The government continues failing to close tax havens and tax loopholes for the ultrawealthy. While cost of living and prices continue to spiral out of control, large corporations are making record profits off the backs of struggling Canadians.
The super-rich are hiding more than $300 billion in tax havens every year and using tax loopholes to avoid paying their fair share. Closing tax loopholes and shutting down tax havens would save Canadians more than $16 billion every year. This is critical tax revenue that could be invested in things that Canadians desperately need, such as guaranteed basic livable income and a Just Transition plan to help workers and communities move towards a greener, more equitable Canada.
The NDP pushed hard and in Budget 2022, and there is a pandemic tax for banks and insurance companies.This is a start, and we will continue to fight for wealth tax and excess profits tax so that the ultra rich pays their fair share.
According to the CCPA’s study, if you add up all the measures that benefit mostly the wealthy, in 2011 alone, there is more than $100 billon in foregone revenue.
It is high time we close the loopholes and shut down the tax giveaways and reinvest that money into our communities, so that all Canadians—not just those at the top—can have the support they need to succeed.