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A Liberal MP proposed a double whammy to Canadian taxpayers, advocating for both an equity tax on millionaires and the revival of a federal inheritance tax to “help pay for the pandemic response,” reports Blacklock’s. “I think we have to tackle wealth inequality,” said Liberal MP Nathaniel Erskine-Smith in the House of Commons. “Of course I would like to see a social safety net akin to a basic income that leaves nobody behind.” However, he admits “the math does not work” and could not address the issue of minimum income, let alone the other “noble objectives.” Erskine-Smith recently requested the Budget Office’s figures to “address rising extreme wealth inequality and generational fairness concerns by implementing a one-time tax on extreme wealth to help pay for the pandemic response.” In Motion 68, he proposed a three percent tax on assets over $10 million, a five percent tax on assets over $20 million, and an inheritance tax on estates worth more than $5 million. All three measures combined would raise $60.7 billion over five years, cited the Budget Office, which are the equivalent of 8.8 percent of ongoing deficits over the period.

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