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.”

Canada doesn’t need a wealth tax

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