NDP Leader Jagmeet Singh says his party will tax multimillionaires to fund better health care in the country.
The NDP’s ‘super-wealth tax’ would be a one per cent tax on those with fortunes above $20 million. NDP says it will make sure “hard working Canadians get the services they need like pharmacare and head-to-toe health care.”
The tax will be applied annually and include real estate, luxury items and investments. It will be apply to only the very wealthiest one tenth of one percent of Canadian households.
Over ten years, it is estimated to raise almost $70 billion, starting with $5.6 billion in 2020-21 and growing to $9.5 billion by 2028-29. NDP said it will be paired with boosted enforcement against tax evasion and penalties for millionaires who try to evade paying taxes, including regular CRA audits and third-party valuation of assets.
“New Democrats have the courage to make different choices. Unlike the Liberals and Conservatives who work for their rich and powerful friends, we will help people who are struggling to get by,” said Singh. “Our plan is simple – we can afford to help people when we have the courage to ask the super-rich to pay a little bit more to fund the services we all rely on.”
Jagmeet said the Liberals and Conservatives have been helping their corporate friends and the very richest to avoid taxes and hide billions offshore every year.
“Families shouldn’t have to worry about their future. They deserve a government that is actually on their side. Canadians deserve prescription drugs covered by Medicare, and expanded health care services to cover people head-to-toe – and we can do this when the very richest pay their fair share,” concluded Singh.