Also important bits:

First, a well-designed wealth tax must apply to all types of assets equally (rather than exempting certain types of assets such as real estate, which would make tax avoidance by shifting between asset classes easy and likely).

Another concern is that the wealthy may move abroad in response to a wealth tax. Even if some do, that does not mean they can avoid the wealth tax. To reduce the incentive, either a substantial exit tax can be imposed or annual wealth tax obligations can continue to be applied after expatriation for a set number of years. This would be a fair recognition of the broader society’s contribution to creating and enabling these fortunes.

A hard cap would also have none of these possible weaknesses, although it may be seen as too radical.

You mean like the increase to capital gains tax Carney killed in his first few days as acting PM? He wasted no time letting his crew at Stripe and Shopify know who he gets shit done for.

with rates of one per cent above $10 million, two per cent above $50 million and three per cent above $100 million.

If someone has hoarded that much money, taxation at that rate will have absolutely zero impact on their lifestyle.

They have no valid complaints about a system like the one being proposed.

The rare Tyee article that is direct and to the point.

I'm for a wealth tax, but it makes a heck of a lot more sense to tax gifts and inheritance than try to keep track of the largest and most complicated wealth portfolios in Canada.

When.