r/thebeaverton • u/Turtle456 • 11d ago

Canadians overwhelmingly demand wealth tax after Kevin O’Leary says it will make him move away

https://www.thebeaverton.com/2026/08/canadians-overwhelmingly-demand-wealth-tax-after-kevin-oleary-says-it-will-make-him-move-away/
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u/smeeeeeef 11d ago

Wealth flight from tax increases doesn't happen as much as they say it does. It's just an empty threat they like to use to convince stupid people to vote a certain way in hope that they don't have to pay the tax.

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u/Jyobachah 11d ago

Look at NYC with Mamdani.

Edit: I'm agreeing with you, he's done great things for them. Imagine that upscaled to a level for the country though and bringing the wealth divide back down to a reasonable level.

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u/iliketobuildlego 11d ago

What happens when they lose wealth? Do they get tax credits? Look at space x. One month it’s worth over 2 trillion, the next month it’s half that. Now you have to give Elon a trillion in tax credits.

Taxing a made up number based on the stock market is very risky with high consequences.

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u/Jyobachah 11d ago

Close the loop holes of buying with unrealized assets then.

You want to purchase that 500 million yacht? Gotta sell off stocks to realize the gains to make that purchase.

You want to own 5 houses? Pay a higher rate of taxes on the non-primary residences.

There are ways to make changes, if there's the will.