rich – mackaycartoons

Thursday September 16, 2021

September 20, 2021 by Graeme MacKay

Editorial Cartoon by Graeme MacKay, The Hamilton Spectator – Thursday September 16, 2021

Jagmeet Singh takes aim at billionaires, promises to close corporate tax loopholes

NDP Leader Jagmeet Singh is recommitting to a crackdown on artful tax dodgers with high net worth.

February 10, 2021

The pledge is part of a basket of measures that aim to raise revenue while lowering inequality, but that fall short of covering the marquee expenditures atop the New Democrats’ election platform, economists say.

At a campaign stop across the Rideau Canal from Parliament, Singh said he would zero in on tax evasion and close loopholes that benefit billionaires.

“We believe that the ultrarich should pay their fair share so we can invest in people,” Singh said.

November 7, 2017

“(Liberal Leader) Justin Trudeau and Conservatives before him have let the super rich have a free ride. We want to put an end to that.”

The New Democrats’ plan to halt that luxury flight ranges from tougher enforcement at the Canada Revenue Agency to enhancing corporate tax transparency and capping stock option gains that are taxed at a lower rate.

Singh said the moves could raise revenue to help pay for programs such as universal pharmacare and more affordable housing. He suggested that investing an additional $100 million in the CRA would lead to a return of up to $25 billion in taxes and revenue in one year.

October 27, 2017

He also spoke about cracking down on large companies that make profits in Canada but pay little to no taxes here.

“These are tens and tens of billions of dollars of revenue that we could increase that would help us pay for the programs that we need,” he said.

In 2019, two reports from the CRA and the parliamentary budget officer found that Ottawa could be losing out on up to $51 billion in uncollected taxes each year due to illegal tax evasion and legal tax avoidance, both of which rely heavily on offshore tax havens.

CRA data from earlier this summer showed its recent efforts to combat tax evasion by the super rich resulted in zero prosecutions or convictions.

Big-ticket items in the NDP platform include: a guaranteed livable income; universal pharmacare and dental care as well as free mental health care for uninsured patients; $10-a-day childcare “for all parents”; an end to for-profit long-term care; and slashed student debt.

Some of the promises start with smaller targets — the guaranteed minimum income would begin with low-income seniors and Canadians with disabilities — but look to scale up to comprehensive social programs.

They don’t come cheap.

A guaranteed livable income would cost taxpayers between $84.2 billion and $197.2 billion annually by 2024-25, depending on the parameters, according to a November report from the parliamentary budget officer.

The NDP’s universal pharmacare scheme would see Singh spend $38.5 billion over five years, reaching more than $11 billion annually by 2024-25, according to an estimate by budget officer Yves Giroux published Friday.

A national child-care program that sets its sights on $10 a day will cost about $30 billion over five years, based on the amount earmarked for it in the Liberal budget from April.

June 18, 2020

As a counterweight to that hefty expenditure scale, Singh has proposed higher taxes on wealthy Canadians and corporations.

The measures include a wealth tax of one per cent on households with fortunes topping $10 million, an income tax hike of two points to 35 per cent for the highest bracket and a three-point hike to put the corporate tax rate at 18 per cent.

Singh would also impose a 20 per cent foreign buyers’ tax on residential property purchases and a temporary COVID-19 “excess profit tax” of 15 per cent, applicable to extra earnings by big companies. (Global News)

Wednesday May 12, 2021

May 19, 2021 by Graeme MacKay

Editorial Cartoon by Graeme MacKay, The Hamilton Spectator – Wednesday May 12, 2021

What happens when people get two different COVID-19 vaccines?

As some experts continue to warn of very rare side effects associated with the AstraZeneca vaccine, Canadian health officials are now reviewing the research on mixing various COVID-19 shots.

May 6, 2020

A study of a “mismatched” vaccine regimen is underway in the U.K. — but some scientists say there’s reason to believe that administering two doses of different products could boost a person’s immune response beyond what can be achieved by giving the same shot twice.

The National Advisory Committee on Immunization (NACI) caused some confusion earlier this month when it said the viral vector shot from AstraZeneca is not the “preferred” product given its associated risk of vaccine-induced immune thrombotic thrombocytopenia (VITT) — a condition that causes blood clots. That warning came out after hundreds of thousands of Canadians had received the AstraZeneca vaccine already.

