The ultra-rich have been so relentless in making their case — or having hired guns make it for them — that they’ve managed to largely shed their tax burden in recent years even as they’ve grown spectacularly, exorbitantly, astronomically wealthy. (Canada’s wealthiest 87 families had wealth of $259 billion in 2016; our top 44 billionaires increased their wealth by more than $50 billion during the pandemic.)
Most Canadians have had enough of this. A recent Abacus poll shows that a striking 79 per cent of Canadians favour a wealth tax.
In fact, a wealth tax would be the simplest, fairest and most effective way to collect billions of extra dollars of revenue a year, and to limit the power and political influence of the billionaire class.
A wealth tax only targets the wealthy. An NDP proposal — based roughly on proposals by U.S. senators Bernie Sanders and Elizabeth Warren — would levy an annual tax of 1 per cent on net wealth above $20 million. If you don’t have $20 million, it’s not coming for you.
Jesus: Hey, Dad? God: Yes, Son? Jesus: Western civilization followed me home. Can I keep it? God: Certainly not! And put it down this minute--you don't know where it's been! Tom Robbins in Another Roadside Attraction