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Canadians overwhelmingly demand wealth tax after Kevin O’Leary says it will make him move away (www.thebeaverton.com)

submitted 2 months ago by ZeroCool@piefed.ca to c/theonion@sh.itjust.works

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[–] NotMyOldRedditName@lemmy.world 1 points 2 months ago (1 children)

Well, “true” value is a weird one

Ya, thats fair. I was more meaning things like, they own the land and building on it, but even that is somewhat subjective. But it's better than, this stock has a PE ratio of 100x because of some perceived future value.

And absolutely there should be a way to get a tax credit if they repay it, which would likely mean some form of realizing gains, or using already taxed assets.

They may still whine

I would also expect whining about oh how complicated this makes things, and it's going to cost so much money to properly record it all, but bitch, you got the money. Sell some assets to pay for it. 🤣

[–] jj4211@lemmy.world 2 points 2 months ago

Yeah, I expect there would be whining, but like you say, they have the money. It wouldn't even be the most convoluted tax stuff, on par with some fairly common tax stuff faced by fairly mundane taxpayers. They seem all too ready to handle the complexity when it represents a loophole to avoid taxes, so they should be ok with complexities to close the loan loophole.