A Modest Wealth Tax Would Raise$36.3 B over 10 years

[Darts]

Teachers Pension Plan have $billions. Let's tax them. Just how much do retired teachers need anyway? TPP even acquired or is in the process of acquiring a bank.
Ontario Teachers' buying reverse mortgage company HomeEquity Bank | iNFOnews | Thompson-Okanagan's News Source (infotel.ca)

 

[Ceiling Cat]

Tax the rich = drive rich people out of your country to a lower tax jurisdiction.

 

[seagerbuzz]

If this did happen somehow someway the gorvernment will find a way to give it back to the wealthy.

 

[Claudia Love]

336 billion over ten years is nothing. We need progressive income and estate taxes to do something about inequality in this world. We also need international fiscal cooperation to stop countries like Ireland from becoming tax havens to steal other countries revenue.

 

[contact]

336 billion over ten years is nothing. We need progressive income and estate taxes to do something about inequality in this world. We also need international fiscal cooperation to stop countries like Ireland from becoming tax havens to steal other countries revenue.

No we do not life isn’t fair get over it

You seem to want something where everyone gets the same thing may I recommend North Korea to you? the government will provide you everything you need and if they don’t provide it then you don’t need it this also includes food and medical care

 

[Ceiling Cat]

If a rich person has paid no taxes or very little taxes it is because he invested heavily in the economy and produced jobs or he has massive losses on his investments.

 

[fall]

Let me rephrase that. How much money/things you really need. I doubt the life style would be a lot different between 1billion and 100millions.

Do you have a family you want to pass you money to when you die? Do you know of anything (or will you if you will have free time) something that you want to do but that require a lot of help and resources? Or do you just want to sleep, eat, travel, and have sex and do not care about anything else. Lots of rich people donate lots of money for all kind of research, establish research laboratories, fund scientific discoveries, support universities. Do you think the tuition (even U.S. tuition) is enough to support research? Why do you think many business schools, low schools, hospitals, medical and research buildings named after some people? Because they paid for it. Rich people spend money on others when and how they want to. $100 millions is nothing. For example, the largest hospital donation was in 2017 by Herbert and Florence Irving made to the Columbia University Irving Medical Center (New York) for cancer research and patient care in the amount of $600M. They earned this money and they should be able to do what they want with them. Most people who have lots of money do something good with them but they are the only one who should decide what to do with their money. So, yes, the difference between $100M and $1B is as large as between an annual income of $50K and $100K: you have different possibilities. Even with $1B you still cannot buy or do everything you want to.

 

[barnacler]

While I disagree with a "retroactive" tax such as a wealth tax, the above is how it should be. Taxation should be progressive. The reason being that every dollar a low-income earner gets to keep goes a long way, whereas every dollar an ultra-rich person makes is a pittance. Those low income earners are more likely to put that dollar back into the system by purchasing necessities. The ultra-rich typically re-invest their dollars in investments that already have an overabundance of capital.

When they put that money back into the 'system', as you call it, 1) it does nothing to improve productiity. Our standard of living depends entirely on productivity. 2) It does not stay in our economy. It sucks in imports, benefitting OTHER countries.

So money confiscated from productive sources, such as capital and investments, to finance consumption without any addition to capital investment or productivity, invariably will impoverish the country, as every dictator or demagogue that has tried it has found out.

Like eating your seed corn.

 

[VIPhunter]

336 billion over ten years is nothing. We need progressive income and estate taxes to do something about inequality in this world. We also need international fiscal cooperation to stop countries like Ireland from becoming tax havens to steal other countries revenue.

Why the hell am I working so damn hard if I can't pass it on to the kids, so they can start off with even a better advantage than I? Why did my ancestors do the same? Why did they take a huge chance on going to Canada, and almost freezing to death?

It's NEVER too late to start a family dynamic that invests in the future. All estate taxes is do, is make a mockery of hard work and continued effort.

This is the real (North) American dream. Generations of family working together, not mucking up the works by becoming spend-aholics or addicted lay-abouts.

 

[nottyboi]

I'll support (partial) confiscation of wealth from the filthy
rich provided that all the money seized from them goes to
payment of our national debt.

I don't think you realize that debt and monetization of said debt is a form of taxation on the super rich. The only fool proof one.

 

[Darts]

The OP is probably too young to remember the Domesday Book (better known as the Doomsday Book). That is when some government people come to your place and start taking an inventory of everything you own.

"To what end" you ask? "We're from the government and we're here to help you" comes the reply.

"I’m from the government and I’m here to help you” (or “We’re from the government and we’re here to help you") is a line from the mid-1970s, usually grouped with other great fabrications such as “The check is in the mail..............................”

