Pandemic profiteers and ultra-wealthy must pay their share: Hughes

While most Canadians and small businesses owners in Canada have struggled to get by and are worried about their future throughout this pandemic, the wealthiest in Canada actually got richer, according to Algoma-Manitoulin-Kapuskasing MP, Carol Hughes.

Hughes notes that Canada’s top twenty richest people are almost $40 billion richer than they were before the pandemic hit. Now, New Democrats are calling on the government to act and bring in a host of measures to make sure the cost of the recovery is not put on the backs of everyday people but, instead, that those who have made massive profits during the pandemic pay for it.

“The very wealthiest among us got richer, with some corporations making record profits because of the pandemic. At the same time, the government is allowing the wealthiest avoid paying their fair share of taxes by hiding billions of dollars offshore every year,” said Hughes.

Hughes says the pandemic is not over and instead of cutting services and help for people, the government needs to make the wealthiest and those who have profited from the pandemic pay their fair share, so we can better deliver help to the people who really need it.

“New Democrats have a range of proposals that will make sure the richest elites and the most profitable corporations pay their fair share to help pay for the help we need to deliver to those who are struggling in the pandemic,” said Hughes.

New Democrat proposals include:

• Applying a 1 per cent annual wealth tax to families with fortunes over $20 million.

• Cracking down on Tax Havens and closing tax loopholes.

• Making web giants like Amazon, Google and Facebook pay their fair share of taxes – as has been done by other countries.

• Introducing a temporary COVID-19 Excess Profit Tax. This would, at least, double the tax rate on excess profits.

• Pairing these programs with tough enforcement against tax evasion and penalties for millionaires and big corporations who try to avoid paying their fair share.