John Wang – ISP

18 06 2011

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New Tax Policies May Aggravate Gap Between Rich and Poor: A Recipe for Risotto

30 05 2011

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Key Points:

– In most recent years, Canada has been experiencing among the highest rates of gap expansion. Meaning that the distance between the rich and poor is gaining significantly.

– Between 2005 to 2009, the total monetary wealth that the top 3.8% of Canadian households controlled jumped from 60.6% to 66.6% and is estimated to head to over 70% in 2018.

– Despite this, as well as a 30 Billion Dollar deficit, Stephen Harper plans on making even more corporate tax breaks, costing an estimated 6 billion dollars in forgone revenues for next year.

– This “trickle down economic” theory states that companies with tax breaks will use that money on machinery, making new jobs, among other things that give back to the country’s economy.

– This sounds good on paper but the majority of Canadian companies, despite extensive tax reductions, have been reluctant in recent years to make the investments in machinery and equipment needed to strengthen the country’s economic prowess.

Questions:

1) What do you believe should be the right gap between rich and poor? Smaller, or larger? Should the richer control more or less and why?

2) How do you propose the government taxes citizens and should it change?