Canada doesn’t need a wealth tax

DM

The pandemic has led to rapidly increasing deficits and a ballooning national debt. As you’d expect, the usual suspects are using the COVID moment to claim that now is the time for Canada to implement a wealth tax on the “ultra-rich.” NDP MP Peter Julian has submitted a motion, M-43, that would tax fortunes over $20 million at a rate of one per cent. According to Julian, the wealth tax is a necessary tool for addressing income inequality and forcing the ultra-rich to pay their fair share. After her swearing-in, incoming Finance Minister Chrystia Freeland spoke ominously about how it was imperative that the economic recovery from COVID be “equitable,” which in many people’s books is code for “equalizing.”

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