July 8th, 2020
The ultra-rich must pay their share: NDP
OTTAWA – The government’s report on how Canada’s economy is doing after weeks of pandemic measures will be released today. The NDP is calling on the government to use this as an opportunity to invest in helping Canadians, to stop letting the ultra-wealthy off the hook without paying their fair share, and to build a stronger, fairer country for all.
"The crisis has highlighted the importance of delivering supports to people who need them,” said New Democrat Finance Critic, Peter Julian. “When looking at their numbers, some will dig out the old calls for deep cuts, but we can’t let the government make things worse for people struggling to get back on their feet. We have an opportunity do things differently. We can stop the very rich and large corporate CEOs from using offshore tax havens, we can make the ultra-wealthy pay just a little bit more, and we can build a fair system for everyone across the country.”
A new analysis by the Parliamentary Budget Officer (PBO) supports the NDP proposal to raise new revenues from the ultra-wealthy to stimulate the economy and provide better services to Canadians. In addition to a one per cent tax on people who have more that $20 million in assets, the PBO estimates at least $25 billion is being hidden from Canadian taxation in offshore tax havens. So far, the Liberals have refused to do anything to recover this money.
"This government keeps protecting wealthy Liberal and Conservative donors and those who use tax havens overseas to avoid paying their fair share here in Canada," said Julian. "During the pandemic, the government hasn’t given Canadians living with disabilities a dime in emergency support instead they chose to give big banks a staggering 750 billion dollars of public money. They are willfully helping the rich get richer and it has to stop.”