OTTAWA—The New Democratic Party marked the last day before the 2019 federal election campaign by touting their proposed “super wealth tax,” as leader Jagmeet Singh tries to win over progressive voters with his plan to take from the rich to pay for big programs. While attacking Liberal cabinet ministers Tuesday over their corporate histories, the NDP is billing itself as the only party with the gumption to take on the rich and business elites in this election. Among its suite of tax increases aimed at these groups, the NDP is promising to create a new, 1 per cent tax on wealth exceeding $20 million, including real estate, “luxury items” and investments.On Tuesday, the Parliamentary Budget Office — the federal government’s fiscal watchdog agency — released a report that estimated this tax could bring as much as $70 billion into federal coffers over the next 10 years. The PBO notes, however, that this would likely trigger efforts to avoid paying the tax, and that government revenues would depend in a big way on how Ottawa would enforce it. Singh and his party seized on the costing estimate as evidence their tax plan will bring in the money needed to pay for their promises. These include the creation of a national pharmacare program within a year, followed by a “head to toe” health-care expansion to bring mental health, vision, dental, addictions services and more into Canada’s public system. Speaking at a family’s home in Hamilton Tuesday, Singh cited the PBO estimate that says the tax could raise as much as $9.5 billion in 2028-29, and that this money could help pay for the universal pharmacare program his party promises would cover prescription medication for all Canadians. “It is the right thing to do, and a strong measure that’s going to increase our revenue so we can pay for this important program,” said Singh. With the federal election campaign set to start Wednesday, th ...
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