Bkr.All things Jagmeet

[hobbyguy]

Hmmmmm....

https://www.cbc.ca/news/politics/ndp-pl ... -1.6172629

"NDP costing calls for $200 billion in new spending on health care, climate change, Indigenous reconciliation"

SNIP

"Much of that spending would be offset by $166 billion in revenue raised during the same period through a series of new taxes and other measures targeted at wealthy individuals and large, profitable corporations."

Go big or go home, I guess.

I think Singh missed a big opportunity. IF Singh and the NDP had say gone with $160 billion in new spending, paid for with and bit more by the targeted taxes toward the wealthy and big corporations, he could have claimed some fiscal prudence. Oh well, that doesn't seem to be in fashion this cycle.

Those are big numbers $200 billion in spending, $166 billion in new taxes (although directed away from everyday Canadians). In perspective though, Canada is big wealthy country, and both figures are in the 1% of GPD range (just below) which is actually reasonable. Unfortunately for Singh, most Canadians will only see the headline numbers and for many, their eyes will snap open in shock.

[GordonH]

What would stop the so called ultra-wealthy individuals from moving their fortunes away from prying eyes of CRA, absolutely nothing.

https://www.castanet.net/news/Canada/34 ... on-pledges

[fluffy]

What would stop the so called ultra-wealthy individuals from moving their fortunes away from prying eyes of CRA, absolutely nothing.

I suspect it would be an eye-opener for all of us to know how much of that goes on already. This would put some pressure on the CRA to be at the top of their game in ferreting out cheaters, and tightening up loopholes.

[Sparki55]

I suspect it would be an eye-opener for all of us to know how much of that goes on already. This would put some pressure on the CRA to be at the top of their game in ferreting out cheaters, and tightening up loopholes.

One of the loopholes people complain about is when a wealthy individual owns businesses and bank accounts in other countries. Their money is off shore but they live here.

To contrast, would it be fair if the US taxed Canadian business that made all their money in Canada simply because a US citizen owned that company?

If I move all my money to a Panama bank account tomorrow, why should the NDP be able to tax that money with their proposed "wealth tax".

This issue is always presented to Canadians as big cooperations using expensive tax firms to erase the tax they pay.

[fluffy]

I have a friend who worked out of the country for a time. He had to divest himself of ownership of anything connected to permanent residence in Canada to avoid paying income tax in both countries. But for every tax law there are is a busload of accountants and lawyers looking for a way around them.

[hobbyguy]

What would stop the so called ultra-wealthy individuals from moving their fortunes away from prying eyes of CRA, absolutely nothing.

I suspect it would be an eye-opener for all of us to know how much of that goes on already. This would put some pressure on the CRA to be at the top of their game in ferreting out cheaters, and tightening up loopholes.

Well we know that with Liberals having been advocates for and participants in the international agreement to stop offshoring profits to places like Ireland that a shift is going to take place in the next 4 years. Minimum corporate tax rates and moves/regulations to ensure that profits earned in Canada are not reported in places like Ireland who have been operating as tax leeches.

The O'Toole CPC, of course, opposes these international moves.

Jagmeet missed the mark with his "wealth tax" proposal.

Much more doable and simpler, and much more common internationally (e.g. the UK) is an estate tax with a significant base deduction. Something like a first $15 million deduction and then progressively rising rates at 30, 50, 100 million. Additional "job retention/creation" deductions could easily be added so that active capital (that which is invested in brick and mortar businesses like manufacturing, food processing etc. etc.) is incentivized and rewarded - literally something like an additional $250,000 deduction for every Canadian soil employee to ensure small medium businesses are protected.

That would not have as immediate effect as raiding bank accounts, but would be much easier and more efficient. It would also have the effect of incentivizing wealth transfers to the next generations faster (to minimize or avoid the estate tax) which would likely "revitalize" a lot of capital away from old and conservative to newer endeavors of entrepreneurship.

Jagmeet's proposal of a wealth tax has the downside of appearing to attack people because they have been successful, which has a feel to it of envy.

Properly structured estate taxes with a high "kick in" point, while also attracting some backlash (but not nearly as much) would be economically more effective in spurring "new economy" jobs, but also just as effective long term in raising government funds for wealth redistribution.

[Monsterdriver]

In my opinion I think Jagmeet, Justin and their respective teams are doing a wonderful job. God help us if otoole and his barbaric sheep were ever to come into power.

God help us 82E252B1-49D1-4E02-907F-5363D64474F9.jpeg[attachment=0]82E252B1-49D1-4E02-907F-5363D64474F9. Now we have NDP to assist the liberals with the dumpster fire

Isn't that the same way they divorce their wife and then dump the body along the Fraser.

[Drip_Torch]

The wealth tax has received a bit of push-back...



Canadian billionaire Jim Pattison warns that recent policy proposals to tax the wealthy may lead to investment fleeing Canada, and make it harder to tackle current labour shortages.

"The people that are in business, they invest money which creates jobs," Pattison said in a wide-ranging interview on Thursday. "They should pay their fair share, but there's other alternatives. The government is taxing people that have money [and who] will go someplace else, like the United States or somewhere."

*snip*

Pattison, a 93-year-old who is also the chief executive officer of the closely held Jim Pattison Group Inc. and who ranks as one of Canada’s wealthiest individuals, said his business conglomerate - which has interests ranging from forestry to auto dealerships to hospitality - expects the group's performance "to have a pretty good year" in 2021. While the company doesn't publicly disclose its financials, the Jim Pattison Group increased its employee base by 3,000 to 51,000 in 2020 while revenue climbed by $1.8 billion to $12.7 billion, according to its website.

https://www.bnnbloomberg.ca/jim-pattiso ... -1.1653262

What do you think? Will the wealth tax cause baristas and save on foods checkout cashiers to flee to greener pastures, or is old guy suffering a bit of cognitive decline? Personally, I don't see many help wanted ads for jobs that would allow anyone to accumulate over $10 million in wealth and I don't think you can alleviate the current labour shortage by subsidizing more jobs that don't pay a living wage.

