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Canada's Richest Millennials Call for Higher Wealth Taxes to Help Address Inequality

Canada's Richest Millennials Call for Higher Wealth Taxes to Help Address Inequality

theservman

Meanwhile boomers continue to scream "fuck you" to everyone under 70.


Darwin_Help_Us

?. Boomers are age 56 to 74.


ToenailCheesd

Boomers aged 54 to 69 respect their elders, duh


theservman

My parents are early boomers, so I tend to skew to the older end of the range.


NOvaccine4ME

Ha ha, an inheritance tax will only fuck over millennials.


varitok

Richest Millennials? So they're able to afford rent every month?


rfdavid

Us oldest millennials are doing pretty well, especially the ones that managed to buy a house.


redditthang

Depending on where you are I don’t think the majority of millennials bought a HOUSE completely on their own. Nobody should rely on generational wealth as a caveat to purchasing a home. If it were a matter of instant gratification of young generations wanting their own house and not getting it, we can all put up with whiny people. But this isn’t that and no one is whining. The economy was stacked so much against millennials a lot of them literally had to wait by their grandparents bedside for them to die to be able to afford a condo in an urban centre. It isn’t right no matter what age you are.


rfdavid

You nailed it. My down payment was inheritance, it was perfectly timed with my first major promotion moving us out of the paycheck to paycheck cycle.


redditthang

Congratulations! Such a bittersweet thing. All the best friend-o.


[deleted]

I started a trade at 18 and just before my 25th birthday I bought my first house. I picked a career that had demand and I didnt piss all my money away on trucks and toys.


localPhenomnomnom

You got lucky. Few people at 18 have figured out what career they're going to get into, and circumstances change all the time. You could get cancer or get injured in a freak accident. Life's like that. Just because it didn't work out for others doesn't mean they've pissed their money away.


[deleted]

I understand that. My comment was more directed at the average middle class kid out of high-school. I've heard so many people say they feel bad for first and second year post secondary students because they are "missing out on the experience" I had many friends go to college or university. Most of them were more concerned with where the party was than a career. Why should I feel sorry for these kids? It's such a privelaged statement. It's a sign of our times. Kids are more concerned with having fun than actually grinding it out and paving a way for yourself. Again I know some people just get the short straw. But I think that's the minority in north america.


Stupidnames04

Trades are a good way to go. Except they get looked down upon from society, always have. How much does a plumber make, yet he is portrayed as a bumbling idiot with a buttt crack hanging out.


Darwin_Help_Us

This. I tried to warn my nephews about that. They learned later than i would have liked and are behind where they could have been. The lyrics from Pink Floyd's "Time" are about as accurate as can be. "Ticking away the moments that make up a dull day You fritter and waste the hours in an offhand way. Kicking around on a piece of ground in your home town Waiting for someone or something to show you the way. Tired of lying in the sunshine staying home to watch the rain. You are young and life is long and there is time to kill today. And then one day you find ten years have got behind you. No one told you when to run, you missed the starting gun." My other fave quote is from Chief Clarence Louie of the Osoyoos, "If your life sucks it's because you suck" A bit blunt but he nailed the most important message in life. The message that the world owes you nothing, you dont' "deserve" anything, you are just one of billions of people and are not special by default If anything some parents need a kick in the pants, because they didnt teach that to their kids and they take too long to realize the truth in it. Every generation has opportunities to take advantage of supply and demand in their career path and money management. Yeah inheritance and easy credit is screwing things up by artificially keeping some markets in a bubble, but opportunities are always there to slowly get ahead.


[deleted]

I upvoted you only for pink Floyd. They go hard


Darwin_Help_Us

They are evil passive income boomers. /s I love floyd. The complete accuracy of the song "time" didnt really truly hit me, until decades after I first heard it.


[deleted]

I love that someone down voted me. They hate us cos they ain't us. The government won't save you from your own choices


Darwin_Help_Us

Hehe exactly. Own your choices.


NOvaccine4ME

The ironic thing is that the government has no choice but to introduce an inheritance tax to help pay for the CERB paid out to millenials lol.


rfdavid

Seems fair to me, it’s unearned money that is handed out based on being lucky enough to be born to someone not poor.


