Almost 40 years ago, Ottawa quietly cancelled Canada's estate tax.
Few Canadians even knew about the tax. Those who did mostly belonged to a small number of wealthy families who were rich enough to pay it. With its cancellation in 1972, this tiny crowd was suddenly a lot richer.
U of T economist John Bossons calculated that ending the tax amounted to a windfall of about $12 billion ($62 billion in today's dollars) for Canada's wealthiest families.
The removal of the estate tax, which remains an obscure event in Canadian history, had momentous implications, depriving Ottawa of revenue and putting Canada on a path toward greater inequality.