{"id":45820,"date":"2021-01-26T14:00:48","date_gmt":"2021-01-26T19:00:48","guid":{"rendered":"https:\/\/www.greenpeace.org\/canada\/?p=45820"},"modified":"2021-12-06T06:23:55","modified_gmt":"2021-12-06T11:23:55","slug":"4-reasons-canada-needs-a-wealth-tax-to-recover-from-covid-19","status":"publish","type":"post","link":"https:\/\/www.greenpeace.org\/canada\/en\/story\/45820\/4-reasons-canada-needs-a-wealth-tax-to-recover-from-covid-19\/","title":{"rendered":"4 reasons Canada needs a wealth tax to recover from COVID-19"},"content":{"rendered":"\n

Move over \u2018people of means<\/a>‘ \u2013 there\u2019s a new title in town for the world\u2019s billionaires: \u2018pandemic profiteers.\u2019 <\/em><\/a><\/strong>And unlike the wealth they\u2019ve hoarded, they seem to have earned it. Billionaire wealth has ballooned since the covid crisis began and, unlike during previous crises where excess profits taxes were used to prevent profiteering<\/a><\/strong>, no such mechanism has been put in place during the pandemic.<\/p>\n\n

Here’s why it’s time for a wealth tax and a crack down on overseas tax havens.<\/p>\n\n

1. Rich people are getting richer and inequality is spiralling out of control<\/strong><\/h3>\n\n

While millions of Canadians continue to struggle due to the impacts of the COVID-19 pandemic \u2014 with low-wage workers hit the hardest \u2014 Canada’s billionaires have been making bank. Between March and October of 2020, the 20 wealthiest Canadians collectively got richer by a whopping $37 billion<\/a><\/strong>, according to economist Alex Hemmingway. And a new analysis shows that the widening gap between the rich and the rest shows no signs of decreasing: a year into the pandemic, billionaire wealth in Canada has now increased by $78 billion<\/a>.<\/strong> That means 47 Canadian billionaires now control $270 billion in total wealth<\/em> while 5.5 million Canadian workers lost their jobs or had more than half of their hours cut at the pandemic\u2019s peak. <\/p>\n\n

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TIME FOR A WEALTH TAX<\/a><\/div>\n<\/div>\n\n

The bottom line is that a number of big corporations have been profiting from the Covid-19 pandemic<\/strong><\/a>, which illustrates how our tax system is rigged for the rich. Oxfam international\u2019s recently released annual Inequality Report<\/strong><\/a> further highlights how the pandemic is exacerbating the inequality crisis. While the world\u2019s wealthiest have already recovered any losses they \u201csuffered\u201d during COVID-19, it could take the world\u2019s poorest over a decade<\/em> to recover from the economic impacts.<\/p>\n\n

This simply doesn’t work when millions of people are increasingly struggling to make ends meet. We\u2019re now in a world where extreme wealth is growing (and fast), <\/strong>increasing the wealth gap<\/strong><\/a> between the rich and the poor along the way.<\/strong><\/p>\n\n

“Rigged economies are funnelling wealth to a rich elite who are riding out the pandemic in luxury, while those on the front line of the pandemic \u2014 shop assistants, health care workers, and market vendors \u2014 are struggling to pay the bills and put food on the table.”<\/p>Gabriela Bucher, Executive Director, Oxfam<\/cite><\/blockquote>\n\n

2. Canadians (and ultra-rich people too) want to see this happen<\/strong><\/h3>\n\n

Canadians want to see this happen: <\/strong>a recent survey<\/strong><\/a> revealed that 67% of the population already supports taxing those who have disproportionately profited from the pandemic.<\/strong><\/p>\n\n

There\u2019s more: a number of ultra-rich actually want to pay more taxes!<\/strong><\/a> That\u2019s right, a group of 83 of the world\u2019s richest people have called on governments to permanently increase their taxes, along with those of other members of the wealthy elite, to help pay for the economic recovery from the Covid-19 crisis. If that\u2019s what people want, what is the government waiting for?<\/strong> <\/a> <\/p>\n\n

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.@cafreeland<\/a> a new poll shows 67% of Canadians want the economic recovery from #COVID19<\/a> to be financed by taxing those who can most afford it.

>Implement a #WealthTax<\/a> now
>Make polluters pay

See more results from the @EnvironicsMR<\/a> poll >> https:\/\/t.co\/tOejclbskV<\/a> #JustRecovery<\/a> pic.twitter.com\/BIKoYOxTXz<\/a><\/p>— Greenpeace Canada (@GreenpeaceCA) November 6, 2020<\/a><\/blockquote>