The Jagmeet Singh PROGRESSIVE Wealth Tax Would Be similar To the Progressive Income Tax, Business Owners Would Be Punished For Hardwork, Efficiency and Productivity – August 13, 2021,

It’s unlikely Jagmeet Singh will win an election but he has supporters in Canada and most of them are quite ignorant about the “invisible hand” but being that the NDP originally was more of a pro-labor party, one would think that their leader would comprehend the damning effects of progressive taxation.

The Progressive Income Tax is a Slavery Tax and should be abolished IMMEDIATELY!

So if you’re a laborer in Canada, you’re punished for making more money, you’re not punished for worker harder, you’re punished for making more WAGES. Canada has a progressive income tax system meaning the more money you make the more INCOME taxes you pay.

The income tax should be called by its proper name which is a SLAVE tax. The mere fact that Canadians are dumb enough to vote for income taxes, meaning I go to work, possibly at a job I don’t like and the government takes the money from my paycheck before I can even spend it, shows the lack of financial education in our public school system.

The income tax is a slavery tax how dare the government charge you money to be employed? Does anyone see anything wrong with that? Not only does the government charge you an indefinite fee to work for wages, but then the government takes your money and rewards people in Canada who don’t work with Provincial and even federal welfare?

 

Making matters worse it’s not like Wage earners get a break, wage earners still have to pay for property taxes, provincial and sales taxes, tariffs, and all sorts of other taxes that would be too numerous to put in this post because even with all the taxes the government charges Canadians, the government still finds a way to find itself in debt, which equates to Canadians being forced to pay an inflation tax.

Now, the only reason the government can collect taxes in the first place is because of the private sector, without a private-sector employer looking for ways to make money, the government can’t even collect INCOME TAXES. any income taxes collected by a public sector worker is actually recycled-money that was derived from the productivity of the private sector.

The private sector works for profitability and if it’s not profitable that business goes bankrupt, the government, as well as the labor unions, are the beneficiaries of the private sector, because, without the private sector, the Canadian economy looks like Cuba or North Korea, even Communist China, had to allow free markets in order for it to maintain it’s bloated government.

So when Jagmeet Singh says “anyone with over $10 million can expect to pay a new tax: one percent on every penny of their wealth over $10 million.” what he’s telling employers is that make sure once you hit that $9 million dollar mark consider being less productive.

In many parts of Europe, it’s very common for people and businesses to stop producing over a certain threshold. It’s one of the main reasons why the European Union was formed because a lot of laws in Europe are created to punish success, so what ends up happening is a lot of innovative people end innovating outside of Europe. One of the major reasons why the Chinese economy continues to grow is because of progressive taxation.

If I’m going to be punished for being productive, I’m not going to be productive, because you have to understand that one percent on every penny of a persons wealth over $10 million is basically money being burned, because so far I haven’t seen any effort by any leftist politician in Canada to shrink the Federal Debt?

Former Prime minister Stephen Harper shrunk the debt, while at the same time lowering regressive taxes(15%-13%) and as soon as Justin Trudeau won, Justin Trudeau claimed that the low-interest rate environment was the perfect time for the government to start spending?

Now when Justin Trudeau started spending he didn’t lower income taxes? He didn’t give wage earners a regressive tax break, no, Justin Trudeau rewarded people who don’t work. Now if you’re a government dependent you’re the real tax cheat If you take more from the Canadian system than you put in, you’re a tax cheat, plain and simple.

Because democracy revolves around mob rule and most Canadians have a very low financial IQ everyone would know that based on economic history, for every action there’s a reaction, Leftist ideas are such failures that money is no longer backed by anything but confidence.

The confidence game from governments typically ends when the private sector stops catering to the poor. By that I mean, if wages are too high because of government employers hire fewer people or have more demands for the people they do hire. If employers have to worry about making too much money what will typically happen is employers will change their business model.

One of the most common business models today is real estate investing, most real estate investors are in debt, so they don’t pay any taxes, you can’t be taxed if you’re indebted. Now for a manufacturing business, they can’t play that debt arbitrage game, so a lot of manufacturing companies left Canada DECADES ago because of prior wealth taxes that went by different names.

When you play these money games, the most productive of society will become less productive. Plus if a person is making $10 million dollars a year, they have options to LEAVE Canada, even if they love Canada, they can abandon their citizenship, look at what just happened to Michael Spavor in China? If you’re rich, what benefits are you getting from the Canadian government?

The NDP wants a wealth tax. Would it work? | globalnews.ca

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Interesting times ahead!