Other Issues

Tax Reform

Funding a just transition is not only possible, but will create greater economic justice overall. The redistribution of wealth is essential for our democracy to function. When just 100 companies have caused 71% of all global GHG emissions, it's clear a just transition will only be just if we implement the ‘polluter pays’ principle. The billions of dollars to fund a just transition must come from higher royalty rates, closing tax loopholes and increasing taxes on corporations.

Taxation should help reduce wealth inequality not encourage it. When 87 of Canada’s wealthiest families own the same wealth as 12 million other Canadians — a third of our population — it’s obvious we have a serious income inequality problem. And it hasn’t been getting better! The number of ultra wealthy people in our country (more than $30 million) recently increased by 14% while their total net worth increased 15%. Our current tax policy is making the rich richer and leaving the rest of us behind.

 

What do we do about it?

  • Introduce a tax of 1% on the net wealth of the top 10% of households. 
    — $12 billion in revenue.

  • Include an inheritance tax of 45% on estates worth more than $5 million.
    — $2 billion in revenue

  • Close unfair tax loopholes collecting more than $18 billion from offshore tax havens. 
    — $18 billion in revenue.

  • Increase corporate taxation from 16% to 21% — in line with current US levels.
    — $12 billion in revenue.

  • Implement a financial transactions tax (FTT), following the lead of European countries who introduced change after the financial crisis. This tax discourages speculation and increases revenue. — $5 billion in revenue.

  • Implement a national minimum carbon tax rate of $30/tonne next year and increase to $50 by 2020. — $1 billion in revenue.

 

Electoral Reform. Proportional representation.

Democracy advocates have been calling for proportional representation for decades; it is time to make voting truly representative and democratic.

We must update our voting system from the first-past-the-post, "winner-takes-all" approach that we practice — which is now the exception in democratic countries. Implementing a voting system of proportional representation means all regions and voters will finally be fairly represented in Parliament. Governments will work more collaboratively, and parties will only hold amounts of power proportional to their actual popular support.