And that's how vote buying, elections from the past and political parties work...
"... But the panel, a mix of public sector and corporate representatives, also unanimously called for the end of the B.C. homeowner grant. It’s an annual property tax subsidy, dating back to 1957, paid to almost all B.C. homeowners.
The money starts at $570 per homeowner per year, with more for rural properties and owners who are seniors. The grants are expected to cost the B.C. treasury $887-million in 2021-22. The subsidy is only for homeowners who live in their homes. Landlords are not eligible. Nor are renters.
And this isn’t a subsidy for low-income households. As property values in B.C. have soared, provincial governments, both left and right, have escalated the value of the exemption. Five years ago the subsidy went to homeowners whose home was worth $1.2-million or less. Last year it was $1.625-million. This year, after the market soared some more, the cap – like a magical mountain that grows taller by the day – was raised by another 22 per cent, to $1.975-million.
The rising peak means that more than nine out of 10 homeowners will be receiving a subsidy from taxpayers – even if they have high incomes, and even if their home’s price keeps rising. The province issued its latest annual BC Assessment data last week; it showed that, in Metro Vancouver, the value of detached properties increased by hundreds of thousands of dollars.
The expert panel looked at all of this and saw the obvious: The system is strikingly unfair. It’s a tax break that mostly benefits people of above-average incomes. In the City of Vancouver, for example, more than half of households rent, and they’re being squeezed by rising costs. Yet homeowners, whose asset values are rising, are getting a payment from other taxpayers. And the subsidy helps boost home prices..."
The Globe and Mail: Globe editorial: Why are B.C. renters subsidizing B.C. homeowners? Answer: Politics.
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