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Tax Policy for a Rent-Rich Economy

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  • Robin Boadway

Abstract

I argue that a significant amount of income consists of windfall gains or rents. Rents accrue to firms and their owners, as well as to asset owners. They also accrue to income earners due to windfall changes in wage rates and rent-seeking opportunities. High-income persons obtain a disproportionate share of rents, and I investigate the consequences of that for Canadian tax policy. Some tax reforms suggested include adopting an allowance for corporate equity business tax system, abolishing the dividend tax credit and preferential treatment of capital gains, limiting the use of tax-free savings accounts, increasing the progressivity of income taxation, and adopting a guaranteed basic income.

Suggested Citation

  • Robin Boadway, 2015. "Tax Policy for a Rent-Rich Economy," Canadian Public Policy, University of Toronto Press, vol. 41(4), pages 253-264, December.
    • Handle: RePEc:cpp:issued:v:41:y:2015:i:4:p:253-264
    DOI: 10.3138/cpp.2015-044
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    Cited by:

    1. Robin Boadway & Pierre Pestieau, 2019. "Over the Top: Why an Annual Wealth Tax for Canada is Unnecessary," C.D. Howe Institute Commentary, C.D. Howe Institute, issue 546, June.
    2. Sijbren Cnossen, 2018. "Corporation taxes in the European Union: Slowly moving toward comprehensive business income taxation?," International Tax and Public Finance, Springer;International Institute of Public Finance, vol. 25(3), pages 808-840, June.

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