OTTAWA – The 2021 Federal Budget includes important commitments, particularly on childcare and climate change, a $15/hr minimum wage but much more could be achieved for Canadians if the Liberals took stronger action to make our tax system fairer.
“We’re pleased that the Liberal government is taking action to level the digital playing field, close some tax loopholes and commit to a public registry of the real owners of corporations, measures that we’ve advocated for many years,” said Toby Sanger, Executive Director of Canadians for Tax Fairness (C4TF).
“But there’s also a lot missing in this budget, including a real commitment to pharmacare and Employment Insurance reform, and other areas that could be paid for by introducing a wealth tax, closing other tax loopholes, and raising taxes on the wealthiest corporations.”
“In a year in which Canada’s billionaires increased their wealth by $78 billion, a luxury tax that generates less than 0.2% of that won’t make the slightest dent in growing inequality, nor would it do anything to help pay for the pandemic or recovery,” added Sanger.
C4TF’s Fair Tax Recovery Plan shows how the federal government could raise an additional $70 billion annually, by making our tax system more progressive, closing tax loopholes and tackling international tax dodging.
“We’re glad this budget includes plans to close some corporate tax loopholes, including limits on interest deductibility, and increases funding for the CRA to tackle tax avoidance and evasion, but it’s time for the Liberal government to be much more ambitious, and have corporations pay their fair share of taxes,” said C4TF Researcher DT Cochrane.
“US President Joe Biden’s tax plan is expected to bring in $2.5 trillion over 15 years by reversing the race to the bottom on corporate taxes,” said Cochrane. “In a year when we risk losing too many local businesses, while some of our biggest corporations made record profits, Canada should likewise implement fair corporate tax policies.”
Media Contact:
Darren Shore
Communications Coordinator | Coordonnateur aux communications
Canadians for Tax Fairness | Canadiens pour une fiscalité équitable
darren.shore@taxfairness.ca
https://www.taxfairness.ca/en/press_release/2021-04/media-release-budget-2021-few-steps-forward-tax-fairness-much-more-needed
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