.

20210917170920-27a1171319b6432b7de8a3064333541326605272a67788feb26ac855ce456962.jpg

[The Green Barbarian]

https://www.nationalobserver.com/2021/0 ... eat-growth

From past NDP election history you knew this was coming. While Mr Singh tried to move the NDP into a centralist campsite with a big tent platform, the roots of the party wished to remain camped in their ultra left wasteland. Unfortunately, those grassroot supporters do not understand that their positions on gun control and vaccinations, their constant focus on abortion, and their positions on the environment and reconciliation are not reflected by the voters in the major urban centres, rural centers, and the Maritimes. You cannot form a government without support from these areas.

Mr. Singh was a good collaborator with Justin and didn't really try to hold the government's feet to the fire. There is no one in the NDP caucus that could do the job. The NDP really need to examine their platform and values. They need to develop talking points that will unite Canadians rather than divide them. They need to focus on a fiscal responsibility that features fair taxation and responsible deficit spending. However, I thinks these ideas will be left behind by the angry mob seeking Jagmeet's job.

[The Green Barbarian]

So here's an article from Castanet today:

NDP Leader Jagmeet Singh says he is proud of the party's election campaign, but also disappointed that more MPs were not elected.

At the first meeting of the NDP caucus in Parliament, Singh told his MPs that, though proud of the party's "tough campaign," he was disappointed that so many candidates narrowly missed out.

Singh is appointing Bob Dewar, a veteran NDP political strategist, to lead a big review into what went right and what went wrong with the NDP's campaign. The party gained only one extra seat despite spending $25 million on the election.

OK, so Jagmeet wants to know what went wrong...let's see...

He says fighting for Indigenous rights, including good quality affordable housing,

OK. So far, not hating it...

combatting climate change

Ok you lost me.

and pushing for higher taxes for the super-rich will be priorities for the NDP.

And you will continue to fail Jagmeet. People just aren't this stupid.

[rustled]

So here's an article from Castanet today:

NDP Leader Jagmeet Singh says he is proud of the party's election campaign, but also disappointed that more MPs were not elected.

At the first meeting of the NDP caucus in Parliament, Singh told his MPs that, though proud of the party's "tough campaign," he was disappointed that so many candidates narrowly missed out.

Singh is appointing Bob Dewar, a veteran NDP political strategist, to lead a big review into what went right and what went wrong with the NDP's campaign. The party gained only one extra seat despite spending $25 million on the election.

OK, so Jagmeet wants to know what went wrong...let's see...

He says fighting for Indigenous rights, including good quality affordable housing,

OK. So far, not hating it...

combatting climate change

Ok you lost me.

and pushing for higher taxes for the super-rich will be priorities for the NDP.

And you will continue to fail Jagmeet. People just aren't this stupid.

He loses me at "fighting".

Here in the South Okanagan, we had the NDP promising "fighting for you" and the Conservatives promising to "work hard for you". I know which one attitude I prefer. I was very disappointed to hear how ineffective Cannings has been for the people of this riding who asked for his help. Although I was of course aware of his primary focus on all things environmental, I had thought he would make some effort for the constituents who asked for his help in matters unrelated to his "pet" topic.

It occurs to me that when NDP candidates are "fighting" climate change and "fighting" for the environment, they do so regardless of who and what is harmed in the "fight".

Perhaps Singh didn't make greater inroads because there were other NDP candidates who were similarly unresponsive to the needs of voters who were struggling with topics that didn't fit the "fight" narrative and saw themselves as collateral damage in that fight. Generally speaking, some of what the NDP stands for is actually fighting against some Canadians. It's rather obviously not their intention to work hard for all of us.

[bob vernon]

And even with a disaster of a leader in Trudeau and another in Singh, whose math is suspect, the Conservatives under O'Toole couldn't increase their seats. Maybe O'Toole is just as unbelievable as the other two.

Imagine, a Conservative leader surprising the party by announcing he'd give us a carbon tax, just like the Liberals or NDP. And he did this without a policy convention, where a brawl would have broken out over a carbon tax.

[rustled]

And even with a disaster of a leader in Trudeau and another in Singh, whose math is suspect, the Conservatives under O'Toole couldn't increase their seats. Maybe O'Toole is just as unbelievable as the other two.

Imagine, a Conservative leader surprising the party by announcing he'd give us a carbon tax, just like the Liberals or NDP. And he did this without a policy convention, where a brawl would have broken out over a carbon tax.

Imagine, if you will, party conventions where policy is decided by brawl...

I'll be interested to see what deals Singh cuts with Trudeau over the next little while.

[The Green Barbarian]

And even with a disaster of a leader in Trudeau and another in Annamie Paul, whose was attacked by her own anti-Semitic party, the NDP under Jagmeet couldn't really increase their seats. Maybe Jagmeet is just as unelectable as the other two.

[seewood]

I suspect many of the callers and emailers today on CBC's BC Today show were Jagmeet voters. Never have I heard so many wanting FREE transit.

Bunch more wanted oil subsidies to end( they don't have direct production subsidies) and give that money to people to use for electric heat. Too much orange cool-aid people.

Just glad the majority voters recognize the NDP as a tax and spend party.