The Rich Want You to Fear Tax Fairness
Canada raised its capital gains tax inclusion rate, sparking outrage from the investing class, who warned of economic disaster. The data shows that their histrionics were groundless.
Jim Stanford is an economist and director of the Centre for Future Work, a labor economics think tank with offices in Canada and Australia. From 1994 through 2015, he served as economist in the Research Department at Unifor (previously the Canadian Auto Workers).
Canada raised its capital gains tax inclusion rate, sparking outrage from the investing class, who warned of economic disaster. The data shows that their histrionics were groundless.
The United Auto Workers’ strikes against Ford, GM, and Stellantis have resulted in historic wins. The union’s counterpart in Canada was negotiating with the automakers at the same time — and, despite differences in strategy and tactics, also made big gains.
Across Canada, union coverage is inversely proportionate to inequality. From lifting wages and securing employment benefits to advocating for public programs, union power is a bulwark against inequality.
The Left has to understand the causes and consequences of inflation and why it is increasing corporate profits. Then we can make demands that both recognize the dangers of inflation and challenge new austerity measures.