NDP leader Jagmeet Singh says Liberal leader Justin Trudeau\u2019s plan to impose a new tax on the wealthy has \u201cno credibility.\u201d<\/p>\n
The Liberal platform includes a plan to impose a 10% \u201cluxury tax\u201d<\/a> on cars, boats and personal aircraft costing more than $100,000.<\/p>\n At a campaign stop in Toronto on Thursday, Singh dismissed the idea of taxing luxury goods as \u201ca distraction,\u201d and said the NDP\u2019s plans to crack down on offshore tax havens, end CEO stock option deductions and introduce a wealth tax would \u201censure that the wealthiest pay their fair share.\u201d<\/p>\n \u201cAgain and again, we\u2019ve seen Mr. Trudeau says a lot of nice things during a campaign, but he has no credibility when it comes to making sure choices are being made that benefit people rather than the wealthiest,\u201d Singh told reporters.<\/p>\n Citing recently released data from Statistics Canada<\/a>, Singh noted that Canada\u2019s wealthiest 1% have seen their effective tax rates decline and incomes increase under the Liberals\u2019 watch.<\/p>\n \u201cTheir plans are actually making the wealthy pay less and increasing the income gap,\u201d Singh said.<\/p>\n The Liberals introduced legislation in June<\/a> that would impose a $200,000 annual limit for certain companies on employee stock option grants that can be taxed effectively at the capital gains rate beginning next year. The 2019 budget included an additional $150 million over five years for the CRA to conduct offshore audits of high-net-worth individuals.<\/p>\n The Liberal platform says a re-elected government would review tax expenditures “to ensure that wealthy Canadians do not benefit from unfair tax breaks.”<\/p>\n