What right do they have to my already taxed income? I'd rather invest it into the economy than hand it over to a government slush fund.
Having a straight wealth tax on all wealth is something I would oppose 100%. I would only support a wealth tax on wealth above a certain threshold. At least a few mil.
There is no guarantee that wealthy Canadians are going to invest in the Canadian economy in lieu of a wealth tax. This is why strictly supply-side economics doesn't work. In fact we don't have an estate tax right now and a lot of Canadians are making foreign investments rather than domestic. And many are investing in real estate beyond their primary residence (contributing to the housing bubble crushing the poor) instead of investing in Canadian corporations or Canadian index funds like the TSX. Even if your Quest trade or TD trading account or mutual fund is based in Canada, if you invest in something foreign like say the S&P 500 (an American index fund), the bulk of that money goes to the United States while the Canadian financial enterprise mediating the transactions gets a percentage.
In order to ensure that the wealthy invest in Canadian jobs, the tax code would have to incentivize towards that direction.
My concern with wealth taxes is the capital flight risk. As wealthy people have the best accountants and are the most capital mobile.
Having a straight wealth tax on all wealth is something I would oppose 100%. I would only support a wealth tax on wealth above a certain threshold. At least a few mil.
There is no guarantee that wealthy Canadians are going to invest in the Canadian economy in lieu of a wealth tax. This is why strictly supply-side economics doesn't work. In fact we don't have an estate tax right now and a lot of Canadians are making foreign investments rather than domestic. And many are investing in real estate beyond their primary residence (contributing to the housing bubble crushing the poor) instead of investing in Canadian corporations or Canadian index funds like the TSX. Even if your Quest trade or TD trading account or mutual fund is based in Canada, if you invest in something foreign like say the S&P 500 (an American index fund), the bulk of that money goes to the United States while the Canadian financial enterprise mediating the transactions gets a percentage.
In order to ensure that the wealthy invest in Canadian jobs, the tax code would have to incentivize towards that direction.
My concern with wealth taxes is the capital flight risk. As wealthy people have the best accountants and are the most capital mobile.