[deleted]

Unfair to introduce an inheritance tax. The money passed on has already been taxed. **i have never received an inheritance, nor do I own a house.


stephenBB81

If you're not living in one of the major metro areas in Canada lots of us Millennial purchased houses without generational money. The majority of my cohort from highschool did not have generational money and have purchased homes between 7 and 12 years ago in our 20's . Heck some of my University team mates actually had their homes paid off before they turned 30 buying small places in areas out side of Sault Ste Marie.


redditthang

Cool, and that is specifically why I said urban centres. But there isn’t a lot of people who have, until recently due to Covid (and finally having WfH validated) thought about moving to the Soo. I was replaying to someone who made a sweeping statement and I just wanted to put in my two sense to focus the argument. I appreciate your POV though and respect that rural areas have different living conditions.


CanadianWildWolf

Haven’t seen any difference in rural BC, well outside the cities, towns, and even villages. Owning a home is a hovel dream and so called desperate “tent cities” at best for those [whose] grand parents aren’t involved.


Darwin_Help_Us

All driven by people willing to pay that price. Buyers drive the market.


InfiNorth

>12 years ago in our 20s Great so right before the housing market went out of control and became entirely inaccessible to anyone who graduated high school after 2010.


pegcity

Dude you could buy a 1700 sq foot house (think built in the 50s and renovated) for 120k in Winnipeg in 2005, lots of millennials got nice houses, they were just the oldest 3rd of us. I was able to buy a 1700 sq foot house for 255k in Winnipeg (undesirable area, built in 1910 and updated wiring, new roof and furnace, 2 car detached garage but only a 25ft lot) Just live somewhere outside Toronto and Vancouver


skywatcher8691

And Vancouver Island. Even smaller cities here with old homes (approx 1400 sq ft) and small lots are running up in the $300-$400 K range and rising every year.


InfiNorth

Five years ago I saw houses selling for $355k in Courtenay. Nice houses, good backyards, near transit to downtown Courtenay. Those same houses are now $460k+. Meanwhile my income, were to I actually manage to find a full time job, has increased by a couple of thousands dollars a year. Housing goes up by tens of thousands every years. It's exceptionally depressing. Call me dark but I'm looking forward to watching the boomers trying to cash in on their nest egg and collapsing the housing market, finally allowing fourty-year-old millennials to own nice properties like their parents. Or they'll just sell to rich oversea real estate speculators that will leave them empty to rot and we will continue to be the house less generation.


skywatcher8691

Yeah I got the housing blues too dude. Campbell River is about the same. The house we are renting was bought 4 years ago at $240K. Its market value is now about $360K.


InfiNorth

It sucks because I was considering up island to be able to afford a home early in my career. Even moving to a small town doesn't make housing affordable any more. Might as well go broke in the big city instead of the small town.


TheLazySamurai4

Oh man, that reminds me of how my mum bought a house for $180k in Welland, and 5 or 6 years later (mostly of neglecting it due to undiagnosed, then undertreated Crohns and colitis; meaning that I, a college student at the time, was the bread maker of the house, before child support) sold it for about $480k


pegcity

I get it, I want to live somewhere cooler too. You don't need to own, if you want to there are plenty of options but you aren't entitled to have some amazing home in a super happening and beautiful place just because, the boomers grew up with shared bedrooms in 1100 sq foot homes with a single phone in the kitchen. Life has advanced a lot, just because it isn't the same doesn't mean it's worse.


InfiNorth

Yeah my parents lived in an ocean-view house they owned in Lions Bay *while they were in university* which they bought with money they earned themselves, having both come from pretty average working families. Tell me more about how we just need to adjust our mindset. We are being screwed over by a generation that uses housing as an income instead of using it as housing.


pegcity

You act as if you wouldn't have done the same thing in their place? Yes it is certainly tougher for us than for thr generation that has had it easier than any other in human history. You can sit there and be mad or make choices that make you happier.


InfiNorth

I make choices that aren't just self-centered, self-serving decisions. I donate a lot of money to causes I care about. I pay taxes and don't try to skirt them with stupid loopholes and alternatives and would gladly pay more taxes. It's not a lot to ask to live in a country where you can afford a home a quarter the size of the ones our parents could afford on a similar I flat on-adjusted income.


redditthang

I don’t want to and there are more opportunities for work here (Toronto). And most people come here for those reasons, I’m not making a fuss about just me. We should not HAVE to be subject to this but we are and that’s what’s wrong and should change. Again it’s why I specifically said Major urban centre. I was specifically referring to Toronto and Vancouver. I still respect and appreciate your POV. Maybe one day I will lived there. I have itchy feet.


