Take My Money. Please!

With even Britain's Labour Party avowing no new taxes on the wealthy, it is refreshing when one reads about people of means asking to be taxed more. In the United States, it is the billionaire Warren Buffett who clamours for fair taxation. His Buffett Rule came to prominence when he

publicly stated in early 2011 that he believed it was wrong that rich people, like himself, could pay less in federal taxes, as a portion of income, than the middle class, and voiced support for increased income taxes on the wealthy.

Regrettably, there is little such appetite in Canada, where that kind of talk is met with dire warnings of doom, the myth being that we are overtaxed. No one wants to impose penury on the wealthy, since they already do so much for us, eh? However, one individual is piercing the 'party line'. Claire Trottier writes:

Despite being part of the 1 per cent myself, ... we’re not addressing the underpinning factors that are accelerating the concentration of wealth and power into an ever shrinking percentage of individuals.

The solution is right in front of us: we need to tax me and people like me more and that means taxing wealth. 

She points out that the gap between the very rich and the rest of us is widening.

Canada’s roughly 50 billionaires have seen a 51 per cent increase in their wealth since the beginning of COVID and have more assets than the bottom 40 per cent of Canadian households combined. And it’s getting worse, as hugely disproportionate sums of wealth created in the last 10 years have gone to the top 1 per cent while the bottom 50 per cent have gotten practically nothing.

Given the crises in housing, food prices, general affordability and the climate, Trottier wants to see some changes. 

 I am one of over 250 millionaires who signed an open letter presented at the World Economic Forum at Davos saying that we would be proud to pay more tax in the form of a wealth tax. 

Polls show that a majority of Canadians support the idea of a wealth tax. 

All of society would benefit from a wealth tax. I’m not interested in being a rich person in a poor country. I want to live in a society where everyone can live a dignified life today and where we can mitigate the devastating impacts of climate change in the future.

Unfortunately, as I tried to point out in my previous post, the biggest impediment to fair taxation seems to be our government and the titans it chooses to fawn over and listen to. Until that changes, expect the gap between the rich and the poor, and its attendant policy failures, to continue apace.