President Ronald Reagan called the phrase “the nine most terrifying words in the English language” in 1986."

 

[moredale7]

A Modest Wealth Tax Would Raise$36.3 B over 10 years

So what?

 

[oil&gas]

So the peasants can get their share of the wealth of
the royalties they are entitled to.

 

[Archer2012]

Teachers Pension Plan have $billions. Let's tax them. Just how much do retired teachers need anyway? TPP even acquired or is in the process of acquiring a bank.
Ontario Teachers' buying reverse mortgage company HomeEquity Bank | iNFOnews | Thompson-Okanagan's News Source (infotel.ca)

Ontario Teachers Pension fund 200 plus BILLION - and we need to cry for Teachers?
Omers Fund - over 110 BILLION - Municipal Workers have a pretty nice retirement.

I started my own business many years ago - mortgaged everything to the hilt - my line of credit was a dot. If I had to wait a couple of more months to generate revenue - I would have lot my home and everything. I took the chance / risk. This is Canada - anyone can do / become anything if they want to put forth the effort.
I have employed many people over the years at more than fair market levels (You need to pay to keep good people - INVESTMENT).
For over 25 years I have been “married” to my job - fun fact in 25 years - only taken one week’s holiday without my phone / computer. Now I do for the most part love and take pride in what I do. I take allot of pride in My People being regarded as among the industry’s very best.
Yes now I’m doing well - however when look at what I pay in Corp taxes / Personal taxes and the more taxes when I spend - for every hour I work the first 45 minutes goes directly to the Government and I am to give even more? I might as well close up shop and become an Uber driver.

1/ The Government is our Country’s least efficient industry - waste piled on waste piled on waste. The Government should first look at their own efficiency and start there rather than let’s just grab more.

2/ I am sorry but again this is Canada - one can make of themselves what they want. I have no remorse for someone who doesn’t want to put in the effort but wants all the handouts. Do you know how many businesses are suffering because of CERB - they can’t get people back to work.
3/ CERB - totally miss-handled - business effected by COVID - should have had payroll topped up by the Government and kept all people on the payroll (there was a form of this) - establishments could have rotated their staff during down times - when business picked back up they call all workers back or worker does not get paid - no one sitting at home not wanting to go back to work if there was no CERB - it should have been given directly to Businesses to keep people employed - would have saved sooooo much money.

 

[Darts]

Yes now I’m doing well - however when look at what I pay in Corp taxes / Personal taxes and the more taxes when I spend - for every hour I work the first 45 minutes goes directly to the Government and I am to give even more? I might as well close up shop and become an Uber driver.

Hey Archie, congrats on your success. Canada needs more folks like you. Of course you are now a "target" and demonized because you are "rich".

Here is another story.

A few years ago I was playing pool with a dancer at the late beloved CB (technically dancers are not allowed to play pool with the "guests"). The dancer soon left to go do whatever and I struck up a conversation with a middle age gentleman.

He said his family owns a small trucking company and everybody works and contributes to the household. They live in a 3 generation home. The kids attend school. The young adults work the trucks 24/7. The elders look after the kids when the adults are working.

 

[curr3n_c1000]

Tax the rich = drive rich people out of your country to a lower tax jurisdiction.

Yea right. You really think every multi-millionaire will just pack up and leave?

Too many brainwashed people.

 

[curr3n_c1000]

Hopefully I'm alive to see this power structure crumble.

We need a reset. We need to see a new movement.

Everyone love the first world lifestyle, but no one want's to pay.

I can't wait until we get to the point where you either pay with your cash, or your life.

That's how the real world works. No taxes, No services.

You guys like to laugh at "3rd-world" nations, meanwhile we are almost there.

 

[passingthru]

Never a mention from you about reducing government expenditure. Just take from someone else.

remember when Stephen Harper‘s government audited itself to find and correct redundancy? And the media said that he was abandoning environmental protection? So then they abandoned their plans to reduce the size of government?

yeah. This country is overrun with government-paid unionized employees whose sole job focus is providing the faintest shred of evidence that they’re relevant. Never mind competence or ability. Let’s not pretend that a bad teacher can be held to account, or a toxic phone rep from the MTO could ever be dismissed.

 

[passingthru]

Yea right. You really think every multi-millionaire will just pack up and leave?

Too many brainwashed people.

Actually. Yes.

Also, how many multi-millionaires do you know that hold everything in cash?

 

[fall]

So the peasants can get their share of the wealth of
the royalties they are entitled to.

Entitled? Could you, please, explain where the entitlement came from?