C-rad06

Looking at somewhere like Belleville ON, there’s usually only 4-5 houses listed under the $300k mark at any given time. It’s crazy to me that dumpy homes in Belleville are fetching $200k - $300k


chesterforbes

I’m an elder millennial and I was never able to buy a house and I can’t afford rent


rfdavid

Dang, what province are you in and what did you do for school?


chesterforbes

I’m in Ontario and I’ll admit I’ve not always made best choices all the time (who does) but I’ve also had a lot of bad luck and various health and mental health issues as well as my wife. Whenever we’ve started to get a bit ahead something happens and we’re back at square one or worse off.


redditthang

Hey dude, that’s a whole lot of shit. But there are so many great resources to learn skills nowadays. If you have access to the internet and/or a library there is loads to do. TPL has free access to Lynda.com and great “...for dummies books” on things like excel and other software. I hope your situation improves.


NoSnuSnu4YouYou

As a contrast to the eras/economies: ​ \--My sister moved into her 3 bedroom house (full apartment in the basement) with her boyfriend in 1999, she was 19 and only worked part time. He was a fisherman. They each had a vehicle. \--I just moved in with my boyfriend. House was much smaller, only 2 bedroom, no basement. I am 33. I work as a librarian, have massive student loans. He works full time at a hotel. We can't afford a car.


redditthang

20 years makes a helluva difference? I moved out at at 26 and rented. Then I moved abroad for a few years, moved back and kept renting and only bought a place a couple months ago, one bed+den. I’m 34. When I lived abroad I was able to buy a house and it cost about £450/month. Big city life though.


ClumsyRainbow

You were in the U.K.? Having moved just a couple years ago I’m surprised you seem to think the housing situation is any better there.


redditthang

I didn’t live in London.


[deleted]

Yeah if you got a place pre 2015 or so your laughing right now


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InfiNorth

I'm in my career, two years out of University. I still don't make enough to buy the cheapest, most derelict mobile home on the outskirts of town. I never will. My household combined income will never be even close to 20% the price of a small detached house.


theeseyes

What's your career? You're looking for a house in Victoria proper?


InfiNorth

I'm a teacher. And before you start screaming about how I should just move somewhere cheaper, we need teachers in Victoria just as much as everywhere else, so why is it that they should need to move elsewhere to afford to live?


theeseyes

I can think you can save up for %20 down on a $750,000. You're only 2 years in.


InfiNorth

Saving $250k on an income of $23k a year would roughly 189 years.


theeseyes

You have a 23K salary? That's like half the national average for teachers. Also 20% of 750K is 150K.


InfiNorth

You don't calculate savings on gross salary, and yes, my earnings last years were a net of $23k. Just because the salary grid shows one number doesn't meant teachers make that number. Most teachers only earn a percentage of that. My job last year was 16% (0.16FTE) and anything I could get doing substitute work, which averaged 1.5 days a week, earning me a total of 2.5 days a week on average. I did not receive stat pay, sick days or vacation pay as a sub, nor did I get any benefits at all other than pension deductions.


CanuckianOz

Yeah. Some of us are doing OK. We struggled out of the gate with the GFC and for a long time. I had shit loads of debt. My wife went back to university, so I paid for living expenses for four years yet was laid off three times. We still bought a house a couple years ago (without any parental support though) and now have a shit load of savings now that she’s working. We are actually on the path of “okay now we have to do investments and structure our assets like wealthy adult people apparently?” Increase *our* fucking high end taxes. We travel all the time (pre COVID) and have all the possessions we’d want. I laboured for months about buying a $400 3D printer. We still eat pimped up ramen noodles for dinner and home brew beer. I honestly don’t know what the fuck people waste their money on. Boats? New cars? Edit: should mention that she has two degrees now and I don’t work directly in my original degree field, and I work overseas now.


honey_badgers_rock

My husband and I (millennials) were doing really well before covid. We also love paying tax. We know our privilege has helped us get where we are, and its part of how we hope to give back.


thedarkarmadillo

Aye. My wife and I armt doing the best we have on account of covid but both happily pay our taxes as we understand that's what funds the things that makes our country great. We would both happily pay more too if it meant vision and dental worries were a thing of the past for all Canadians.


