June 19th, 2020
We need a wealth tax now: New Democrats
HAMILTON – In light of a newly released report by the Parliamentary Budget Office (PBO), NDP Critic for the Treasury Board, Matthew Green (Hamilton Centre) is calling on the federal government to implement a wealth tax on Canada’s top 1 percent.
“The new PBO analysis clearly shows that the concentration of wealth by the top 1 percent is an even bigger issue than previous government reports had been letting on and it appears there was an intentional under reporting of wealth to keep Canadians in the dark,” said Green. “When Canadian Business magazine has a better understanding of individual wealth and how it’s distributed in this country than the federal government does, we have a big problem.”
The PBO report explains a new model for understanding the distribution of wealth in Canada and exposes that the top 1 percent of families in Canada own more than 25% of the wealth, while the bottom 40 percent share just over 1 percent.
“The amassing of wealth by the top 1 percent of this country is at an extreme level. It’s absolutely clear, the rich are not paying their fair share. We will never achieve justice and equality if we allow this to continue” said Green. “The need for a wealth tax has never been more obvious. Especially at a time when there are calls to cut off critical support for those who are in most need because of the cost, the federal government needs to take action to collect more from the ultra-wealthy.”