Liberals must address tax fairness in budget: NDP

NDP announces opposition motion to give the government the opportunity to keep its promise on eliminating the stock-option loophole by including the measure in their Budget 2018.

OTTAWA – NDP Finance Critic, Peter Julian announced this morning that the NDP will use their Opposition day to force a debate and vote on eliminating the stock-option loophole. This would give the government a timeline to recoup tens of billions of dollars lost annually to tax loopholes, deductions, and exemptions that mostly benefit the wealthy by including the measures in Budget 2018.

“The world for most Canadians is increasingly unaffordable, involves more precarious work, and is a harder place in which to get by. Meanwhile, the wealthy and well-connected live in another world – an exclusive club with special access that exempts them from rules the rest of us play by. This is both unfair and damaging to our country’s economy,” said Julian. “Canadians deserve comprehensive, progressive tax reform focused on fairness today. The Prime Minister can take concrete steps in this year’s budget to ensure the richest Canadians contribute their fair share.”

Last year, the NDP used an Opposition day to force a vote on closing the stock option deduction loophole for CEOs and fixing tax measures that primarily benefit the wealthy. The Liberal government supported the motion, but have since announced no timeline to include the measures. Today’s Opposition day motion gives them the opportunity to keep their election promise by including the measures in Budget 2018.

“This Opposition day gives the Liberals the opportunity to tackle unfair tax rules in Budget 2018, specifically through eliminating the preferential treatment of stock options and increasing the inclusion rate for capital gains for CEOs,” added NDP Deputy Finance Critic Pierre-Luc Dusseault. “It’s time to put an end to the special set of rules that exclusively benefit the wealthy and well-connected. The Liberals committed to introducing these measures, so we’re going to hold them to it by asking for their inclusion in this year’s budget.”

Text of the NDP Motion:
Mr. Julian (New Westminster—Burnaby) — That the House recall its resolution adopted March 8, 2017, which asked the government to keep its promise to cap the stock option deduction loophole and to take aggressive action to combat tax havens, and that the House call on the government to respect that vote by ensuring that both measures are included in Budget 2018.