The 2022 federal budget includes a pair of tax increases for big banks and insurance companies that will bring in more than $6 billion in revenue and put high income earners on notice that they could be next. But NDP Leader Jagmeet Singh says he thinks Prime Minister Justin Trudeau should have gone further.
Asked in an interview on CTV’s Question Period whether he thought the wealthy-targeting moves were enough, Singh said no.
The Liberals are taking a two-pronged and more aggressive approach than they campaigned on when it comes to forcing big chartered banks and major insurance companies to share their pandemic-generated wealth by increasing their corporate income taxes.A one-time 15 per cent tax will be imposed on taxable income above $1 billion that was earned by banking and life insurers’ groups in the 2021 tax year.
Economists and representatives from these major financial institutions have cautioned that while going after banks may be popular politically, the cost could get passed on to bank customers in the form of higher fees, unless the government moves to prohibit that.
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