Billionaires in B.C. disproportionally benefitted by Canadian tax system, economy researchers say. (Flickr photo)

Billionaires in B.C. disproportionally benefitted by Canadian tax system, economy researchers say. (Flickr photo)

B.C. billionaires worth 5,845 times average middle-income household

Economists argue for changes to Canadian tax system benefitting rich

Ten families in B.C. are worth more than the combined total of 1.32 million lower-income residents in the province, according to the Canadian Centre for Policy Alternatives.

It’s a discrepancy economists Alex Hemingway and David Macdonald highlight in a recent analysis of how Canada’s tax system benefits people for their existing wealth rather than work they are actually doing.

READ MORE: Highest condo sale in Victoria fetches $10.79M

“[The] reality is that B.C. is enormously wealthy — we’ve simply allowed this wealth to be amassed by the richest few. There is nothing inevitable about this and we can create public policy to benefit the majority,” Hemingway said in a release.

Out of the 10 families researchers studied, seven inherited their wealth from previous generations.

READ MORE: Nearly 8,000 homeless in B.C. first province-wide count reveals

With a net worth of $25 billion, the wealthiest billionaires in the province are 5,845 times richer than the median middle-income household. Canada, the analysis said, is the only country in the G7 that doesn’t have an inheritance tax. The CCPA is asking to introduce an inheritance tax at the rate of 45 per cent on estates worth more than $5 million.

“This research shows that countries with more income inequality are likely to have lower life expectancy, worse health outcomes, higher crime rates and lower levels of social trust,” the analysis said.


@KeiliBartlett
keili.bartlett@blackpress.ca

Like us on Facebook and follow us on Twitter

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

Canada’s Janet Leung steals second base during playoff action at the Softball Americas Olympic Qualifier tournament in South Surrey on August 31, 2019. Leung and her teammates have not been back to Softball City since, as the 2020 and now ‘21 Canada Cup tournaments have been cancelled. (THE CANADIAN PRESS/Darryl Dyck photo)
Canada Cup softball event cancelled for second straight year

Travel restrictions, health and safety concerns cited as reasons for cancellation

A Grade 8 student at L.A. Matheson Secondary. March 2021. (Photo: Lauren Collins)
Teachers demand ‘urgent action’ as parts of Surrey see 20% positivity rate

26 schools in the hardest-hit region of the city had 105 exposure notices April 23-29

Children walk back to their classroom while wearing masks and physical distancing at St. Barnabas Catholic School in Scarborough, Ont., in October, 2020. A group of B.C. teachers has issued an open letter calling for the relaxation of non-pharmaceutical interventions for children in B.C. schools. (Nathan Denette/The Canadian Press)
Group of B.C. teachers calls for easing of pandemic measures for students

Teacher group says ‘response to COVID is out of balance to the cost our youth are paying’

Deb Jack was named Surrey’s Good Citizen of the Year in 2012. (File photo)
Environmentalists’ delegation takes aim at Bear Creek Park road project

‘Bear Creek Park is ours – a natural heritage,’ Deb Jack says

B.C. Labour Minister Harry Bains in the B.C. legislature, May 13, 2019. (Hansard TV)
VIDEO: B.C. to provide 3 days of sick pay for COVID-19 absences

Province will support employers on cost, labour minister says

RCMP. (Black Press File)
Major Crimes called in after two bodies discovered on remote road near Penticton

A manhunt involving a police helicopter took place on May 10

Boats in the Fraser River launched from Barrowtown and Ft. Langley on May 12 to search for the missing fisherman. (Steve Simpson)
Boats search the Fraser River for missing Abbotsford fisherman

Anyone with ‘a boat, time, or a drone’ to help bring Damian Dutrisac home was asked to help

Vancouver court on Tuesday, March 23, 2021. THE CANADIAN PRESS/Darryl Dyck
Defence lawyers call foul as Crown counsel granted access to COVID-19 vaccines

Defence attorneys are pushing the province to extend inoculation access to workers in courtrooms across B.C.

Cannabis bought in British Columbia (Ashley Wadhwani/Black Press Media)
Is it time to start thinking about greener ways to package cannabis?

Packaging suppliers are still figuring eco-friendly and affordable packaging options that fit the mandates of Cannabis Regulations

A student arrives at school as teachers dressed in red participate in a solidarity march to raise awareness about cases of COVID-19 at Ecole Woodward Hill Elementary School, in Surrey, B.C., on Tuesday, February 23, 2021. A number of schools in the Fraser Health region, including Woodward Hill, have reported cases of the B.1.7.7 COVID-19 variant first detected in the U.K. THE CANADIAN PRESS/Darryl Dyck
Fraser Health still unsure if 333 cases of COVID among students, teachers were acquired in school

88 cases of 267 cases the health authority considers to be school-acquired lead to spread outside of school

The RCMP logo is seen outside Royal Canadian Mounted Police “E” Division Headquarters, in Surrey, B.C., on Friday April 13, 2018. Indigenous leaders are calling for an investigation into the conduct of Mounties on Vancouver Island after two police shootings of members of a small First Nations community in three months. THE CANADIAN PRESS/Darryl Dyck
Indigenous leaders call for clarity, investigation into RCMP after B.C. shooting

The RCMP declined to comment on the requests by Indigenous leaders

Colleen Price, Vancouver Island University’s bachelor of science in nursing program chairperson, says she is impressed with how students have persevered through the COVID-19 pandemic. (Chris Bush/News Bulletin)
Next generation of B.C. nurses already showing resilience

University program head says learning had to be adjusted amidst pandemic

Most Read