tax

When Taxes Go Up, Millionaires Stay Where They Are

- Adam Clare
A table showing countries’ reported migrating millionaires represented less than 1% of their millionaires, and was closer to 0% for most countries, including the UK.
Source: The millionaire exodus myth, Tax Justice Network, June 2025

In 2024 the UK government modified their tax system and as a result lobbyists and millionaires all claimed that increasing taxes would lead to millionaires fleeing the country. This did no happen. In fact, millionaires don’t move all that much. In this context millionaire means a person with over $1 million in liquid assets, which means that people who have an expensive property don’t get counted because their wealth is tied down. With his information in mind we should all be ok with increasing taxes on the ultra wealthy so that their contributions back to society are comparable to the wealth that they extract.

The Tax Justice Network’s review – co-published with Patriotic Millionaires UK and Tax Justice UK – of the Henley report finds that the number of millionaires claimed by Henley & Partners to be leaving countries in “exodus” in 2024 represented near-0% of those countries’ millionaire populations. For example, the 9500 millionaires widely reported to be leaving the UK in 2024 represented 0.3% of the UK’s 3.06 million millionaires.

Media reporting widely blamed the alleged millionaire exodus on tax policies in the same year that calls for a wealth tax on the superrich gained unprecedented momentum globally. The media reporting was equivalent to 30 news pieces a day on the non-existent millionaire exodus across 2024.

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Canada Now Requires Companies to Disclose Who Benefits

- Adam Clare

Following similar legislation in other countries Canada has finally introduced a beneficial ownership requirement on Canadian companies. Federally registered companies will have to disclose who owns them, which means it’ll be harder to commit tax fraud. Plus, by having companies reveal who benefits from their existence it will be easier for authorities to track criminal behaviour and efforts around snow washing.

In 2017, an investigation by the Toronto Star and the Canadian Broadcasting Corporation, based on ICIJ’s Panama Papers dataset, revealed how Canada had emerged as a popular tax haven, touted by corporate service providers as a “reputable” destination to hide wealth.

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Transparency advocates welcomed the landmark reforms, which passed into law on Nov. 2 under an amendment to the Canada Business Corporations Act, following a years-long push for a legislative means to tackle money laundering and tax evasion.

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To Increase Equality Tell People the Rich Don’t Have to Work

- Adam Clare


The rich keep getting richer because we think they work for it. The thing is, they don’t work for their wealth that separates the wealthy from everyone else. What allows the rich to keep increasing their wealth is capital gains instead of money earned though labour. Most of us have to work to ensure we can pay rent and buy food; however, people born into wealth don’t need to work nearly as much since they can earn money from money. If we want a more equitable society where everyone needs to work to get wealthy then we need to tell people that the rich don’t need to work.

In this paper, Oscar Barrera-Rodriguez and Emmanuel Chávez examine the impact of providing information on the source of income of the top 1% earners on attitudes towards this group. Based on a randomized online survey of 2000 French respondents, they find that:

  • Simply presenting information about the amount of money the rich make is insufficient to change attitudes toward top earners.
  • Information about other aspects of income at the top, especially the sources of income (capital versus labor), does produce a shift.
  • Individuals most responsive to the treatments vote for left-wing candidates and have egalitarian notions of justice.

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Canada Starts to Reduce Oil & Gas Subsidies

- Adam Clare

A country that loves extracting fossil fuels has begun to clean up its tax rebates for the destructive oil and gas industry. Canada spent over $15 BILLION on subsidies for the oil and gas sector in 2021 alone, which isn’t just bad it’s literally funding the destruction of the planet. Thankfully the government has figured out that destroying the land for short term profit isn’t a good idea when the industry profiting kills everything it touches.

Starting this year the Canadian government will begin the long process of cutting tax loopholes and subsidies for oil and gas, which generate billions in profits. Why fund an industry that is insanely profitable that harms people and the planet?

Burning fossil fuels is one of the main drivers of climate change, so ending public spending that supports the industry is crucial. Ending fossil fuel subsidies frees up those funds to support things like renewable energy and electrification. Clean energy is of paramount importance as the world is under pressure to slash greenhouse gas emissions more than 40 per cent by the end of the decade.

“Moving forward, every subsidy that the government would want to grant to the oil and gas sector would have to go through this filter — any department of the federal government, whether it’s finance, international trade, natural resources — to ensure that we do not give federal dollars to support the production of oil and gas or coal,” said Guilbeault. “This is a fundamental shift from what we’ve done in this country for decades.”

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Taxing the Rich Will Save the Planet

- Adam Clare

Luxury taxes can save us from climate collapse and we should start raising taxes now. You, the reader, will not have your taxes increased and nor are you likely to be impacted by a luxury tax; however, the benefits you will gain from a luxury tax are immense.

We already know that lifestyles of the rich and famous kill the environment faster than average lifestyles. It’s hard to compare the carbon footprint of the wealthy to people living in developing economies since the difference is so vast.

Researchers have concluded that the most ethical way to get to a carbon neutral economy is to tax the people what are over consuming.

Not only was the luxury tax “fairer” based on household income—affecting low-income households less and high-income households more—it also was slightly better at reducing yearly household emissions in the very short-term. The researchers note that this might be because it is more feasible to forgo luxury purchases than an essential purchase if the price increases.

While the luxury tax proved fairer in all countries studied, the researchers found that, in low-income countries, a uniform tax could also be fair. In South Africa, for example, low-income households already spend much less on fuel or heating than high-income households. Thus, a uniform carbon tax is already targeting high-income groups by design. In contrast, the luxury carbon tax is most beneficial in terms of fairness when applied to high-income countries. This tax can better account for flexible, nonessential purchases in countries like the United States, where it is difficult to avoid carbon-emitting activities like driving a car in a low-income lifestyle.

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