this post was submitted on 15 Jan 2024
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Yeah, it's a wealth tax we need. 10% a year of everything over $100 million. Yeah, bitch, I'm including all your motherfucking shares and property as well.
I think you need to be careful with a wealth tax because it will just make millionaires "move" to the US but still do business here. Under NAFTA they can live in the US and only pay US taxes while working here, except for services where GST must be charged.
It'll also really fuck up the TSX because the TSX does not see 10% gains, so we would lose a lot of capital for our business and reduced value of our pension funds.
Not saying no wealth tax, but wealth tax is complicated and the amounts need to be well considered for their impact to the economy.
Edit: forgot I wasn't on the Canada instance.
This applies to Canada doing wealth tax specifically, if everyone coordinated and closed loopholes wealth tax could be realistic, it's a cooperation game.
Fine, let some other country have their population exploited for labor, put an import tax on their products, we'll survive just fine.
Right?? Let the leeches leave! Capital means fuck all when it's all only for them.