New Westminster-Burnaby MP Peter Julian is pushing forward with his motion that Canada institute a wealth tax.
Julian has submitted M-43, a private member’s bill that the federal government “should immediately implement a 1% wealth tax on fortunes over $20 million.”
“We need to start taking action on the revenue side, so that we can continue to maintain services and support through the pandemic, and look to enhance public investments coming out of the pandemic,” Julian said in an interview with the Hill Times.
Julian cites a report from the Parliamentary Budget Officer that estimates such a tax could bring in $5.6 billion in new revenue.
The Broadbent Institute says there is support for such a tax in Canada.
“We need progressive tax reform to ensure that the burden of the pandemic is fairly shared,” said the institute. “A recent Abacus Data poll found that most Canadians agree that the fiscal burden of the crisis should be fairly shared, and that those with the most should pay the most. Indeed, 75% of respondents favoured a tax of 1-2% on large fortunes, (44% strongly support and 31% support) including 69% of even Conservative voters. Today, only a handful of advanced economies levy an annual tax on wealth. Though inheritance taxes are still quite commonly levied on large fortunes being passed from one generation to another, the tax “burden” in most advanced economies has shifted from taxation of capital and the affluent to taxes on labour and ordinary working families over the past three decades or so.”