Should wealthy Canadians pay higher income taxes?

Tim Hortons co-founder and billionaire Ron Joyce says he wouldn't favour a "Buffett tax" on the very rich and says he already gives his fair share to the government.

U.S. billionaire Warren Buffett called on the government in August to increase tax rates for the very wealthy. Writing in the New York Times, he complained that his "mega-rich" friends had been coddled for too long and needed to pay more taxes.

In September, U.S. President Barack Obama introduced a proposal to increase tax revenues in part by placing limits on deductions for wealthy filers.  

Brian Topp said higher taxes for the wealthy should be part of the NDP's next election platform. (Jonathan Hayward/Canadian Press) In Canada, NDP leader hopeful Brian Topp said in October that he wants higher income taxes for high-income earners to be a key plank in his party's next election campaign platform.

Topp said the billions in tax breaks for wealthy individuals would be better spent on helping people who are struggling to get by.

But Joyce argues that the very rich already pay their fair share.

"At the year end, I end up paying a significant amount of money," Joyce said. "I think the richest guy in the world is speaking for himself and God bless him, if he wants to give more, then why doesn't he do it?"

Canadian billionaire Seymour Schulich, an investor and noted philanthropist, told CBC News that he also doesn't agree with a higher tax and believes the wealthiest Canadians are already taxed more than their American counterparts at the upper brackets.

Do you think wealthy Canadians should pay more income tax than they do currently? Why or why not? What are other ways to help people struggling to get by? Please share your comments below.



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