Re: response to Curt Shalapata July 18
Mr. Shalapata attacks socialist values and suggests that income tax, capital gains tax, corporate tax and dividend taxes are charged simultaneously on income. Simply not true. He also says Hydro One privatization didn’t go far enough and it should have been further divided and sold off to create true competition in electricity generation. Hydro One is a distributor not a generator of electricity.
Mr. Shalapata says a successful person is penalized with a tax rate in excess of 50 per cent. That’s a very substantial income, given the exemptions and dodges available through creative accounting. These are the very individuals who should be making returns to the system from which they have extracted their wealth. Just because a person has the opportunity and the ability to extract more than their share, to the exclusion of the health and well being of the rest of society, doesn’t make it fair. The outcome of domination through finance is no less brutish than subjugation committed with a club.
The 2008 financial meltdown was a result of the banks using loopholes in the Community Reinvestment Act to create NINJA (No Income No Job or Assets) loans, which were hidden in a package of viable loans and resold. Greed was the real cause of the meltdown.
Democracy is a socialist value that shares power with all members of society, unlike capitalism, which extols the value of power through wealth. Unfortunately capitalism has hijacked democracy.