After two federal budgets there is no longer any doubt: the current Liberal government has made a deliberate choice to favour tax breaks for the ultra-rich (and record low corporate tax rates) over much-needed investments in public programs that benefit all Canadians, not just the 1%. According to the CCPA’s recent 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.
For example, Trudeau’s Liberals have done nothing to close the stock option tax deduction, a $840 million-a-year tax break disproportionately benefiting Canada’s ultrarich CEOs. This favouring of the 1% also comes at the cost of First Nations and Indigenous communities, as well as marginalized peoples across the country, all of whom are increasingly being left behind by Trudeau’s Liberals. And instead of going after tax loopholes only the wealthiest Canadians can benefit from, the government chose to eliminate the public transit tax credit!
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.