This Black History Month, it’s important to recognize that economic injustice—both in Canada and around the world—is deeply rooted in racism. The property system in Canada was founded on the forced displacement and exclusion of Indigenous peoples from their land and immigration policies that prevented non-white immigration, effectively barring many thousands of people from accessing property in Canada. These racialized colonial systems laid the foundation for the current racial wealth gap, where racialized Canadians have about half as much wealth as their non-racialized counterparts.
Unlike the United States, where constitutional barriers have historically shielded the ultra-rich from direct taxation, Canada faces no such constitutional legal obstacles—only political ones. And those political excuses are running out.
A wealth tax enjoys overwhelming public support. Nearly 90 percent of Canadians back it, yet successive Liberal and Conservative governments have refused to act. Their refusal isn’t due to legal constraints but to the immense influence of corporate lobbyists and billionaire donors who oppose any effort to make them pay their fair share.
Just last year, powerful corporate interests mobilized to kill a progressive tax measure that would have primarily targeted Canada’s wealthiest citizens and corporations: the partial closure of the capital gains loophole.
I don’t think a wealth tax is smart. I think the current slate of billionaires that are aligned with fascism should be rounded up and executed. But I am pretty sure every economist agrees that a wealth tax doesn’t make any sense mathematically. People have a bunch of stock either because of founding companies or investing early, and then the public gets to buy the stock, if the public thinks a company is valuable the stock rises and people become wealthy. It doesn’t mean that they actually have that much money that they can deploy. I think it makes more sense to have rules that prevent people using their stock as collateral for loans.
Your parents witnessed the fall of communism. We are here to witness the fall of capitalism. Your stocks will be worthless. Don’t worry about taxes.
??? wont the taxes also be worthless then? Do you think I am against taxes or something?
I find it difficult to believe you could come to this conclusion in good faith, given how many serious economists advocate for wealth tax.
This economist wrote an award winning book on the topic https://en.wikipedia.org/wiki/Capital_in_the_Twenty-First_Century, where he advocates for a wealth tax.
If you think it’s “bad faith” to be against a wealth tax, then I know for a fact you have not looked into any debate about the topic, because there absolutely no consensus. Maybe you have a book that argues in favor of a wealth tax and that’s fine, I am open to arguments in favor of it. But saying I’m bad faith, when I suggested an alternative, is fucking removed.
Your supposition that “every economist agrees that a wealth tax doesn’t make any sense mathematically”, I find in bad faith, not that you are against it. It’s obvious that you are against it.
I don’t see how you could talk about economics and not know about that book.
ok good 1 chief
lol you’ve clearly been bested here. take the L and rephrase your claims to be less provably false next time.
Yes totally I have been bested I admit it. There is no contention around a wealth tax. Economists generally agree its a good idea and will be a successful policy.
Hey champ check this one out…
We all pay property taxes on houses we own or rent… so why can’t owner of stock pay a property tax?
Asking for a friend.
Okay so how would it work? Would you tax once a year based on the value of their portfolio?