Pretty Words and Empty Promises: Justin Trudeau’s Record on Taxing the Top 1%

Today, NDP Leader Jagmeet Singh takes his message to the Canadian Club: that the richest Canadians and corporations should pay more to make life better and more affordable for everyone else.

Justin Trudeau likes to talk about taxing the rich. Back in 2015, he told the Canadian Club:

"I know people in your position get asked for a lot, and as evidenced by the thriving and generous philanthropic culture in Canada, you step up. Your contributions to Canadian society have been appreciated — and I'm asking for one more." (CBC, May 11, 2015)

But here’s what he actually did:

• Trudeau’s so-called middle-class tax cut actually meant two-thirds of Canadians got $0 – while the 1% got a $675 tax cut.
• He recently handed $14 billion in giveaways to big corporations.
• A $12 million giveaway to Loblaws, one of Canada’s largest companies.
• Let wealthy KPMG clients off the hook for a $130 million offshore tax avoidance scheme.
• Protected stock option loopholes for CEOs, costing Canadians $700 million a year.
• Protected corporate tax havens that cost Canadians $10-15 billion a year.
• Bailed out Kinder Morgan by buying the pipeline for $4.5 billion.

And when his chief fundraiser Stephen Bronfman was named in the Paradise Papers for his apparent use of an offshore trust to evade taxes, instead of standing up for Canadian taxpayers, Justin Trudeau jumped to Bronfman’s defense.

When it comes to taking on the rich interests on behalf of Canadians, Justin Trudeau can only be counted on for one thing: pretty words.