COVID should make Canadians more skeptical of wealth taxes — via financialpost COVID wealthtaxes
During the last federal election all parties avoided the question of how to pay for huge government debts. But it’s only a matter of time before “the hunt for money” begins, as The Wall Street Journal puts it. When that hunt begins in earnest, some parties will likely again propose that the wealthiest Canadians get the bill, so they can “pay their fair share.”shows that wealth taxes do not raise substantial net revenues for governments.
If anything, the pandemic should have made Canadians more skeptical of a wealth tax. The marked drop in inequality means it’s less pressing an issue than it may have been. Moreover, the debt burden looms large, especially as interest rates return to normal. The best way to reduce it is with faster economic growth. But a recent U.S.on wealth taxes found they lowered overall incomes — as you would expect. That’s the exact opposite of what economic recovery needs.
Like most things, inequality is not black and white — there’s good inequality from entrepreneurs inventing products all the world uses, and there’s bad inequality that comes from rewarding ill-gotten gains: think Russian oligarchs. Higher inequality wouldCanada if it meant our businesses were revolutionizing retailing, as Amazon or Walmart did, or technology as Google and Tesla are doing. But a wealth tax does not differentiate between good and bad inequality.
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