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The revenue part of the platform is just completely unrealistic. Wealth taxes don't work. 12 countries in Europe tried it and 8 have dropped them so far. In France, they had a similar wealth tax as Singh, and the result was the net outflow of 60,000 millionnaires, with the capital outflow resulting in the country losing more tax revenue than the tax brought in. The capital gains tax will result in us no longer being competitive with the US for investment capital. Singh's plan is the equivalent of Walmart doubling all its prices and projecting that revenue will double. That's not how economics works.NDP released their platform and costing today. Below are the new and improved taxes to pay for it all with no plan to balance the budget. Thee Liberals in Ontario thought Money wasn't an object either and chased tons of business out of ontario. They are non-party status now.
New revenue streams
Below are the revenue raising measures and the amounts the party projects each would bring in:
- $60 billion through a 1% annual tax on households with wealth over $10 million.
- $44 billion through raising the capital gains inclusion rate to 75% from 50% .
- $25 billion through raising the corporate income tax rate to 18% from 15%. This would apply only to businesses that make more than $500,000 in profit.
- $14 billion through an "excess profit tax" on companies that made large profits during the COVID-19 pandemic. This would apply to only some companies that make profit in excess of $10 million per year.
- $12 billion through cracking down on tax havens. The Canada Revenue Agency would receive $100 million in extra funding to expand its capability to track down such funds.
International Consumers like China will just buy their grain from Brazil instead off Canada. The rich companies he wants to retroactively tax like Amazon will just close up shop and move their jobs out of canada before this legislation has a chance to pass in Canada and their money is already offshore and untouchable. Then they will punish Canadians by making use of Amazon pass the higher costs on to the customers