Discussion · Bonfire social

Cory Doctorow

@pluralistic@mamot.fr · 2 days ago

Today's threads (a thread)

Inside: The case for a Canadian wealth tax; and more!

Archived at: https://pluralistic.net/2025/06/23/billionaires-eh/

#Pluralistic

A gilt-roofed, gabled mansion with a hole chopped in its side. From within glitters a weath of gold coins. In the foreground stands a lumberjack, swinging an axe at the mansion. The background is a blown-up, half-toned late 20th century Canadian $50 bill.

Stephen Elliott~Buckley

@Maxfieldripken@mastodon.social · yesterday

@pluralistic

Mmmm 🤩

25% wealth tax/year, dropping to 5% when they're down to $78m

#cdnpoli #canada #mexico #fascism #antifa #elbowsup #bcpoli #vancouver #burnaby #canlab

sleepy62🍁🛠️ 🖥️ 🔬 🌞

@sleepy62@social.vivaldi.net · yesterday

@pluralistic

I always thought that a wealth tax made more sense than income tax. Some people will be needing all their income just to live. Others may be doing really great things with their extra income. Excess wealth just sits there.

But I am wondering, what thresholds and what rates might be appropriate? Are we talking billionaires or mere millionaires. Bearing in mind that the average house is now over 1 million in many places.

Im thinking a total combined net worth of say 10 million?? Make it progressive so that it taxes billionaires more than the Tenmillionaires.

Molenaar

@molenaar@hsnl.social · 2 days ago

@pluralistic "One frequent objection to high taxes is that it encourages capital flight"

No. When I was young, there were all kinds of laws against capital flight. You could only take a small amount of money on a holiday abroad, for example.

These laws were abandoned by the same parties that now use capital flight as an excuse. But that is a lie: if you want to stop capital flight, just reinstate the old laws.

Phosphenes

@Phosphenes@mastodon.social · yesterday

@molenaar @pluralistic

It is becoming apparent that billionaires are a threat to national security.

So if taxation makes them leave the country: don't threaten me with a good time.

citizenAlex

@citizenAlex@social.vivaldi.net · yesterday

@Phosphenes @molenaar @pluralistic

More than a threat to national security. It's the billionaires vs the rest of us.

greuh

@greuh@framapiaf.org · yesterday

@citizenAlex @Phosphenes @molenaar @pluralistic I saw a post the other day that billionnaires push frantically the button « get 1 million but someone you don’t know dies ».

Jack William Bell

@jackwilliambell@rustedneuron.com · yesterday

@Phosphenes @molenaar @pluralistic

FWIW? USA citizens are required to pay taxes in the USA no matter where they live. Even if it means they are double-taxed.

The only way to get out of it is to renounce your USA citizenship: meaning they can't come back either.

win/win

ETA: I know the thread is about Canadians. But we have more of the bastards.

Fido

@edjuardo@kolektiva.social · 2 days ago

@molenaar @pluralistic Iceland instigated capital controls in 2008 iirc.

GhostOnTheHalfShell

@GhostOnTheHalfShell@masto.ai · 2 days ago

@molenaar @pluralistic

Gary Stevenson has articulated one of the better counter arguments to the capital flight.

The bulk of wealth for the super wealthy is based in tangible assets. So what if a wealthy property owner moves to the Grand Caymans. The land is still in the same place. The same could be sad about the revenue a a corporation collects from its operation in a locality.

They are nothing ultimately without transactions in a locality. Even if they exchange currencies.

Crookie

@Crookie@mastodon.social · 2 days ago

@molenaar @pluralistic Also, the very people they are concerned about leaving due to "high taxes" all store absurd amounts of wealth in offshore accounts and tax havens currently, making the "capital flight" argument a moot point.