Joe Biden breaks taboo on taxing wealthy, showing Trudeau how to do it. This trail-blazing by Biden, a centrist Democrat, should stiffen the spine of Canada’s strikingly timid “progressive” politicians. Opinion by LindaMcQuaig
A wealth tax, aimed exclusively at Canadians with net assets above $10 million, could raise $28 billion a year — enough to seriously enhance key social welfare programs,. Those trying to avoid it would face a steep exit tax.
The Liberals are always keen to beef up their progressive credentials, so last year they brought in a “luxury tax,” which hit Canada’s superrich — with the force of a feather-pillow. So, rather than sell stock, the superrich can finance their lavish lifestyles by borrowing from banks, which happily lend them ample funds at very low rates — an option not available to those without a fortune to serve as collateral.
Our prime minister lacks the boldness of mild-mannered Biden, so does nothing to grab a share of the immense wealth going straight to the top as Canada’s billionaires — and there are dozens of them, including some mega-billionaires — haveThe prebudget debate here has been dominated by wealth-funded think tanks, such as the, which produced a Shadow Budget advocating a post-pandemic Canada with a lot less government spending — despite surging social needs.
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