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View Diary: Steven Rattner offers ideas on raising tax revenue and I respond (72 comments)

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  •  Trend here in Canada (11+ / 0-)

    is to define all income as income.  

    It is also illegal to reduce " taxes in a way that is inconsistent with the overall spirit of the law."  
    http://www.cra-arc.gc.ca/...

    "Tax Avoidance"

    So many rich US citizens would be in a big pile of trouble if they did the same in Canada.

    "The only person sure of himself is the man who wishes to leave things as they are, and he dreams of an impossibility" -George M. Wrong.

    by statsone on Sun Nov 25, 2012 at 05:43:49 AM PST

    •  very little difference between us and Canada. (2+ / 0-)
      Recommended by:
      saluda, sebastianguy99

      we have a lower rate for capital gains, you exclude half of the gain from income.  we have lower rates for dividend income, you allow individuals a tax credit for tax paid by the corporation.

      these are just different means to the same end: preferential treatment for investment income.  and we all have similar anti-avoidance rules.

      •  from a quick scan around, it seems (0+ / 0-)

        Canada has slightly less robust anti-avoidance rules than the US.  there seems to still be some benefit for foreign trusts and for non-controlled foreign accumulation investments. (eg, UK or Irish accumulation schemes)

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