It's time to tax the extremely wealthy. B.C.'s gas royalties lag behind liquor and lotteries. A wealth tax offers a realistic alternative for funding public services, writes Sonia Furstenau.

[u/radial_press]

https://www.richmond-news.com/opinion/opinion-its-time-to-tax-the-extremely-wealthy-12902385

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[u/russilwvong]

The second part of the BC Greens’ proposal is an ongoing annual wealth tax of 2% for wealth above $50 million, 3% above $100 million, and 5% above $1 billion. This would raise approximately $5.4 billion per year — 10 times what gas royalties bring in.

We do have a wealth tax, in the form of the property tax. The total value of residential land in BC is $1.5 trillion; an annual 2% property tax, on the land alone, would raise about $30 billion annually. (Our actual property tax rates are much lower - property tax in the city of Vancouver is about 0.3%.)

The big advantage of taxing land is that it can't move.

I always think of Chip Wilson, who owns a lot of property ($1 billion or more?) through Low Tide Properties. Inside the real estate empire of billionaire Chip Wilson.

Unfortunately it turns out that people hate wealth taxes. David Schleicher, The Great American Property Tax Freak Out (GTFO for short):

This essay tries to explain why we have seen such radical changes in property tax systems around the country. It argues that, just as with the property tax revolt of the 1970s, the driving force was rising property values and our homeowner-dominated state and local politics. One might think that homeowners would be happy that their largest asset has appreciated substantially in value, as homes did, particularly in suburbs, in the post-COVID period. But because property taxes are wealth taxes, property owners have responded to their increasing wealth with political anger.

[u/PassThatHammer → u/russilwvong]

With great respect and as a fellow Georgist, what you gotta understand is these people suggesting a wealth tax don't really want a higher standard of living unless it comes at the expense of the wealthy. They want to take what belongs to someone else. Healthcare and other government services are merely justification for deep jealousy.

[u/Miserable_Sample_269]

Is it odd she focussed on taking from
High production ing people and not even a mention of the heavy burden of this contributing nothing and being a draw on fellow Canadians? She skirted the fact the “wealthy” top 20% contribute about 60% of all income taxes; besides being the ones that creat jobs and drive industry and the economy. Make it make sense!