Canada's NDP

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October 8th, 2020

Pandemic profiteers and ultra-wealthy must pay their share

NDP proposes host of measures to pay for the help Canadians need

OTTAWA – Throughout this pandemic, while most Canadians and small businesses owners in Canada have struggled to get by and worried about their future, the wealthiest in Canada actually got richer. In fact, Canada’s top twenty richest people are close to $40 billion richer than they were before the pandemic hit. NDP Leader Jagmeet Singh is calling on Justin Trudeau to act and bring in a host of measures to make sure the cost of the recovery is not put on the backs of everyday people but, instead, that those who have made massive profits during the pandemic pay for it.

“As most people across Canada have been struggling, the very wealthiest among us got richer and richer, with some wealthy corporations 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. “The pandemic is not over. Instead of cutting services and help for people, Justin Trudeau needs to make the wealthiest and those who have profited from the pandemic pay their fair share, so we can better deliver help to the people who really need it.”

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.

“Right now, we’re seeing grocery store owners increase their profits by billions during a pandemic, while their workers are fighting for a fair wage so they can afford to buy food. That is wrong. The lack of action by Justin Trudeau to make the wealthiest pay their fair share, while the rest of us struggle to get by is unacceptable,” added Singh. “New Democrats will keep fighting so your family doesn’t have to pay for the pandemic. Those who have profited from the pandemic should be paying for the recovery.”