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Broadbent Institute Profile picture
@broadbent
Feb 16, 2021 • 7 tweets • 3 min read • Read on X
A list of countries that have a #WealthTax and how they work. THREAD:
#Norway has a wealth tax of 0.85% on individual stocks worth more than $170,000. Of this, 0.7% goes to municipalities, and 0.15% goes to the central govt. In 2017, the wealth tax made up 1.1% of all Norwegian tax revenue.
#Spain has a progressive wealth tax between 0.2% and 3.75% on stocks above $784,000.
#Switzerland has had a wealth tax since 1840. In 2017, wealth tax made up 3.6% of all Swiss tax revenue.
#Argentina recently passed a “millionaire tax” to help pay for ongoing pandemic relief + medical supplies. About 12,000 people worth over $2.5 mil will be taxed: bbc.com/news/world-lat….
UK Finance Minister @RishiSunak might introduce a one-off 1% wealth tax over 5 years on wealth over $700,000 for individuals: theguardian.pe.ca/business/reute…
It’s about time we start talking about a #wealthtax seriously in Canada so everyone is paying their fair share, especially during an economic recession. Sign our #TaxtheRich movement here: broadbentinstitute.ca/tax_the_rich

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More from @broadbent

Broadbent Institute Profile picture
Mar 1, 2023
To relieve the current housing crisis in Ontario, the provincial government needs to take immediate action to curb real estate investment and limit the negative impacts of existing investors and decommodify housing to make it a human right.

New Report: broadbentinstitute.ca/beyond-simply-… New Housing Report - Beyond Simply Building More: Policy Opt
While there are number of factors, many Canadian experts are warning that the growing presence of investors in housing markets is distorting costs and increasing housing unaffordability, leaving homes in the hands of the few, rather than the hands of the people who live in them. Canada's home ownership rate is declining Year Homeownershi
A @StatCan_eng report release last month (www150.statcan.gc.ca/n1/pub/46-28-0…) found that over 20% of all owners in Ontario are investors. A substantial proportion of condos in Ontario are being used as investment vehicles. Proportion of condominium apartments used as an investment i
Read 7 tweets
Broadbent Institute Profile picture
Oct 12, 2021
The initial results of our post-election survey are in 👇🧵 Thank you to the 4,700 of you who participated. There's clearly a lot to unpack, so we're hosting an election debrief event on Oct 26 to map out where the progressive movement should go next: broadbentinstitute.ca/election_debri…
Survey results:
We asked you how you participated in the election:
Read 6 tweets
Broadbent Institute Profile picture
Oct 7, 2021
The #PandoraPapers make it clear that tax evasion is a systemic issue, which means govts need to act. Here are 5 things we should demand from the Canadian govt. THREAD 🧵
👉 Increase funding for the CRA to investigate international tax schemes.
Since the #PanamaPapers were revealed 5 yrs ago, the CRA hasn't charged a single person. It needs more resources & we need to ensure that @JustinTrudeau increases funding by $2.5bn over 4 yrs as promised.
👉 Introduce a public registry of beneficial ownership, promised in the last budget.
Read 7 tweets
Broadbent Institute Profile picture
Aug 24, 2021
It took a global pandemic to expose the crisis in Canada’s #LTC homes. Here’s why it’s essential to remove profit from care. THREAD:
#CDNpoli #LTCs
1. At 69%, Canada has had the highest number of #COVID deaths in long-term care among G7 countries.
2. Decades of underinvestment + privatization has broken Canada’s #LTC system, leading to higher costs, lower staff to residents ratio & fewer resources.
Read 11 tweets
Broadbent Institute Profile picture
Apr 13, 2021
.@LindaMcQuaig's piece for @TorontoStar debunks some of the most facile arguments against a #wealthtax. THREAD:
1. A wealth tax is foreign to Canada
Canada already has this: The property tax, imposed on almost all wealth held by low/middle income Canadians-their homes. A wealth tax extends this tax to include other forms of property above $20M, like stocks/bonds-mostly held by the wealthy
2. A wealth tax hasn't worked in other countries.
"Wealth taxes in many European countries were badly designed. They had low thresholds, so they taxed many people who were not ultra-rich, just well-off. Today’s proposed wealth taxes only target those who are undeniably wealthy."
Read 9 tweets
Broadbent Institute Profile picture
Feb 17, 2021
Winners and losers of the pandemic. THREAD:
The winners:
1. Canada’s top grocery stores earned $721 million in profits in only 3 months of the pandemic.
- Loblaws: $342 million
- Metro: $187 million
- Empire Company Ltd. (owns Sobeys): $ 192 million
2. Billionaires:
- Canada’s top 20 billionaires amassed $37 bn in 2020.
- The top five billionaires increased their wealth by $5.5 bn
Read 8 tweets

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