NDP leader Jagmeet Singh has pushed for a wealth tax in the House of Commons. The money generated from the tax will finance Canada’s pandemic recovery.
Singh’s proposed tax will target the super-wealthy and those who profited massively during the pandemic. That includes anyone with a fortune exceeding $20 million.
This would ensure a fair share contribution to health care and housing programs. Singh says both Liberal and Conservative governments have scaled back on such programs to the extent that many Canadians were left unprepared for the pandemic.
“It should not be you that has to pay for it. It should not be families and people and workers and small businesses who’ve struggled,” he said. “It should be the ultra wealthy that contribute their fair share.”
Somehow, the new tax would cost about $113 million to administer. Nevertheless, Singh is adamant of its necessity.
“There are people that are winning. The ultra rich continue to make massive profits. They profited off this pandemic,” he said. “To do something about that we have to tax the wealthiest.”
While Singh’s motion will likely be met with strong opposition in Ottawa, survey data suggests most Canadians support a wealth tax.
A petition calling for a wealth tax for Canada’s super-rich has attracted nearly 25,000 signatures.