February 13th, 2018
NDP proposes budget measures to target inequality
On Tuesday, the NDP submitted its priorities for the upcoming federal budget, targeting growing inequality between the wealthiest in society and everyone else. NDP Leader, Jagmeet Singh, and Finance Critic Peter Julian unveiled the party’s proposals which include closing tax loopholes for the super-rich and investing the recovered revenue to lower the cost of prescription drugs for all Canadians.
“I’m hearing from Canadians who are being told the economy is working but they’re not feeling the benefits. Instead they see a set of rules stacked against them, designed to further enrich the few at the top,” Singh said. “Budget 2018 is an opportunity to put the needs of everyday Canadians ahead of the wealthy and well-connected.”
The NDP submission identifies $3.5 billion can be recovered by eliminating the CEO stock option loophole and ending the capital gains exemption that go to the super wealthy. At least $10 billion more is available if Canada cracks down on the use of international tax havens.
Singh and Julian called on the government to direct this new revenue into a universal pharmacare program, to battle the increasing cost of pharmaceuticals in Canada, as well as speed up spending on affordable housing and provide relief to First Nation communities. Additionally, the NDP is calling for amendments to bankruptcy laws to protect workers and pensioners like the thousands affected by the closure of Sears Canada.
“Seniors are cutting their pills in half because they can’t afford their prescriptions, workers are having their pensions gutted due to corporate greed, and there are still more than a hundred First Nation communities under boil water advisories,” said Julian. “Instead of just talking about these inequalities we’re proposing a way to tackle them head-on and build an economy that works for everyone.”