According to the Ontario Science Table, estimates of the frequency of VITT in individuals who have received the AstraZeneca vaccine now range from 1 case in 26,000 to 1 case in 127,000 doses administered.

The risk of developing this side effect, combined with an uncertain delivery schedule for future supply, has prompted some provinces to consider pausing AstraZeneca vaccinations altogether.

Researchers at Oxford University in the U.K. launched a study in early February to explore the possible benefits of alternating different COVID-19 vaccines. According to the lead scientists, the study is “looking for clues as to how to increase the breadth of protection against new virus strains.”

March 31, 2021

The study — otherwise known as the COVID-19 Heterologous Prime Boost study, or “Com-COV” — is collecting data to determine whether receiving two different types of vaccine generates an immune response at least equal to the response that follows receiving the same product twice. (A “heterologous” vaccination regimen is one that uses more than one product.)

Dr. Helen Fletcher is a professor of immunology at the London School of Hygiene and Tropical Medicine in the U.K. She said a “mismatched” vaccine program would deliver some practical benefits — vaccine delivery logistics would be greatly simplified — but there could be another good reason to pursue a mixed-dose regimen.

“I’m excited about the study because I think it’s likely that the immune response will be even better if you mix and match vaccines,” Fletcher said in an interview with CBC News.

Dr. Theresa Tam, Canada’s chief public health officer, said last week the current guidance is for AstraZeneca recipients to get a second dose of the same product, but NACI is now reviewing the Oxford research on mixing AstraZeneca with an mRNA shot.

“There will be further advice forthcoming on that second dose based on the evolving science. We should watch this space,” Tam said.

Will Canada shorten the time between shots? Possibly. NACI said in early March that, given the limited vaccine supply, provinces and territories may want to wait up to 16 weeks between first and second doses to give more people at least some level of protection.

The provinces have since followed this guidance, with a few exceptions. For example, many long-term care home residents have been fully vaccinated on the timeline recommended by the vaccine makers. Pfizer calls for a second dose 21 days after the first, while Moderna stipulates the second shot should come 28 days later. (CBC)

Tuesday May 11, 2021

May 18, 2021 by Graeme MacKay

Editorial Cartoon by Graeme MacKay, The Hamilton Spectator – Tuesday May 11, 2021

Poorer countries might not get vaccinated until 2023

High-income countries have purchased more than half of the Covid-19 vaccine supply to date, and low-income countries, just 9 percent, according to Duke University’s Global Health Innovation Center. This is why a country like the US is close to vaccinating half its population with one dose while the rate in a place like Guinea is less than 1 percent and not budging.

April 27, 2021

“That’s not just unconscionable, but it also is very much against the interests of high-income countries,” Georgetown global health law professor Lawrence Gostin told Vox in January. With the virus continuing to circulate, and variants picking up pace around the globe, outbreaks in the poorest countries will pose a threat to the world.

It’s not an accident that many of the world’s first-approved Covid-19 vaccines — from companies like Pfizer, AstraZeneca, and Moderna — were developed and rolled out in high-income countries. As the pandemic took hold last year, wealthier nations — including the US, UK, and EU block — began making deals with the pharmaceutical companies that were developing Covid-19 vaccines, which also happened to be headquartered within their borders.

January 28, 2021

These bilateral deals involved governments essentially giving the companies billions of dollars to speed up research and development in exchange for priority access to vaccines, should they prove to be effective. But the deals also pushed poorer countries, which didn’t have the resources to pre-purchase millions of doses of vaccines that might not even get approved for market, further down the access line.

Rich countries could donate more doses to poorer countries — a move global health groups have been calling for for months and one that’s starting to happen in response to the crisis in India.

Rich countries could also simply start investing more in helping poorer countries respond to the crisis. They could answer Covax’s call for more donor funds, for example. Or Omer called for something akin to PEPFAR, America’s global health program to combat AIDS around the world. Launched under George W. Bush in 2003, to date, it’s provided $90 billion toward fighting AIDS. (Vox)

Tuesday November 7, 2017

November 6, 2017 by Graeme MacKay

Editorial Cartoon by Graeme MacKay, The Hamilton Spectator – Tuesday November 7, 2017

Paradise Papers Are Another Hit to Justin Trudeau’s ‘Middle Class’ Agenda

There is a storm blowing in from Paradise. Documents leaked to the International Consortium of Investigative Journalists reaffirmed what most of us already at least suspected: that the wealthiest among us have an elaborate shadow network of financial infrastructure in offshore tax havens to skimp taxes in their home countries. In short, rich people are playing by different rules.

