TAX Canada’s Billionaires!
The following report was provided to us by the London Chapter of the Council of Canadians.
Do You Agree ???
Linda McQuaig, best-selling author and reporter and Neil Brooks, tax law expert, tell us that taxing Canadian billionaires is doable and would be a step toward justice. Together on September 22 at the London Library they engaged an audience of more than 130, speaking of the wealth disparity we all recognize as dangerous and unjust. This inspiring event was cosponsored by the London Council of Canadians and the London Public Library.
In their book Cancelling Billionaires Before They Cancel Us: the Urgent Case for a Wealth Tax Linda and Neil propose taxing wealth and not income, which the uber rich famously hide. They propose a progressive tax, starting at just 1% annually for wealth over $25 million and rising to 8% for wealth over $1 billion. This would add approximately $40 billion annually to federal revenues. This revenue would go some distance in addressing things like health care, education, social housing, and climate action and would be a step toward responsibility that the uber wealthy are avoiding.
Oh, but will the wealthy leave Canada with all their resources as is so often threatened? Neil Brooks says likely not because they would face an exit tax on their wealth. Linda reminded doubters that Neil is a renowned expert on Canadian tax law.
How are billionaires cancelling us? The problem is not only the unfairness of the wealth gap between billionaires and the rest of us. Linda and Neil reminded us that the ultra-wealthy do great harm with their investments in climate-destroying industries, their disproportionately high emissions, and their inordinate power through ownership of media and influence on governments.
The room was energized by the authors and we wonder how they subsequently view the news that Prime Minister Carney has reduced taxes for the wealthy with his new Productivity Mega Deduction which will lower taxes on investment. The estimated incremental fiscal cost of the measure is $36 billion over five years, beginning in 2026-27.
Be assured that the Council of Canadians has this wealth disparity in its sights in the Billionaires Vs. All of Us / The Many Vs. the Money campaign. See more on the national Council of Canadians web site www.canadians.org. While you are there, consider becoming a member, if you aren’t already, by donating to support the work of the Council. Linda and Neil praised the Council and urged people to join!
The book Cancelling Billionaires Before They Cancel Us is available at Bread and Roses Books, Western Fair Market, Saturdays 8am – 3pm and Sundays 10am – 2pm, or email <brpaperco@gmail.com>.
We thank the London Public Library for their partnership in offering this event and remind us all of the need for City funding for the Library, an institution crucial to democracy.
What can we do going forward?
– Elect politicians who will enact a wealth tax and curb the power of the ultra-rich.
– Elect municipal politicians who understand that taxes pay for needed services. Property taxes are a wealth tax.
– Let current politicians know that you want a wealth tax.
– Elect politicians at all levels who will protect and fund publicly-owned institutions like the London Public Library.
– Elect progressive people to the Board of the London Public Library. The current Board is listed here: https://www.lpl.ca/about-us/board-management
– Join, follow and support the Council of Canadians www.canadians.org.
– Support the London Chapter of the Council of Canadians. To donate, email londoncouncilcanadians@gmail.com. Attend our AGM on November 23 where we will be forming action committees. “Billionaires Vs. All of Us” t-shirts and the Cancelling Billionaires book will be available for sale.
– Spread the word. Read the book, read articles, watch videos, check out our web page, learn the truth about wealth taxes and billionaires, and then talk and write about it everywhere you can.
London Chapter
Council of Canadians
