‘Super-wealth tax’ to raise $5.6B in 1st year, Singh says during Hamilton NDP event

The Parliamentary Budget Officer estimates it would raise around $70 billion over 10 years

Jagmeet Singh met with residents at a Hamilton east end home and revealed more details about the NDP’s proposal of a “super-wealth tax.” (Martin Trainor)

Federal NDP leader Jagmeet Singh says a tax on the super rich would raise $5.6 billion that could be invested in health care and housing.

He spoke about the “super-wealth tax” and the funds it would raise Tuesday at a “kitchen table” event at an east end Hamilton home.

He said the Parliamentary Budget Officer crunched the numbers to estimate that the super-wealth tax would raise $5.6 billion in the 2020 – 2021 year, and anticipates that it would grow to around $9.5 billion by 2028 – 2029. Over 10 years, it estimated that this tax will raise almost $70 billion.

“If we put this super-wealth tax in place, we can raise the funds to put in place that medication coverage for all, we can invest in housing to make sure it’s affordable, we can make people the priority,” Singh said.

The super-wealth tax would include a one per cent tax on Canadians with fortunes over $20 million. It would be applied annually and include real estate, luxury items, and investments.

Singh said that this would apply to around one tenth of one per cent of Canadians.  MORE