Canada’s New Democratic Party (NDP) proposed a new wealth tax plan in parliament Nov. 16. The plan was to implement a one per cent tax on peoples’ wealth that exceeds $20 million. The NDP also advocated for a plan to tax capital gains at a higher rate, which now sits at 50 per cent.
Unfortunately, the Liberal Party of Canada (LPC), Conservative Party of Canada (CPC) and the Bloc Québécois (BQ) formed a united front to block the motion in parliament despite the fact that an overwhelming majority of Canadians support the NDP’s proposal.
