BC Greens propose 'ultra-wealthy fairness tax,' other reforms to address income inequality

The BC Greens have proposed a number of tax reforms to tackle income inequality in British Columbia, including a one-time "ultra-wealthy fairness tax."Leader Emily Lowan broke it all down during a press conference in Victoria on Thursday."Across the political spectrum, one truth stands out: that life is becoming unaffordable for working British Columbians," she said. "It's not by accident. The growing wealth hoarded by BC's richest isn't the result of their hard work, or pulling up their bootstraps, far from it — it's the result of policies that have allowed inequality to fester for decades in this province..Emily Lowan elected new leader of BC Greens.Lowan pointed out that today, the richest 1% have a lower tax rate than they did 25 years ago, adding that decisions made by previous governments and upheld by the BC NDP "paved the way for BC to have the highest rate of income inequality in Canada."As of now, those earning over $350,000, $500,000, and $1 million are all taxed at 20.5%. Under Lowan's plan, they would fall into three new tax brackets, at 24%, 27%, and 30%, respectively.The current top two tax brackets, $186,306.01 to $259,829 and over $259,829, would each see their rate go up one point, to 17.8% and 21.5%, respectively..Lowan's "ultra-wealthy fairness tax" mirrors that included in a recently proposed referendum in California, and was described by the party as "a one-time 5% wealth tax on all centimillionaires and billionaires in the province."Funds generated would go towards "a good, green jobs program, community healthcare centres and social housing." This measure mirrors a recently proposed referendum, California’s Billionaire Tax Act, which is expected to generate $100 billion (USD) in revenue.Also included in Lowan's plan are a Land Value Tax on vacant, residential, and commercial land to "encourage efficient land use, reduce speculation and sprawl, and reduce wealth inequality," a corporate tax increase of 1.5% over three years, and an Excess Profits Tax of 18% on all corporate earnings over $1 billion.She also suggested a review of BC's royalty regime to ensure multinational corporations that extract natural resources "contribute fairly to public revenue.""This government is forcing austerity, claiming that the cupboard is bare and that their hands are tied," Lowan said. "Well folks, I found another cupboard. We have the tools to balance the scales and improve the lives of working people."