ICYMI: Canada doesn't need a wealth tax — via financialpost Canada Wealthtaxes
Banging the fair-share drum certainly is popular these days. But just because these voices are the loudest doesn’t mean the wealthy aren’t already pulling their weight. In fact, in 2017 the top one per cent of taxpayers earned just under 11 per cent of all income in Canada butfor 18 per cent of all income tax revenue collected by the CRA. The top one per cent’s share of income taxes paid was double that of the bottom 50 per cent of taxpayers.
And here’s the rub: even if the ultra-rich weren’t paying their fair share, wealth taxes have been tried in various jurisdictions but always fail to generate the revenue promised, come with huge negative externalities, and are more often than not repealed as a result. Globally, it becomes quite clear that a wealth tax is not the silver bullet progressive policy-makers claim it to be. Europe, once a hotbed for various versions of a wealth tax, has seen nearly all of them repealed over the past 30-plus years. Ireland , Austria , Denmark , Germany , Luxembourg , Finland , Sweden , and Iceland have all repealed their wealth taxes, citing the negative impact on their economies.
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