Taxes are number one enemy of self-made billionaires


I am now writing "Zero to Billions: Anyone Can: 26 Canadian Self-made Billionaires, The Difficulties and the Surprises".

It is not a surprise that it is extremely difficult to become rich in Canada, let alone self-made billionaire.

The reason is simple: very high tax.  Consider you are Canadian and you live in Ontario,
and you make over $200,000 Canadian dollars a year.  Your federal income tax will be 33%, province tax 14%.   When you eat out in a restaurant, your tax will be 13% GST.   Now, a whopping 60% of your income goes to taxes.   




Now compare to a flat tax rate of 15%, and you can see how Hong Kong has twice as many self-made billionaires as Canada, with a population of 8.5 million vs a population of 36 million.
In other words, Hong Kong has 5 self-made billionaires per million population.  Canada has 0.72 per million population.   

The US, where the tax rate for high income individual is about 33%, stands in the middle between the extreme capitalism of Hong Kong and the mild socialism of United States.  Ayn Rand would not want to live in Canada.

I hope to finish my eBook #11 in June 2016.