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GNED101 Arts And Sciences

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GNED101 Arts And Sciences

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GNED101 Arts And Sciences

0 Download3 Pages / 610 Words

Course Code: GNED101
University: Humber College

MyAssignmentHelp.com is not sponsored or endorsed by this college or university

Country: Canada

Question:

1.The world’s leading economists, including Paul Krugman, Joseph Stiglitz and Thomas Picketty, agree that we can’t solve the jobs crisis without tackling the problem of income inequality, and we can’t solve the problem of income inequality without tax reform. Summarize why Dennis Howlett thinks tax fairness is key to rebuilding Canada.
2. Many of you are eager to have good jobs in the public sector. Discuss why neo-liberalism, austerity, tax cuts and privatization are major obstacles in your path.

Answer:

Role of tax fairness in rebuilding Canada
In order to restructure Canadian economy by forming environmental policies, redesign social program and rebuild the infrastructure a string fiscal support is utmost needed. Strength of the fiscal system is subject to the framework of existing tax system. Modifying the tax system has an important role to improve fiscal capacity (Fodor, 2014). Policymakers stress to make the tax system fair by reducing the difference between poor and rich. The growing inequality in the economy hurts health of the economy in terms of damaging the democracy.
Tax Fairness in Canada was founded in the year of 2011. The advocators of such policy during that time realized the need of undertaking tax reform with an aim to make tax system more progressive. The expansionary fiscal policy taken in form of cutting the tax unable to do any better off for Canada given the current state of the economy. A significant amount of tax cut weakens fiscal position by increasing fiscal deficit. The three main reasons for contributing to large fiscal deficit include tax cut, hit of global recession in 2008-09 and very slow recovery of the economy (Swift, 2013). The deficits are the attempted to be reduced through a reduction in government spending.  Cut in government spending particularly those relate to social and welfare program further harm poor people in Canada. Relying only on austerity increases the risk of poverty and unemployment in Canada (taxfairness.ca, 2018).
Canada now is in need of revenue-side solution. Government should take policies to increase revenue. Increasing tax burden on lower and middle income household increases could undermine slow economic recovery. However, there are some areas where tax measures can be improvised (theguardian.com, 2014). With the objective of maintaining a healthy fiscal position taxes in some provinces may require a small hike in progressive tax rate but at the Federal level there is no immediate need to increase taxes. Given below are some key elements of enhancing tax fairness.
Increase in corporate tax
Canada in the industrialized world has one of the lowest rate for federal corporate tax with the rate being 15 percent today. There are no clear evidence that can favor cut in corporate tax on the ground of more job creation. Taxes only help companies to earn a higher profit. Instead spending in programs that enable people to find job would be more helpful for firms as it increases affordability of people to buy goods and services (Swift, 2013). Corporate tax thus should be increased ensuring increase revenue to be spent on job support program, developing infrastructure and education.
Increases tax on earner of high income and close tax loopholes
Government should design a progressive tax system that helps to reduce inequality among rich and poor and improve health of the economy by boosting middle and lower-income household.
Imposition of financial transaction tax
A tax should be imposed on all the financial transaction to ensure that the concerned sector contribute a fair tax share.
Other policies of tax fairness include tax on the large estate with inherited wealth, reform in tax haven and tax evasion, imposition of a smart and progressive carbon tax, use tax system in favor of reduction in poverty and inequality (Fodor, 2014).
 
References 
Fodor, M. (2014). The Great Revenue Robbery: How to Stop the Tax Cut Scam and Save Canada. Alternate Routes: A Journal of Critical Social Research, 25.
Milne, S. (2014). The tide is turning against the scam that is privatisation | Seumas Milne. Retrieved from https://www.theguardian.com/commentisfree/2014/jul/09/tide-turning-against-privatisation
Swift, R. (Ed.). (2013). The Great Revenue Robbery. Between the Lines.
Take Action | Canadians for Tax Fairness. (2018). Retrieved from https://www.taxfairness.ca

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