Notably, the survey found that a clear majority of respondents express support for measures aimed at making it harder for businesses and the wealthy to avoid taxes. This includes closing tax loopholes used primarily by the wealthy (92% of respondents), making it more difficult for companies to strategically reserve profits in tax havens where they do not engage in economic activity (92 %), by levying an income tax of 37%. on those earning at least $ 750,000 and making companies that made inordinate profits during the pandemic pay excessive corporate income tax (87%).
There was also broad support for the idea of an annual wealth tax to be paid by the wealthiest Canadians, winning favor with 89% of respondents. This includes 83% of those planning to vote Conservative, 91% of Liberal supporters, 93% of NDP members, 96% of BQ supporters and 95% of those planning to vote for the Green Party.
While it may have great political appeal right now – the Parliamentary Budget Officer (PBO) recently pitched the idea of a single wealth tax to help tackle economic inequality and growing debt of the country – a new document from the Montreal Economic Institute (MEI) argues that taxing the rich is not a good solution.
“On closer examination, it would appear that the wealth tax under discussion would not be sufficient to finance this type of expenditure and would have many unintended consequences,” said MEI economist Maria Lily Shaw in a press release.
Shaw said the most realistic scenario proposed in PBO’s analysis would see the single tax increase by $ 60.7 billion over a five-year period. Taking this into account with other measures outlined in the last budget, such as a luxury tax and other measures aimed at closing supposed loopholes, the MEI said the government should raise $ 18 billion. additional per year.