Canadians agree: Tax the Rich!

Facts

21 March 2024

A pink and blue duotone photo of billionaires smiling and shaking hands with "Tax the rich" text over their eyes and a border of piles of money

While everyday Canadians struggle to make ends meet, the wealthiest among us have seen their fortunes grow exponentially.

Our recent report on affordability in Canada shows that since 1982, the cost of living has outpaced pre-tax income for the bottom half of earners. During that same period, the income of the top 0.01% grew six times faster than the bottom 50%. Wealth in Canada is not being shared fairly, leading to huge affordability woes for most.

While the income gap is extreme, the wealth gap is even worse: over the past 10 years, the richest 1% in Canada gained almost seven times more wealth than the bottom 50%.

In a 2021 Abacus poll, 88% of Canadians supported a wealth tax, so why haven’t we implemented one?

It’s the work of everyday Canadians that keeps our country running. A tax on the ultra-rich would ensure that our resources are shared more fairly to make life more affordable for everyone.

Send a message to Ottawa: Canadians demand a wealth tax, now!

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First Name

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To : Finance Minister Champagne

CC: Daniel Blaikie, Gabriel Ste-Marie, Mike Morrice, Jasraj Singh Hallan

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Message

Dear Finance Minister Champagne,

As you know, the gap between the ultra-wealthy and everyday Canadians has been widening for years. Average citizens are struggling to get by while the richest among us continue to grow their fortunes.

Our recent report on affordability in Canada shows that Since 1982, the cost of living has outpaced pre-tax income for the bottom half of earners. During that same period, the income of the top 0.01% grew six times faster than the bottom 50%. Wealth in our country is not being shared fairly, contributing substantially to the ongoing affordability crisis.

A wealth tax of just 1% over $10 million, 2% over $50 million, and 3% over $100 million would generate $32 billion annually. This money could go towards building affordable housing, funding much-needed food programs, and other urgent support for struggling Canadians.

An 2021 Abacus poll revealed incredibly high support for a wealth tax in Canada: 88% of Canadians support taxing the rich.

The wealth generated by everyday Canadians belongs to everyone, not just a select few. It’s high time to implement a wealth tax that supports all of us and creates the fair society we all deserve.

Canadians demand a wealth tax, now!

Sincerely,