NDP MP Peter Julian, left, looks on as NDP Leader Jagmeet Singh speaks during a news conference in Ottawa on March 13, 2019. Singh wants to raise the tax paid on capital gains. (ADRIAN WYLD / THE CANADIAN PRESS)
OTTAWA—Federal NDP Leader Jagmeet Singh is unveiling his latest election pitch aimed at taxing the rich, promising to broaden levies on capital gains to reap billions more each year for health care, housing and programs to fight climate change.
Singh intends to announce the policy proposal Friday during his keynote speech at the Broadbent Institute’s Progress Summit, an annual gathering of progressive thinkers and New Democrats near Parliament Hill.
In an interview with the Star on Thursday, Singh said he wants to increase the proportion of capital gains profits that are taxed by the federal government. This “inclusion rate” is currently set at 50 per cent — meaning only half the profits people make by selling property or securities investments is subject to income tax. The NDP wants to increase that rate to 75 per cent, which Singh said party researchers predict would bring an additional $2.7 billion in tax revenue to the federal government each year. MORE