Captial Gains Protest

[ExFlyer]

Wealthy Canadians announce BMW X3 convoy to protest capital gains tax hike

 

"OTTAWA – Wealthy Canadians have begun a ‘Freegains convoy’ to Ottawa in their BMW X3s in protest of the government’s plan to raise the inclusion rate on annual capital gains in excess of $250,000.00 dollars.

“Not since the city of Toronto tried to build affordable housing in Rosedale has our community been so united in opposition,” said leader Harris Barnes Wentworth III, from his 2022 matte black X3, which comes with Bose speakers, individual climate control and a large LED display.

“Whether you’re a scion of family wealth or a humble plumber with millions of dollars in assets, we encourage all Canadians to join. As long as you have an X3. Range Rovers or Porsche 911s are fine too, but you have to drive at the back.”

 

The convoy is travelling all the way from the group’s summer homes in Lake Rosseau to Ottawa, a stunning display of solidarity, pride and the latest in luxury, precision driving technology.

The journey would ordinarily take only 5-6 hours, but the group is not expected to arrive for several days as they keep stopping every time they see a Starbucks.

“This is about everyday, dedicated Canadians who should not be forced to watch me pay more tax when I sell one of my investment condos,” said Kate Farnsbey-Lichtenstein, driving a 2021 model with the extended sunroof, upgraded security system and keyless entry.

 

Once they arrive in Ottawa the group intends to occupy the same downtown area the truckers did. They expect hundreds to be present, which will likely match the total of people who will actually be affected by the capital gains inclusion change.

See More: BMW, capital gains, capital gains tax, Convoy, Featured Post, taxes, wealthy

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[herbie]

None of the participants sprang for the 'optional' turn signals.

[Venandi]

 

The children of elderly parents who stand to inherit cottages / recreational properties (which are not primary residences) will soon discover who the wealthy are. As the boomers die off, arguably the largest wealth transfer in human history looms on the horizon.

JT wants (actually needs) a piece of that action and selling this tax grab as only affecting the "Beamer driving rich" is a great tactic.

Millennials wearing "make the rich pay" t-shirts may soon be wearing matching jackets that say  "i didn't mean me."  

And I"m just cynical enough to believe that "liberal lite" Conservatives won't be walking this back anytime soon... even if/when they say they will. When they don't they'll be wearing t-shirts of their own that say "we didn't know things were this bad". 

Edited June 21, 2024 by Venandi

[cannuck]

Sadly, the Little Turd's band of misfits got something right - then typically screwed it up.

Taxing speculative gain is one of the best things you could do to drive "investment" money out of speculation (that creates zero wealth - but LOTS of inflation) and onto Main Street (where virtually all wealth is created).  The way to do it is not give any quarter million free rides up front, but to start the rate very high (IMHO 99%)  on day one and taper it down over something like 20 years to match the nominal tax rate of overall income.  The way to save our economies (yes, far more than Canada up that shit creek) is to take business over by businessmen and entrepreneurs and get Wall Street the Hell OUT of business.