Wealth Tax?

There is no question that there will be changes to our tax system upcoming.  We have to pay for what we have been getting in terms of pandemic relief.  I don't like the idea of a wealth tax, mostly because it presumes that wealth equals monetary accumulation.  Personally, I have a great partner, two great children, one great son-in-law, and the greatest grandson ever.  I consider myself the wealthiest woman I know. 

I propose a "give back" tax.  I think it should be mandatory for everyone to contribute 1% of their gross income to charity.  For a person making $20,000/year, that would be $200.  For a person making $250,000, that would be $2500.  Not a huge amount and charities need a boost.  No tax break for this gift.  Tax incentives would apply after this threshold. Those who don't give, would have that amount taken off directly by CRA.  Based on gross domestic product figures, this would provide about $16.9B to charity and would be a fair way for everyone to give. 

Further, everyone should be required to volunteer for a registered charity 40 hours/year.  That is a little more than 3 1/2 hours per month.  One hour per week.  Everybody should be able to do that. Those that don't show evidence of 40 hours/year will have that equivalent amount of earnings taken off as non-refundable tax. 

It is a very low threshold.  But, it reinforces common themes we have learned during the pandemic.  Together but apart.  We are all in this together.  The world only works when we all work together.