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Ontario billionaire under fire for arguing poor people shouldn't be able to vote (www.blogto.com)

submitted 1 day ago by avidamoeba@lemmy.ca to c/canada@lemmy.ca

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It's Shopify's Tobi Lutke.

A reminder that he's behind Build Canada and Build Toronto, and that Build Toronto's Eric Lombardi is running for the Ontario Librral Party leadership as we speak.

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[-] definitemaybe@lemmy.ca -3 points 1 day ago

A 100% income tax means there's no incentive to remove profits from a business beyond that income, since you can't spend any of it, so it will just encourage increased accounting trickery to justify "business expenses" for things like purchasing private islands, sports cars, and luxury vacations.

80% is high enough; for every $10 million they withdraw for personal spending, they keep 2, and the other $8 million would go to pay for the services requested to run the rest of the country that enables them to produce their wealth. (Including all their employees and customers.)

Then we still benefit from the efficiencies inherent in the profit motive while having the ultra wealthy pay their fair share.

[-] CanadaPlus@lemmy.sdf.org 8 points 1 day ago* (last edited 1 day ago)

That was a wealth tax, not a tax on income. So, nobody would be worth more than 10 million, and earning 10 million is almost out of the question. That means you can't own a huge business by yourself, to start with.

[-] explodicle@sh.itjust.works 1 points 10 hours ago

Get a high salary, "lose it" on crypto, retire in Belize.

[-] UnderpantsWeevil@lemmy.world 6 points 1 day ago

I might argue that if any single individual is in the position to collect $10M+/year, the economic system is already dysfunctional. That individual is operating as a gatekeeper rather than a value center and the position they occupy needs to be broken up and reorganized.