this post was submitted on 15 Jan 2024
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I think you need to be careful with a wealth tax because it will just make millionaires "move" to the US but still do business here. Under NAFTA they can live in the US and only pay US taxes while working here, except for services where GST must be charged.
It'll also really fuck up the TSX because the TSX does not see 10% gains, so we would lose a lot of capital for our business and reduced value of our pension funds.
Not saying no wealth tax, but wealth tax is complicated and the amounts need to be well considered for their impact to the economy.
Edit: forgot I wasn't on the Canada instance.
This applies to Canada doing wealth tax specifically, if everyone coordinated and closed loopholes wealth tax could be realistic, it's a cooperation game.
Two counterpoints:
Norway implemented a wealth tax and millionaires didn't move. It still has one of the highest rates of millionaires in Europe.
France implemented a wealth tax and millionaires moved causing them to make less than if they hadn't implemented it. They repealed said tax after 2 years.
Wealth taxes can work if done right. Done wrong and they do leave.
For Canada specifically I could see the situation being like France because we have NAFTA -- I'm assuming France can't simply do this because a millionaire could move to Luxembourg or the Netherlands and still be in the EU.
Not sure about France wealth tax specifically, but the EU has always had a huge problem with taxes being uneven, especially stuff like corporate tax, with smaller countries "stealing" companies from the bigger ones.
This year a minimum of 15% eu-wide was introduced to stop the tax race to the bottom, something similar could and should be applied to a wealth tax.
There were 12 countries with wealth tax in 1990, there are only 3 countries with it today. Wealth tax does not work, we know that since ancient Rome times.
Fine, let some other country have their population exploited for labor, put an import tax on their products, we'll survive just fine.
Right?? Let the leeches leave! Capital means fuck all when it's all only for them.
Fucking CanadaDefaultism. I expected better from you guys. You truly are just Americans with moosephilia. How aboot you kick yourself up the ass buddy, eh?
My most sincere apologies! Our government has deemed I shall be set adrift on an ice floe, with only a Tim Hortons duchie, a double double, and a hockey stick as punishment.
That's because it was against the Geneva convention.