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Ep 54 - Why Houses Are SO Expensive for the Middle Class
Evan Siddall is the former CEO of the Canada Mortgage and Housing Corporation. Siddall says it’s time Canadians have the debate on whether to implement capital gains tax on primary residences, which he says could help minimize the housing inequality gap.
“One of the things that's really driving people apart in terms of inequality in our country is the amount of money people are making off houses who own them versus the amount of money people aren't making on their homes that rent them. It’s a real problem,” he said.
“Why don’t we tax gains on houses but we tax gains on other investments? It’s a serious, non-progressive situation in our tax code.”
He acknowledged that it’s an idea not on the minds of policy makers, as it would lead to “political suicide.”
“Politicians just aren't allowed to have this conversation because the opposition, and it's any colour, will skewer them for it. And so we don't have the debate we have to have.”
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By Frank Simon was Middle Class until 1980. Since then, it's all been an illusion.Evan Siddall is the former CEO of the Canada Mortgage and Housing Corporation. Siddall says it’s time Canadians have the debate on whether to implement capital gains tax on primary residences, which he says could help minimize the housing inequality gap.
“One of the things that's really driving people apart in terms of inequality in our country is the amount of money people are making off houses who own them versus the amount of money people aren't making on their homes that rent them. It’s a real problem,” he said.
“Why don’t we tax gains on houses but we tax gains on other investments? It’s a serious, non-progressive situation in our tax code.”
He acknowledged that it’s an idea not on the minds of policy makers, as it would lead to “political suicide.”
“Politicians just aren't allowed to have this conversation because the opposition, and it's any colour, will skewer them for it. And so we don't have the debate we have to have.”
Support the show