March 29th, 2019
Singh: Let's Help People by Bringing in a Fairer Tax System
OTTAWA – While the richest use loopholes to evade their taxes, regular people are paying the price. In a keynote speech at Broadbent Institute's Progress Summit, NDP Leader Jagmeet Singh made an announcement that unlike Justin Trudeau's Liberal government, the NDP will have the courage to address our unfair tax system that is preventing Canadians from getting the public services they need.
“For far too long, people have been working hard to make ends meet, and they just want things to be a little easier. When you go to work, you’re taxed on almost all of your income. It doesn’t make sense that someone making their money from investments is taxed on only half,” said Singh. “Trudeau’s Liberals have refused to limit the capital gains tax benefit for the wealthiest. This is hurting hard-working Canadians who are forced to pay the price.”
To make our tax system fairer, Jagmeet Singh and the NDP will increase the capital gains inclusion rate from the current 50 to 75%. This plan will bring in almost $3 billion more in government revenue every year to fund the services Canadians need, like childcare, education, and housing. New Democrats are committed to a fairer and more progressive tax system and will get rid of tax loopholes for the wealthiest, by increasing taxes on investment profits and by getting tough on tax evasion.
As it stands, 88% of the capital gains tax benefit goes to the 1%. Under the Liberal tax plan, people earning less than $45,000 get nothing – and that’s the majority of Canadians. Meanwhile, those earning over three times that salary receive much higher tax cuts. This is unfair for people who are trying to build a better future for their families.
“A fairer tax system means more funding for services that Canadians need like universal pharmacare, childcare, affordable housing and post-secondary education,” added Singh. “Everybody wins when we deliver better services that Canadians can rely on. New Democrats have the courage to bring in a fairer tax system that will help people build a better future.”