The BC Greens have proposed a set of new taxes on British Columbians with "extreme wealth."
Leader Emily Lowan said the revenue generated would be used to pay for universal childcare, free public transit, and properly funded affordable housing — and reduce provincial debt.
The plan includes a one-time Fair Share Tax of 5% on net wealth above $50 million, 10% above $100 million, and 20% above $1 billion. Combined, it would bring in around $22.2 billion, "after accounting for administrative costs and behavioural responses."
After that, those in the aforementioned brackets would see their net wealth taxed annually at 2%, 3%, and 5%, respectively. Such a tax would bring in approximately $5.4 billion every year.
In addition, the BC Greens said they would work with the federal government to close tax loopholes and strengthen enforcement of tax avoidance "so that very wealthy individuals cannot use complex financial arrangements to avoid paying their fair share."
"Unlike Premier Eby’s tax, which focuses on the income of those earning more than $190k, we are looking at the wealth of households with over $50 million," Lowan said. "It targets what the ultra-wealthy own, not what they’re paid, because massive fortunes don’t grow through wages, they grow through untaxed stocks and real estate."
She argued that "nurses, teachers, and tradespeople already pay their share," thus "asking someone with multiple homes and massive stock portfolios to give a sliver of their wealth to ensure British Columbians can live an affordable, safe, dignified life is what fairness looks like."
Jarryd Jäger
Under Eby's proposal, people making between $190,405 and $265,545 would see their tax rate go from 16.8% to 18.8%, while taxes on those making between $265,545 and $1000,000 would go from 20.5% to 22.5%. Anyone earning over $1 million would be taxed at a new rate of 24.5%.
"We celebrate when families and businesses here are successful," he said, "but when people are struggling, we think that it’s fair to ask those at the top to pitch in a bit more so we can make it possible for everyone to get ahead."
The BC Conservatives, on the other hand, have vowed not to increase existing taxes — or introduce new ones.
