We also have no true capital gains tax. Without this, GST is practically the only way we get tax from the ultra wealthy, right?
The solution here is for our politicians to collectively grow a pair and pass a capital gains tax, possibly a wealth tax as well.
I've heard a few similar arguments, that go along the lines of X is the next best thing to a capital gains tax, and my response every time is... Why not just enact the tax then?
Honestly, it's embarrassing.