InfiNorth

People think I'm crazy when I say I'd rather pay $3500 in taxes to have an exceptional transit and intercity transportation system instead of using that $3500 for my car each year. But it's the truth. The hatred people have for taxes is disgusting.


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Darwin_Help_Us

Amazing what 20 years of work and effort gets you.


InfiNorth

Imagine what entering your career before housing prices rose ten times as fast as wages got you.


Stupidnames04

Everyone I know my age makes around 100k a year, I don’t know if that is considered rich anymore. I do have one friend who makes like 300k but I don’t know how left leaning that guy is.


NotInsane_Yet

Most actual millennials that did not act like morons are doing just fine right now.


varitok

Would you mind telling me what "act like morons" means. It sounds like code for the tired old Iphone and Avocado toast shit that boomers spiel constantly.


Darwin_Help_Us

I have my own ideas but i also want to know ?


Corporal_Sauce

Rent?? Should’ve bought a house and had the foresight 4-5 years ago (m29)


Darwin_Help_Us

And the people who did buy then may just regret it. Prices are driven by those who pay them. Nothing is static even though 20 year olds seem to think so. Ask the people who walked away from their houses in the 80s when the market died. Knowing that nothing is static/stable and anticipating things as best you can is the biggest thing in life that makes a difference..


Corporal_Sauce

I don’t regret it. I just sold mine a month ago for double the price I paid for in 05’. Our profits paid our vehicles and personal loans off. Our only debt is our new mortgage. I wish highschool curriculum had us more prepared for mortgages or I would’ve bought sooner


Darwin_Help_Us

Yea. Because you bailed before the drop. Others wont be lucky. And your new mortgage, depending on local market factors could end up going negative. Like you say, it's about having some understanding of things. Some people learn that from their parents, or friends. Others just observe and ask questions. I completely agree that one of the failings of grade school is a lack of everyday financial classes. Edit: Not buying or doing something sooner is always a complaint. Except for products that have teething problems with a new deaign. Some of my own mistakes were; I should have bought stock in microsoft in highschool when my nerd buddies were discussing it. I should have paypal stock at the beginning. I should have bought that house in Sooke on Vancouver Island back in 1999. I predicted the 2007 crash and was well placed to benefit from that after it happened. In every case i knew there would be demand eventually, and therefore a big increase in value. I just lost sight of the things in those examples. "I will do it later" "too much hassle" etc. Cest la vie


Corporal_Sauce

Good stuff, all the best 🤟🏾


Darwin_Help_Us

You too !


Onlythevoicesinside

I swear I’m going to make a t-shirt that says “Yes I am a Socialist and Yes I am coming after your hard earned Money!”


[deleted]

Wealth taxation wouldn't be focused on hard earned money. Pretty much exclusively passive income.


__bluebird2__

“Yes I am a Socialist and Yes I am coming after your trust fund baby money!” would be more accurate in this case. PS: As a millennial with a little bit of hard earned money, get off my 1 m^(2) lawn, you commies!!!


[deleted]

I would wear that. Edit: You have a lawn? Congrats 👌


[deleted]

How do you wear a lawn?


[deleted]

I would wear the tshirt with the slogan OP suggested.


invisiblink

[You can’t own property, man!](https://www.youtube.com/watch?v=MxRkHeQ7-B8&feature=share)


theservman

I can, but that's because I'm not a penniless hippie.


Juutai

What if you're a well pennied hippie?


theservman

The well-pennied hippies transformed into Yuppies in the 80s, as their focus shifted from "we" to "me".


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Darwin_Help_Us

As many millenials will be too.. Once a generation has some miles under their wheels their attitude often changes.


mr_gemini

"Not us. Me"- Sernie Banders /s. I'm sorry, I just had to make that joke.


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[deleted]

Money that is not made by working an actual job. When you have lots of money, it works for you.


InfiNorth

Gotta be rich to get rich.


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[deleted]

Correct. My comment was directed toward OP's use of "hard earned money", which could imply wages earned for working a job.


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[deleted]

>it is a lot easier to find someone to pay you for your labour 3 million Canadians might disagree with that statement today. That said, actually *doing* the work, physically labouring, is a lot harder than watching dividends roll in.


