.@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
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."
"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."
3. The ultra-rich will find ways to evade or avoid the tax. "Our tax laws, which permit widespread tax avoidance and evasion, are not laws of nature but policy choices made by legislators. Stopping tax evasion is simply a matter of political choice."
4. A wealth tax would discourage savings/entrepreneurship.
"Hardly. The tax would only hit those who have accumulated enormous assets." Does anyone really believe that people would stop being creative if they thought they will only end up with a million, instead of a billion $$?
"Hardly. The tax would only hit those who have accumulated enormous assets." Does anyone really believe that people would stop being creative if they thought they will only end up with a million, instead of a billion $$?
5. Some wealthy taxpayers have very low incomes and thus might not have the cash to pay an annual wealth tax. "If truly wealthy individuals have small incomes it’s because they’ve arranged their finances this way in order to avoid paying income taxes."
6. A wealthy family could lose control of a family business if it were obliged to sell shares in order to pay the wealth tax.
"Highly unlikely, but possible. But so what? There’s no evidence that wider corporate ownership would be a bad thing."
"Highly unlikely, but possible. But so what? There’s no evidence that wider corporate ownership would be a bad thing."
In short - Tax the super rich. "It's not rocket science"
thestar.com/opinion/contri…
thestar.com/opinion/contri…
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