The Paikin Podcast Everything Political: Is It Time to “Cancel” Billionaires?
Feb 19, 2026
Linda McQuaig, journalist and author advocating a wealth tax; Martha Hall Findlay, former Liberal MP turned public-policy academic; Tony Clement, former Conservative cabinet minister offering conservative policy views. They debate whether billionaires should exist, a proposed wealth tax and its political risks, philanthropy and private foundations, flight risk for the wealthy, and alternatives like universal basic income.
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Wealth Concentration Is Driving Affordability Pain
- Wealth concentration has surged: the top 1% of Canadians rose from 18% to 26% of national wealth in a decade.
- Linda McQuaig links this to affordability crises and stagnant middle-class incomes.
Design A Targeted, Graduated Wealth Tax
- Implement a targeted wealth tax only on very high net worth individuals, starting above $25 million.
- Use gradual rates (1% up to 8%) to raise revenue without deeply cutting into typical annual returns.
Wealth Gaps Reflect Market Failures
- Concentration of wealth often reflects market failures like oligopoly and weak competition.
- Tony Clement argues fixing anti-competitive structures (e.g., telecom spectrum rules) must accompany redistributive measures.
