Singh waves off one-time wealth tax, demands ongoing tax on ‘ultra-rich’ Canadians
OTTAWA — New Democrat Leader Jagmeet Singh is rejecting the idea of a one-time wealth tax that Parliament’s budget watchdog says could raise tens of billions of dollars, pushing instead for an ongoing tax on the “ultra rich.”
In a report today, parliamentary budget officer Yves Giroux estimates that a one-time tax of three per cent and five per cent on Canadians with net wealth over $10 million and $20 million respectively would yield between $44 billion and $61 billion.
However, Singh is sticking to his proposal from last year that calls for an annual tax of one per cent on families with fortunes over $20 million.
He says that the budget officer’s report shows there’s plenty of revenue to be gleaned by government, but he believes a continuous tax on “ultra-wealthy” residents is the proper path to fair contributions.
