New Democrat leader Jagmeet Singh yesterday proposed billions in new taxes on corporations and the “ultra-rich,” said Blacklock’s Reporter..“No other party is willing to say those words,” Singh told reporters August 12, while detailing his election platform..“We are the only party talking about increasing revenue, basically taxing the ultra-rich so we can pay for the investments that people need,” said Singh. “We are the only ones.”.“You took a very similar program into the 2019 election and lost fifteen seats,” said a reporter. “How do you convince Canadians who saw the same thing on the menu last time and didn’t vote for you?”.“Sometimes you look at items on the menu and say, ‘You know what, maybe I should have bought that thing last time,’” replied Singh. “That’s what we’re hoping.”.Singh proposed to raise the top personal federal income tax bracket from 33% to 35% on earnings more than $216,500 a year. Revenues are estimated at more than $869 million annually, according to Parliamentary Budget Office figures from the last campaign. About 364,000 of 27.8 million tax filers currently pay the top rate, by Canada Revenue Agency estimate..New Democrats would also increase the federal corporate income tax rate from 15% to 18%, worth $6.8 billion annually, and levy an excess profits’ tax on corporations worth $7.9 billion a year..A 1% estate tax on tax filers with net equity over $20 million would cost $5.9 billion. A proposed 20% tax on the sale of homes to non-resident foreigners is worth more than $300 million a year..The Budget Office two years ago costed all New Democrat tax increases at $29.1 billion a year. Much of the program remains unchanged, said Singh. “Tax the ultra-rich to invest in people,” he said. “That’s our plan.”.The New Democrat platform Ready For Better reiterated longstanding policies for pharmacare, universal dental coverage, a national school lunch program, increases to the CBC’s $1.2 billion annual grant, abolition of the Senate, elimination of interest payments for Canada Student Loan borrowers and a lowering of the federal voting age from 18 to 16..Singh also proposed a publicly-run, inter-provincial bus company, an increase in the federal minimum wage to $20 an hour – the highest rate in the country – and a $15,000-per household rebate for purchase of Canadian-made electric cars. Ready For Better said the Party will seek elimination of the GST on new construction of low-rent housing..“How sure are you the revenues you’d raise through taxes would cover all these new programs?” asked a reporter..“To put it really bluntly, no other party can make any commitment to invest in people without either cutting existing services or putting the burden back on people,” replied Singh..Mike D’Amour is the British Columbia Bureau Chief for the Western Standard..,.mdamour@westernstandardonline.com
New Democrat leader Jagmeet Singh yesterday proposed billions in new taxes on corporations and the “ultra-rich,” said Blacklock’s Reporter..“No other party is willing to say those words,” Singh told reporters August 12, while detailing his election platform..“We are the only party talking about increasing revenue, basically taxing the ultra-rich so we can pay for the investments that people need,” said Singh. “We are the only ones.”.“You took a very similar program into the 2019 election and lost fifteen seats,” said a reporter. “How do you convince Canadians who saw the same thing on the menu last time and didn’t vote for you?”.“Sometimes you look at items on the menu and say, ‘You know what, maybe I should have bought that thing last time,’” replied Singh. “That’s what we’re hoping.”.Singh proposed to raise the top personal federal income tax bracket from 33% to 35% on earnings more than $216,500 a year. Revenues are estimated at more than $869 million annually, according to Parliamentary Budget Office figures from the last campaign. About 364,000 of 27.8 million tax filers currently pay the top rate, by Canada Revenue Agency estimate..New Democrats would also increase the federal corporate income tax rate from 15% to 18%, worth $6.8 billion annually, and levy an excess profits’ tax on corporations worth $7.9 billion a year..A 1% estate tax on tax filers with net equity over $20 million would cost $5.9 billion. A proposed 20% tax on the sale of homes to non-resident foreigners is worth more than $300 million a year..The Budget Office two years ago costed all New Democrat tax increases at $29.1 billion a year. Much of the program remains unchanged, said Singh. “Tax the ultra-rich to invest in people,” he said. “That’s our plan.”.The New Democrat platform Ready For Better reiterated longstanding policies for pharmacare, universal dental coverage, a national school lunch program, increases to the CBC’s $1.2 billion annual grant, abolition of the Senate, elimination of interest payments for Canada Student Loan borrowers and a lowering of the federal voting age from 18 to 16..Singh also proposed a publicly-run, inter-provincial bus company, an increase in the federal minimum wage to $20 an hour – the highest rate in the country – and a $15,000-per household rebate for purchase of Canadian-made electric cars. Ready For Better said the Party will seek elimination of the GST on new construction of low-rent housing..“How sure are you the revenues you’d raise through taxes would cover all these new programs?” asked a reporter..“To put it really bluntly, no other party can make any commitment to invest in people without either cutting existing services or putting the burden back on people,” replied Singh..Mike D’Amour is the British Columbia Bureau Chief for the Western Standard..,.mdamour@westernstandardonline.com