September 22, 2017

The Paradise Papers are noteworthy for two reasons. The first is the magnitude. The leaked documents come from offshore tax firm Appleby, corporate service providers Estera and Asiaciti Trust, and business registries of 19 tax jurisdictions. They concern about $10 trillion (USD) overall, which is quite a lot of money considering that total gross world production for 2014 was about $78 trillion. We are talking about the global high rollers table here.

The second is that they meet CanCon requirements. Over 3,000 Canadians were named in the leaks, and some of them have connections to the commanding heights of the House of Commons. Even our beloved head of state Elizabeth II was named in the papers. Her Majesty’s estate has millions of pounds tied up in a rent-to-buy retailer accused of preying on the poor, which is a shock because the hyperexploitation of unlanded labourers is not something you associate with a feudal monarch.

April 6, 2016

The real meat of the report is how many of our former prime ministers are enmeshed in the financial heart of darkness. Leaked memos reveal Paul Martin’s former company Canada Steamship Lines is one of Appleby’s biggest clients, and Jean Chretien is listed as the owner of 100,000 stock options in an East African oil company ever having a bank account outside of Canada, and says he doesn’t know about the stock options.) And lest anyone suggest this was a Liberal family affair, it turns out that Brian Mulroney sat on the board of the company that facilitated the largest arms deal in British history to Saudi Arabia.

Juicier still than the has-beens on the list is the revelation that Liberal fundraising bigwig Stephen Bronfman has not only amassed nearly $60 million in a shadowy offshore tax haven, and that the law firm representing Bronfman had been instrumental in lobbying the Canadian government against cracking down on overseas tax evasion. Coming on the heels of two months of a taxation trainwreck—and a grueling few weeks exposing just how comfortable Justin Trudeau is with plutocracy—this is not a good look for the prime minister. Again, we reiterate: the optics certainly make it look like the extremely rich people around the federal cabinet table don’t actually have the best interests of the “middle class” at heart. (Source: Vice)

Wednesday April 6, 2016

April 5, 2016 by Graeme MacKay

Editorial Cartoon by Graeme MacKay, The Hamilton Spectator – Wednesday April 6, 2016

Panama Papers: Document leak exposes global corruption, secrets of the rich

The financial secrets of heads of state, athletes, billionaires and drug lords have been exposed in the latest — and biggest ever — leak of records from an offshore tax haven.

The leak includes 11.5 million confidential documents shedding light on the assets and murky fiscal dealings of everyone from the prime ministers of Iceland and Pakistan to soccer player Leo Messi, movie star Jackie Chan and associates of Russian President Vladimir Putin.

The records, dating as far back as 1977, come from a little-known but highly influential Panama-based law firm called Mossack Fonseca, which has 500 staff working in 40-plus countries. The firm is one of the world’s top creators of shell companies — corporate structures that can be used to hide ownership of assets.

German newspaper Süddeutsche Zeitung obtained the files from a source and shared them with global media partners, including CBC News and the Toronto Star, through the Washington-based International Consortium of Investigative Journalists.

CBC News will be exploring more of what’s in the documents, including Canadian connections, in a series of stories this week.

“These findings show how deeply ingrained harmful practices and criminality are in the offshore world,” said Gabriel Zucman, an economist at the University of California at Berkeley and author of The Hidden Wealth of Nations: The Scourge of Tax Havens.

Zucman, who was briefed on the media partners’ investigation, said the release of the leaked documents should prompt governments to seek “concrete sanctions” against jurisdictions and institutions that peddle offshore secrecy.

While offshore accounts are not in themselves illegal, the leaked records show they are often used to shield illicit dealings.

In a written response to questions from the media consortium, Mossack Fonseca said it “does not foster or promote illegal acts.”

“Your allegations that we provide shareholders with structures supposedly designed to hide the identity of the real owners are completely unsupported and false,” the firm said. (Source: CBC News)