NDP leader Jagmeet Singh unveiled his party’s platform on Thursday ahead of an expected election call this weekend.
While the NDP platform promises billions in new spending, the platform is uncosted.
Jampacked in the 115-page platform, which shares many similarities with the party’s 2019 promises, are a wealth tax, a promise to lower the voting age to 16 and pledges to fight “systemic racism.”
“For the highest income individuals in Canada (those making over $210,000), we will increase the top marginal tax rate by two points to 35 percent. Those at the very top – super-rich multi-millionaires with over $10 million in wealth – will be asked to pay more towards our shared services with a 1% wealth tax,” the platform reads.
The party claims that such a tax would generate “$10 billion” in revenue to redistribute towards the NDP’s costly programs.
Additionally, the NDP wants to introduce an “excess profit tax” to tax large Canadian companies who profited during the pandemic.
“That’s the vision that we have for Canada: Making the ultra-rich pay their fair share, so we can invest in people,” said Singh.
According to Trading Economics, Canada has one of the highest corporate tax rates among G20 countries.
Additionally, Singh promised free access to mental health services for uninsured Canadians which would be further expanded. The NDP platform also promises student debt forgiveness up to $20,000 and a national childcare, pharmacare and dental care program.
Estimates by Fraser Institute show that a national pharmacare program could cost taxpayers anywhere between $15 billion and $32.7 billion to achieve.
On top of that, the research institute Cardus estimated that a national childcare policy could cost an additional $36.3 billion on the upper end.
In their platform the NDP also pledged to combat “online hate” and other forms of discrimination.
“It’s time for the federal government to tackle white supremacism, terrorism and the growing threat of hate crimes targeting communities in Canada. We will begin work immediately to ensure that all major cities have dedicated hate crime units within local police forces, and to convene a national working group to counter online hate,” the NDP platform reads.