As extreme inequality has increased across the world, so too has the prevalence of calls for an annual tax on the wealth of the superrich. New analysis shows that a robust wealth tax in Canada could raise well over a quarter of a trillion dollars in revenue over the next decade. None of the parties currently vying for power in the upcoming general election are proposing a tax radical enough to raise these funds, though one offers a decent start.

Billionaire wealth skyrocketed in Canada and the rest of the world during the pandemic. COVID-19 also exposed major gaps in the social safety nets in place in many countries. In response to the crisis, nations, predominately in the Global North, embarked on a series of large-scale emergency measures to provide a critical lifeline to people affected by the pandemic. These extraordinary initiatives have raised the question of how the state could tap into concentrated wealth might to raise more public revenue going forward.

Eighty-nine percent of Canadians support a wealth tax. Even amongst Conservative voters the policy is incredibly popular; 83 percent of Tories are in favor of the tax, proving that it is an issue that unifies voters across the political spectrum. It is striking that a near-consensus among the public has translated so unevenly to the platforms of Canada’s major parties.