Do you feel that the Canadian tax system is fair/equitable? What do you like about it? What would you change?
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Do you feel that the Canadian tax system is fair/equitable? What do you like about it? What would you change? No system is perfect and the Canadian tax system is no exception, however, at least the Canadian government is putting continuous efforts to develop a fair tax system. But again, not everyone would believe it is fair, so it is progressive efforts that need to be reconsidered based on the ongoing economic state and the impact on global businesses. It can be understood from the article that the Canadian Govt. wants to increase the corporate taxes so that it can provide affordable education and overall better living standards. However, this move can discourage international investment which eventually affects not only the job market but the overall economy. I believe, the Canadian government shall analyze the international tax systems like the U.S, where they have significantly reduced the corporate taxes as well as personal taxes to stay competitive and attract global businesses which will generate enormous job opportunities and eventually increased consumption (sales) taxes. Simultaneously, the Canadian tax system shall reconsider the deductions and exemptions provided to various sectors which are putting a lot of pressure on the taxpaying public in these challenging situations. What has your experience been like with taxes? Which types of taxes do you feel work best? Currently, I’m enjoying a tax-free income in Saudi Arabia, however, I believe the Canadian progressive tax system is the best approach, as it will allow the lower-income households to pay fewer taxes while reducing the disposable income of the high-income households. In this way, everyone in society will be able to afford an acceptable living standard. For example, here in Saudi Arabia, we have to pay the dependent fee for each family member every month, and this fee is a fixed amount for everyone irrespective of their income (Proportional system), this proportional system has forced the low-income families to their home countries while it didn’t affect much to the executive level. Do you believe that a goal of taxation should be to significantly reduce wealth/income inequality? Why or why not? Yes, I believe it is extremely important that a taxation system shall reduce income inequality as it is the key factor in maintaining a balanced society, otherwise a small portion of society will possess a larger percentage of the country’s economy and this will create significant disparities and eventually affect the basic living standards of the larger population. Download 13.59 Kb. Share with your friends:
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