NDP wealth tax would raise $94.5B, pay for worker tax cut and health-care improvements

The New Democratic Party has unveiled an ambitious plan to raise $94.5 billion in revenue by taxing the extremely wealthy, in order to finance new spending, deliver tax cuts for workers, and bolster Canada’s health-care system. NDP Leader Jagmeet Singh announced these commitments at a campaign event in Burnaby, B.C., emphasizing the party’s focus on the people who build the country.

The NDP’s platform includes measures that would add $48 billion to the federal deficit over the next four years, with $43.2 billion in new spending not offset by revenue. This is a significant increase compared to the Liberal government’s projections, which forecasted a lower deficit in the coming years.

One of the key revenue generators in the NDP platform is a graduated wealth tax, which would impose a one to three per cent tax on households with a net worth over $10 million. This measure alone is expected to raise $94.5 billion in revenue over four years. Additionally, the party plans to close tax loopholes and reduce the federal government’s use of consultants to generate an additional $32.8 billion in revenue.

The NDP’s platform also includes significant investments in key areas such as raising the basic personal amount threshold, improving Canada’s employment insurance system, and expanding health-care services. These measures will cost billions over the next four years, with a focus on ensuring that Canadians have access to essential services without financial burden.

In terms of health care, the NDP is pledging $46.2 billion in new spending, with a focus on expanding access to services and implementing a universal pharmacare program. The party also plans to invest $7 billion in mental health coverage, ensuring that Canadians can access essential services like psychotherapy and counseling.

Acknowledging the uncertainties in Canada’s economic and fiscal picture, the NDP has also set aside a contingency fund of approximately $4.2 billion over four years to hedge against risks and external shocks. The party rejects calls for cuts to the public sector and social programs, instead proposing increased investments in infrastructure and people.

Overall, the NDP’s platform is bold and focused on addressing the needs of Canadians, with a comprehensive plan to raise revenue, invest in key areas, and ensure that everyone has access to essential services. This platform promises to bring real change and support to those who need it most.