Canada's NDP

NDP

October 8th, 2020

MP ALISTAIR MACGREGOR AND NDP LEADER JAGMEET SINGH INTRODUCE PROPOSED TAX ON CANADA’S ULTRA-WEALTHY TO HELP CANADIANS IN NEED

OTTAWA, ON – Today, NDP Leader Jagmeet Singh announced a series of proposals to bring in a host of measures to make sure the cost of the COVID-19 recovery is not put on the backs of everyday people

Throughout the pandemic, while most Canadians and small businesses owners in Canada have struggled to get by, the wealthiest in Canada got richer. In fact, Canada’s top twenty richest people are close to $40 billion richer than they were before the pandemic hit.

“As most people across Canada have been struggling, the very wealthiest among us got richer and richer, with some wealthy corporations are making record profits because of the pandemic. The Liberal government has let the wealthiest avoid paying their fair share of taxes by hiding billions of dollars offshore every year,” said Singh.

Cowichan-Malahat-Langford MP Alistair MacGregor is looking forward to advancing the policy in the House of Commons. “The pandemic is not over, and many Vancouver Island families are still in need. We must ensure that the wealthiest and those who have profited from the pandemic pay their fair share, so we can better deliver help to the people who are still struggling. To help with the recovery phase of the pandemic, we can use these revenues for critical investments in future national programs that will help families with their costs such as a national dental care program and a national pharmacare program,” said MacGregor.

New Democrats have a suite of proposals that will make sure the richest elites and the most profitable corporations pay their fair share to help pay for the help we need to deliver to those who are struggling in the pandemic.

  • Applying a 1 per cent annual wealth tax to families with fortunes over $20 million.
  • Cracking down on Tax Havens and closing tax loopholes.
  • Making web giants like Amazon, Google and Facebook pay their fair share of taxes – as has been done by other countries.
  • Introducing a temporary COVID-19 Excess Profit Tax. This would, at least, double the tax rate on excess profits.
  • Pairing these programs with tough enforcement against tax evasion and penalties for millionaires and big corporations who try to avoid paying their fair share.
“The COVID-19 pandemic has left Canada at a crossroads. At a time of great economic pain and suffering, we have a clear choice to make. We can continue to allow the ultra-wealthy to get much richer while everyone else suffers. Or we can tax the profits that billionaires made during the pandemic to improve the health and well-being of Canadians.” -MP Alistair MacGregor