The Wealth Tax Commission recommended a one-off (as opposed to an annual) wealth tax for the United Kingdom (UK) in a report released on December 9, 2020 (see A Wealth Tax for the UK). The main rationales are to raise tax revenues to address the financial pressures owing to the COVID-19 pandemic, and to reduce inequality generally in the UK. The report has generated much public debate in the UK.
Argentina has also just passed legislation to levy a one-off wealth tax (see “Argentina to Hit the Rich with Wealth Tax as Covid-19 Costs Rise”).
Is it time for Canada to consider such a tax? For anyone interested in this topic, the Report and the background papers provide a great deal of information to support a serious debate.