Many wealthy Canadians will leave, reducing Canada’s overall tax revenue and pushing ambitious innovators out of the country.
A rational government would be happy to have many wealthy people residing within their country.
More wealth is a good thing. It means value is being created. It means jobs are being created. In our relatively meritocratic system, people are wealthy either because they generate immense economic value to others, or because they are descended from those who generated immense economic value. And, since people should be free to pass on the money they earned to their descendants, it is legitimate and fair for someone to be rich because their value-creating parents or grandparents wanted them to be rich.
Above all of that, the goal should be for everyone to be increasingly wealthy, rather than punishing those who already are.
Unfortunately, the Liberal-NDP government is not rational.
They are a bunch of incompetent socialists, who believe in robbing hard-working Canadians of our tax dollars and funneling all the money to national government programs that bloat the bureaucracy while doing nothing to help the Canadian People. In effect, it’s like setting money on fire.
You will pay
With all of this in mind, news that the Liberals are planning to increase taxes on the wealthy should be seen as what it is: A policy that will make all of us poorer.
Other countries have tried to do the same thing, only to watch as wealthy people flee the country, while others work less to reduce their overall income and thus lower their tax bill. This results in less overall tax revenue, pushes innovators and job creators out of the country and makes life worse for everyone.
And so, a Liberal ‘wealth tax’ will really be a tax on all Canadians, continuing the Liberal record of making Canada worse in every possible way.
Spencer Fernando
