Who and how much:

Consider an annual tax on the net wealth of families with rates of one per cent above $10 million, two per cent above $50 million and three per cent above $100 million.

This means the first $10 million of any family’s wealth is entirely unaffected by the wealth tax. Based on modelling of the first year of this wealth tax, the bottom 99.4 per cent of Canadians would pay nothing, while only the richest 0.6 per cent would pay any amount. This means that only about 100,000 families across the country would pay any amount under the wealth tax, with 10,000 wealthy enough to fall into the second-highest bracket and 3,700 in the highest bracket.

This narrow tax on the wealthiest few would raise an estimated $39 billion in its first year, $62 billion by its 10th year and $495 billion cumulatively over a 10-year window.

How:

an effective wealth tax must make use of extensive third-party reporting of assets, particularly from financial institutions, rather than relying too heavily on self-reporting as in the case of some older wealth taxes.