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[deleted]

>Seems quite high [13% of Canadian workers who either have yet to find work or have given up](https://globalnews.ca/news/7315995/canada-jobs-august-unemployment-rate-falls-coronavirus/). You're right, it is high. Double what it was this time last year. >a tiny handful of people who inherited a trust fund or won the business lottery Those are exactly the people in OP's article who are asking to be taxed more, to which my original comments spoke. Edit: source for unemployment numbers.


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Onlythevoicesinside

That would be more accurate


oddballAstronomer

I would by that t-shirt


aerospacemonkey

Spicy twist: if you can't make money, then take money.


Onlythevoicesinside

Ask for work. If they do not give you work, ask for bread. If they do not give you bread, take the bread - Emma Goldman


aerospacemonkey

What if my family don't like bread, they like.... Cigarettes. And if instead of giving them away, your sold them at a price that was practically giving them away? -Fat Tony


[deleted]

Gimme 2 fingers of milk


badApple128

Lower the income taxes for everyone and place tax on inherited wealth over a certain threshold or something. It’s really difficult to get anywhere in life, even if you are a high income earner because most of your income gets taxed


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Darwin_Help_Us

Until the bubble bursts. Those who are leveraged to death with rental properties that the bank actually owns will be really screwed. Those who simply "own" the house they live in don't really benefit. If they sell they need to spend just as much to get another home.. Unless they sell in Vamcouver and move to Thunder Bay. Hehe People continually make the.mistaken assumption that things are not going to change for the worse or the better. Change is a constant. The trick is to try anticipate them, and realise the world owes you nothing.


ClumsyRainbow

I totally agree, I’m a millennial, I rent, I have student debt and I’m in the top 5% by household income despite living alone. I would be fully supportive of paying more tax if it improved the situation for those less fortunate.


ManfredArcane

By all means, let them pay them.


Adminskilledepstein

Anybody else sick of the talk of wealthy leftists trying to appear like they aren't part of the problem? They will say this on one hand and then hire someone to scrape every last exemption and benefit come tax time. Forked tongues Edit: Stop being economic Uncle Tom's and start recognizing your enemies. They are not us. They dont care about us and they will continue to exploit you, your labour and your complacency for their own greed.


forsayken

I think when most people call for higher taxes or new taxes, they are actually requesting that the loopholes and exploits be closed so that it's a level playing field for everyone and large corporations and perhaps wealthy individuals don't end up paying a fraction of what they really should be paying. Also, millennials can be conservative. It's probably not prudent to assume such things.


Adminskilledepstein

> Also, millennials can be conservative. It's probably not prudent to assume such things. Never did. I think I prefer wealthy conservatives over leftists. At least they dont pretend they aren't pieces of shit taking way more than their fair share.


forsayken

You most certainly implied it by complaining about wealthy leftists in a post/news article about millennials. OH BUT IMPLYING IS NOT THE SAME AS ASSUMING!


Adminskilledepstein

So, I specifically refer to leftists, but somehow in your eyes I'm implying conservative? Where is the logic? And stop yelling


LesterBePiercin

Some pretty dehumanizing language there.


Adminskilledepstein

Not more dehumanizing than the upper classes hold over the rest of us. At least I know when the devils dress up as nuns.


LesterBePiercin

eyeroll.gif


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Adminskilledepstein

Nice 2008 4chan meme


LesterBePiercin

Imagine keeping such tabs on 4chan.


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wholetyouinhere

If wealthy left-leaning millennials actually support wealth taxes, and that support helps to spur real action in government, then I'm not going to turn my nose up at it. But I don't think they actually do. I don't trust one single news story on one single organization to tell me, in any meaningful way, what "wealthy millennials" actually think. I think the purpose of this news item is to convince the reader that this group represents all wealthy millennials. And whether the "200 richest" figure is accurate or not (and I don't trust that either), I am not convinced that all or even most millennials would support a legitimate wealth tax that would actually have a positive effect. But just to be clear -- if they do support it, then I am not going to look that gift horse in the mouth. Whatever it takes to get progressive economic policies started is a good thing.


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whitemale89

Why do they have to force everyone to give up their money? Why can't these "rich" millennials just donate what they want?


VampyreLust

The wealth tax that’s been proposed is 1% on assets over $20 Million.... those that will be subject to it, will be fine.