BC FORUM News - From The Advocate, Autumn, 2021
A new deal for tax fairness
New Democrats say Canadians know that good public services that we can all depend on must be funded sustainably – not recklessly cut or privatized.
“For too long, Liberal and Conservative governments have told Canadians to expect less – cutting back on services while handing out special deals for big corporations and big polluters and giving tax breaks to their wealthiest friends,” says the party.
“It’s time to demand that the wealthiest pay their share so we can build a better future for everyone.” Jagmeet Singh and the New Democrats will:
• Protect family budgets and force big corporations and big polluters to start paying what they owe.
• Introduce a temporary 15 per cent tax on the windfall profits of corporate pandemic profiteers.
• Call to account large corporations that used publicly funded COVID-19 wage subsidies for executive bonuses, stock buy backs or dividends instead of supporting workers and maintaining jobs.
• Make our tax system fairer and ensure the wealthiest individuals are paying their fair share by increasing the capital gains inclusion rate to 75 per cent.
• Boost the top marginal income tax rate for those making over $210,000 a year by two points.
• Tax the richest multi-millionaires through a 1 per cent wealth tax on the portion of their fortunes above $10 million.
• To strengthen the integrity of our tax system and combat tax evasion, close loopholes by measures such as eliminating bearer shares, compelling companies to prove the economic reason for offshore transactions, and improving transparency on taxes paid by large corporations.
• Boost funding to the Canada Revenue Agency’s enforcement section dealing with international and corporate taxation to prevent evasion of taxes.