There is a difference of opinion on whether a wealth tax would be a hindrance or a help in reducing Canada’s over $1-trillion debt.
Franco Terrazzano says a tax rate of three per cent on wealth over $10-million and five per cent for over $20-million would generate about $12-billion a year, but a wealth tax is complicated.
He believes they are generally costly, complex and they have serious economic consequences.
Terrazzano would prefer to see spending cuts like putting a concrete end date to the COVID-19 subsidies and a cut in pay for MPs, who have received two pay raises since the pandemic began.
An economist with the Canadian Centre for Policy Alternatives believes a wealth tax is a good idea.
Alex Hemingway gives the example of a one per cent tax on wealth over $20-million, a two per cent tax to $50-million and over, and a three per cent tax for $100-million and over , which would net the government nearly $20-billion in a year.

He adds that the 87 richest families in Canada each hold, on average, over 44-hundred times more wealth than the typical family and together, have more wealth than the bottom 12-million Canadians combined.