.@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."
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 $$?
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."
In short - Tax the super rich. "It's not rocket science"

• • •

Missing some Tweet in this thread? You can try to force a refresh

Keep Current with Broadbent Institute

Broadbent Institute Profile picture

Stay in touch and get notified when new unrolls are available from this author!

Read all threads

This Thread may be Removed Anytime!


Twitter may remove this content at anytime! Save it as PDF for later use!

Try unrolling a thread yourself!

how to unroll video
  1. Follow @ThreadReaderApp to mention us!

  2. From a Twitter thread mention us with a keyword "unroll"
@threadreaderapp unroll

Practice here first or read more on our help page!

More from @broadbent

17 Feb
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
16 Feb
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.
Read 7 tweets
21 Mar 20
The lived experience of the Chinese community globally and here in Canada has been harmed tremendously by #COVID19. #IDERD
From a mother berated by hate after venturing to the grocery store for some fruit, to the doctor rapidly losing patients, the Chinese community has weathered a startling amount of hate and xenophobia amid #COVID19: globalnews.ca/news/6602754/c…
The increase in racism and xenophobia has led to acts of violence across Canada. Canadians who are considered visibly “Asian” are being stabbed, like this 44 year old Korean man:
Read 5 tweets

Did Thread Reader help you today?

Support us! We are indie developers!

This site is made by just two indie developers on a laptop doing marketing, support and development! Read more about the story.

Become a Premium Member ($3/month or $30/year) and get exclusive features!

Become Premium

Too expensive? Make a small donation by buying us coffee ($5) or help with server cost ($10)

Donate via Paypal Become our Patreon

Thank you for your support!

Follow Us on Twitter!