The government is failing to close tax havens and tax loopholes for the ultrawealthy. While cost of living and prices continue to spiral out of control, large corporations are making record profits off the backs of struggling Canadians.
The super-rich are hiding more than $300 billion in tax havens every year and using tax loopholes to avoid paying their fair share. Closing tax loopholes and shutting down tax havens would save Canadians more than $16 billion every year. This is critical tax revenue that could be invested in things that Canadians desperately need, saving our health care system from collapse and investing in a green economy.
Since the start of the pandemic, big businesses have been padding hiking prices and padding their profits, leading to high inflation that is hitting Canadian pocketbooks hard. We need an excess profits tax to bring inflation down and ensure the ultra-rich pay their fair share.
It is high time we close the loopholes and shut down the tax giveaways and reinvest that money into our communities, so that all Canadians—not just those at the top—can have the support they need to succeed.