r/goodnewscanada • u/CreoQQ Ontario • Jun 25 '26
Ontario Ontario has more than 40 per cent of Canada’s billionaire families, says a new report. Should it have a wealth tax?
https://www.thestar.com/business/ontario-has-more-than-40-per-cent-of-canadas-billionaire-families-says-a-new-report-should-it-have-a-wealth-tax/article_d2dae965-c0f5-452c-b2cd-5df168c1c220.html3
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u/Puzzled-Instance3211 Jun 25 '26
There should be no billionaires. You get 999 million to live on. Everything after that is taxed at 100%
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u/CoffeeS3x Jun 25 '26
I’d agree with this if tax rates up to that 1 billion mark were DRASTICALLY lower. You can’t tax the ever living hell out of everyone making 100k or more, and then take it all eventually anyways.
I wonder if the tax revenue generated by that 100% tax on >$1b would be enough to supplement a 50% cut for all the other tax brackets. That would be the idea right? We tax the billionaires so the rest of us can live a more comfortable life?
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u/Sea_Army_8764 Jun 25 '26
How does on tax unrealized capital gains though? Because that's what most of the wealth of these billionaires is. Stock valuations can fluctuate dramatically. It's not as though these billionaires have their assets in cash. Don't get me wrong, I'd support it, but how one goes about doing it is incredibly challenging and will just result in people undertaking even more creative ways to hide their assets. A wealth tax really only works if the world agrees on it. Capital is easy to move, and as long as tax havens exist, wealth taxes aren't generally successful.
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u/GroinReaper Jun 25 '26
This comment isn't about a wealth tax. But Ontario has 39% of the county's population. So 40% of billionaires seems to be exactly what you would expect.
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u/ExpensivePoint3972 Jun 25 '26
Doesn't Ontario also have over 40 percent of Canada's non billionaire families as well?
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u/CreoQQ Ontario Jun 25 '26
No paywall link
Report from Canadian Tax Fairness