OTTAWA – While most Canadians and small business owners in Canada have struggled to get by and are worried about their future throughout this pandemic the wealthiest in Canada actually got richer, according to Algoma-Manitoulin-Kapuskasing MP Carol Hughes.
Ms. Hughes notes that Canada’s top 20 richest people are almost $40 billion richer than they were before the pandemic hit. Now, the federal NDP is calling on the Canadian government to bring in a host of measures to ensure the cost of any economic recovery is not accomplished on the backs of everyday people but on those who have made massive profits during the pandemic.
“The very wealthiest among us got richer, with some corporations making record profits because of the pandemic, at the same time the government is allowing the wealthiest avoid paying their fair share of taxes by hiding billions of dollars offshore every year,” Ms. Hughes alleges.
Ms. Hughes says the pandemic is not over and instead of cutting services and help for people, the government needs to make the wealthiest and those who have profited from the pandemic pay their fair share so the nation can better deliver assistance to those who really need it.
“New Democrats have a range 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,” asserted MP Hughes.
New Democrat proposals include applying a one percent 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 is currently underway in other countries; introducing a temporary COVID-19 Excess Profit Tax that would, at least, double the tax rate on excess profits while pairing these programs with tough enforcement against tax evasion and penalties for millionaires and big corporations who try to avoid paying their fair share.