Posted on September 16, 2021
ACORN Votes 2021: Tax the Rich
Globally billionaires increased their wealth by 54% in the first year COVID-19. In Canada, the top 47 billionaires increased their wealth by $78 billion. The bottom 40% of Canadians own 1.2% of all wealth in Canada. A 1% tax on wealth over $20 million would raise $10 billion in the first year alone.
ACORN's Platform on Taxing the Rich
- Introduce an excess profits tax,
- Introduce a wealth tax
- Close the tax loopholes used by the most wealthy that drain money out of the public purse.
- Introduce a temporary COVID-19 excess profit tax that puts an additional 15% tax on large corporate windfall profits during the pandemic.
- Increase the amount of investment profits subject to capital gains taxation to 75%, the rate that was in place in 2000.
- Boost the top marginal tax rate by two points, put in place a luxury goods tax on things like yachts and private jets and ask the very richest multi-millionaires to pay a bit more towards our shared services with a wealth tax.
- Roll back the Conservatives’ corporate income tax cuts by three percentage points to 2010 levels.
- Ensure that internet giants like Facebook, Google and Amazon pay their fair share of taxes, just like every other company.
- Close loopholes that include eliminating bearer shares, compelling companies to prove the economic reason for their offshore transactions and improving transparency on the taxes paid by large corporations.
- For the highest income individuals in Canada (those making over $210,000), increase the top marginal tax rate by two points to 35 percent. Those at the very top – super-rich multi-millionaires with over $10 million in wealth – will be asked to pay more towards our shared services with a 1% wealth tax.
- Raise corporate income taxes on the largest, most profitable banks and insurance companies who earn more than $1 billion per year and introduce a temporary Canada Recovery Dividend that these companies would pay.
- Create a minimum tax rule so that everyone who earns enough to qualify for the top bracket pays at least 15 % each year (the tax rate paid by people earning less than $49,000).
- Implement a tax on luxury cars, boats, and planes as outlined in Budget 2021.
- Significantly increase the resources of the Canada Revenue Agency to combat aggressive tax planning and tax avoidance.
- Modernize the general anti-avoidance rule regime to avoid banks and insurance companies to use tiered structures as a form of corporate tax planning that flows Canadian-derived profit through entities in low-tax jurisdictions in order to reduce taxes back in Canada.
- Work with international partners to implement a global minimum tax so that the biggest companies in the world are not able to escape the taxes they owe here in Canada.
- Eliminate flow through shares for oil, gas, and coal projects.
- Implement a national anti-flipping tax and national tax on nonresident, non-Canadians on vacant land and residential property.
- A national tax on vaping products and require tobacco manufacturers to pay for the cost of federal public health investments in tobacco control.
- Make foreign tech companies pay their fair share of taxes including sales tax and a digital services tax representing 3% of their gross revenue in Canada if they don’t pay corporate income tax here.
- Work with the Biden Administration and other international partners to crack down on multinational tax avoiders.