It is a truly bizarre story over at Occupy Wall St or sorry, make that The Globe and Mail. The scribes at Canada’s business paper tell you half the story about income distribution in Canada.
Canada’s top 1 per cent of earners now represent 10.6 per cent of the country’s income, according to the latest measure.
That’s down from 12.1 per cent from a peak in 2006 but well up from the 7 per cent of the early 1980s, Statistics Canada reported Monday.
The paper goes on to describe how incomes for the 1% have risen since the 1980s. Back in 1982 you needed to make $147,500 to be among the most elite of tax filers, in 2010 you needed to earn $201,400 to make the cut.
What Occupy Front Street doesn’t tell you is that the amount of taxes paid by the top 1% has also gone up. All through the Occupy protests in Canada and even now with Common Causes, the rebranded Occupy movement, we have heard that the wealthy don’t pay their fair share.
What do the hard facts say?
According to Stats Canada, back in 1982, the golden days of Trudeau, Broadbent and social justice, the top 1% paid 13.4% of all taxes collected compared to 21.2% in 2010. Before the economic downturn the top 1% paid 23.3% of all taxes collected in 2007.
Here’s a bit more from Stats Canada.
The share of income taxes paid by the rest of all tax filers fell from 86.6% in 1982 to 78.8% in 2010.
The median federal and provincial income tax paid by the top 1% of filers was $60,900 in 1982. By 2010, this median had increased 48% to $90,100. By contrast, the median for the rest of tax filers fell from $2,800 in 1982 to $1,800 by 2010.
So much for fair share.
While the top 1% of income earners have seen their pay go up taxes have gone up even faster and that’s even with the income tax cuts of the Chretien and Harper governments.