How many of the ordinary sees their success with the wealthy rather than the poor?
@dmacphee At the UN Canada voted against taxing wealth
Last November, when the Liberals' new budget came out, there was nothing about setting up a wealth tax.
I was not surprised, I was not holding my breath. I was still disappointed though: they scrapped the luxury tax.
https://globalnews.ca/news/11510831/budget-2025-cuts-luxury-tax-emissions-cap/
@etienne @dmacphee Carney worked for Brookfield, "Canada's most successful tax dodger"
Canada's prime minister is fully aware of how the wealthy work to avoid taxes. Meanwhile cutbacks to science, health, agriculture ...
He could challenge this
https://ottawa.place/@stephanie/115940354590483202
How the ultra-rich hide wealth and cost us billions..
Brookfield Corporation leads the way with 44 subsidiaries identified in tax havens..
avoided the most taxes through foreign tax rate differences are Canada’s largest financial institutions – big five banks ..
"Canada loses over $15B per year in tax revenue because of tax havens, or enough to entirely fund a full
pharmacare program and the Canadian Dental Care Program..
the cost of tax havens to the public purse is difficult to estimate, but it is likely at least $15B annually. The members of the S&P/TSX 60, an index of many of Canada’s largest publicly-traded corporations, alone avoided $7B in taxes due to lower corporate tax rates in foreign jurisdictions in 2024. "
End tax agreements with known tax havens
Require corporations to have a genuine business reason to open foreign subsidiaries
Support the UN tax convention process
Increase transparency in financial reporting
https://www.taxfairness.ca/sites/default/files/2025-07/Rise_Of_Tax_Havens_Report_July2025_0.pdf