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New report by @PBO_DPB requested by @MPJulian on wealth tax confirms it woud generate signficant revenues: $5.6 B in 1st year at 1% of assets over $20 million on fortunes of the super rich. https://www.pbo-dpb.gc.ca/en/blog/news/RP-2021-017-M--net-wealth-tax-canadian-resident-economic-families--impot-patrimoine-net-familles-economiques-residant-au-canada
My calculations using distribution of wealth estimates from the @PBO_DPB and similar assumptions results in similar estimates. https://www.pbo-dpb.gc.ca/en/blog/news/RP-2021-007-S--estimating-top-tail-family-wealth-distribution-in-canada--estimation-queue-superieure-distribution-patrimoine-familial-au-canada
And that a 1% net wealth tax on assets of over $10 million would generate $10 billion annually, and an additional 1% (so 2%) on assets of over $50 million close to another $5 billion.
There's been such a large increase in inequalities of income and wealth, that even relatively modest tax rates on the super-rich can generate substantial revenues--and help to reduce inequalities at the same time!
