Why we need a #TaxShift

1.png

To keep more money in our pockets


Earnings have fallen in B.C., especially for those under 45. [1] By cutting taxes on things we want more of — like income — we can keep money in our pockets to cope with the cost of living and to invest in our future. 

2.png

To help cool the market


Meanwhile, housing costs have tripled. [2] Increasing taxes on things we want less of — like unhealthy housing values — will reduce treatment of homes as commodities, helping cool the market and reining in costs.

3.png

To address inequality


Inequality has worsened between renters and owners, and young and old. Our tax system hasn’t caught up, burdening many of us more than is fair. A #TaxShift can restore balance and enable better investments in young and old alike.


What it could look like


B.C. is already shifting taxes towards housing wealth via the Foreign Buyers Tax, new taxes on homes over $3 million and the Speculators Tax. While refinements are warranted, we need the government to go even further:

  • Less tax on local income (we could also cut sales taxes or eliminate the employers health tax).

  • More tax on unhealthy housing values, which could mean more directly targeting speculators, "flipping," and/or by taxing housing wealth more generally in a way that protects "house rich, cash poor" residents of all ages, and without making it more expensive to build new supply. 

  • Better investments in young and old alike, in areas like medical care, child care, education or transportation to improve affordability and intergenerational fairness.


There are many paths to achieve this broader #TaxShift, and we've developed one option. But we don't pretend to have all the answers. Thus: 

We call on the B.C. government to establish a Tax Shift Special Commission to assess how to best rebalance our tax system. 

Fix current taxes


We should make sure B.C.’s new Speculators Tax and School Tax:

  • Are accurately named → to better reflect the nature of the taxes (for example, it's not fair or helpful to label many vacation homeowners as "speculators").

  • Don’t increase the cost of building new supply → by exempting properties demonstrably under development, and exemptions for purpose-built rental.

  • Thoroughly consider economic consequences → e.g. on tourism-reliant communities, revisiting which municipalities are covered.


Without losing sight of the bigger picture


Learn more

Take Action

Background
Background
Check out Generation Squeeze. I just joined.
If we want to restore housing affordability, we need to think big picture. I support a BC #TaxShift #bcpoli
A #TaxShift to Benefit You