Can the government fix wealth inequality simply by taxing the rich?
The Big StoryPlay episode
Show notes
Toronto Mayor Olivia Chow is floating the idea of an increase in the land transfer tax, an amount that's owed when a house is purchased. Its total is based on the value of the house at the time of purchase, meaning the higher the price, the higher the tax.
The tax generates income for the city, which in turn could fund social programs for those in need. But some fiscal think tanks warn the increase in tax on high ticket items could drive out the rich from the city.
Host Alan Carter speaks to Mike Moffatt founding director of the University of Ottawa's Missing Middle Initiative to discuss how governments can strike a balance.
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