In “N.B. tax strategy drains economy” of (21 Dec.), Patrick Webber of the Atlantic Institute of Market Studies points out that the 2015 increase in top income tax rates in New Brunswick failed to raise additional revenues from the 600 income highest income recipients. However, Mr. Webber fails to mention the obvious solution.
Commenting on the New Brunswick situation, University of Toronto economist Michael Smart said: “Tax avoidance and tax planning by high income Canadians is an issue and we have got to look at it - figure out where it’s happening and how it’s happening. If governments do want to raise taxes on high income Canadians they've got to find ways to shut this down.”
Professor of Economics,
UNB, Saint John