Dear John,
Thank you for completing our survey on the wealth tax. We received responses from thousands of Canadians – with the majority opposed to a wealth tax.
We were actually a bit surprised with how strongly our supporters felt about a tax that many believe will never impact them.
The truth is that it might not impact you today, but it could in a couple of years.
Most of the European countries that tried wealth taxes abandoned them because they didn’t work. France held on to its wealth tax until recently, then finally quashed it after more than 40,000 millionaires left the country!
When the rich leave, everyone else’s tax bill goes up to fill the void. And it’s not just people you’d consider wealthy that this tax would impact. Just like income taxes that originally only targeted the top 2%, wealth taxes will grow over time to include just about everyone.
Farmers in particular could be hit hard by a wealth tax due to the value tied up in their land, equipment, and quota. Even though many farmers are often cash poor, a wealth tax would target farmland that had been passed down for generations. Food costs would go up for everyone.
If a proposed wealth tax actually worked (which is “highly uncertain,” according to the Parliamentary Budget Officer), it would only pay for three days of the Trudeau government’s current spending! It wouldn’t come close to solving the country’s financial woes because the only way to do that is to get spending under control.
It gets worse. But don’t take our word for it. We contracted Certified Public Accountant and author of the recently released The Grumpy Accountant book, Neal Winokur to dig into wealth taxes to see how they’ve worked out. He’s authored a new exclusive ebook for the Canadian Taxpayers Federation about what he discovered. You can learn more about the unforeseen consequences of a wealth tax here:
https://www.taxpayer.com/en/get-your-free-copy-of-the-e-book-why-a-wealth-tax-will-hurt-canadians
Canada’s in financial trouble, but a wealth tax will hurt Canadians and it isn’t a serious solution. We hope you find this e-book equal parts concerning and insightful!
- Jasmine, Todd, Shannon and the entire CTF team
P.S.: Did you know we launched a podcast? If you’re looking for great Canadian content from an angle the mainstream media rarely covers, check out the Canadian Taxpayers Podcast wherever you get your podcasts, on our website, or on YouTube!
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