A NEW TAX SYSTEM - FAIRNESS FOR ALL CANADIANS
This system could create a fair and robust existence for all Canadians
A Thought on a New Tax System for Canadians:
1. Progressive Income Tax System Individuals: Income up to $200,000:
Maintain current tax rates to ensure no additional burden on middle and lower-income earners.
Income $200,001 - $1,000,000:
Introduce a sliding scale tax rate, gradually increasing from 30% to 45%.
Income $1,000,001 - $2,000,000:
Increase the tax rate to 50%.
Income above $2,000,000:
Implement a higher tax rate of 55%.
Corporate: Profits up to $1,000,000:
Maintain the current corporate tax rate.
Profits $1,000,001 - $10,000,000:
Introduce a sliding scale tax rate, gradually increasing from 20% to 30%.
Profits above $10,000,000:
Increase the tax rate to 35%.
2. Closing Tax Loopholes and Tackling Tax Havens Close loopholes:
Generate approximately $26 billion annually by closing tax loopholes.
Combat tax havens:
Implement measures to recover $14 billion annually from offshore tax evasion.
3. Wealth and Luxury Taxes Wealth tax:
Introduce a 2% annual tax on net wealth above $10 million.
Luxury tax:
Implement a 10% tax on luxury goods such as private jets, yachts, and high-end vehicles.
4. Healthcare and Social Services Funding Free healthcare and dental care:
Allocate $50 billion annually to cover healthcare, dental care, and prescription drugs.
Social services:
Increase funding for social services by $20 billion annually to improve the standard of living.
5. Investment in Public Services and Infrastructure.
Green energy and infrastructure:
Invest $30 billion annually in green energy projects and infrastructure to create jobs and promote sustainable growth.
6. Inflation Adjustment Annual adjustment:
Incorporate a 2% annual inflation rate to ensure the tax brackets and funding allocations remain effective.
7. Debt and Deficit Reduction Debt repayment plan:
Allocate $40 billion annually towards debt reduction, aiming to eliminate the national debt within 25 years.
Projected Outcomes Over 25 Years
(Starting Jan 1, 2026)
Debt elimination:
Achieve a debt-free status by 2051.
Deficit reduction:
Maintain a balanced budget by ensuring annual revenues exceed expenditures.
Healthcare and social services:
Provide comprehensive healthcare and social services, improving overall quality of life.
Standard of living:
This will increase the standard of living by 50% for those earning between $0 and $200,000 per year over the first 5 years.
This proposal aims to create a fair and sustainable tax system that supports economic growth, reduces inequality, and ensures the well-being of all Canadians. It might work South of the Border with some adjustments if the political will exists.
I also used AI to incorporate current revenues, our current tax system, population, current revenues, and our population base and income mix in Canada. The standard of living increase for those between $0-$200,000 will involve price controls for those in that income bracket on Fuel, Electricity, Rent, Mortgages, Cell-Phones, New Vehicles, and Groceries (basic must-need items for a healthy diet). A chip card per individual will be issued per individual in that tax bracket to ensure business compliance at the time of purchase of items, —-Also adjusted for increase in population, COLA (CPI) increases on all figures and all costs through 2051.
Grant Adam Coleman September 17, 2024