Canadian tax policy experts say they’re pleasantly “surprised” by a new estimate from the Parliamentary Budget Officer estimating a 1% tax on the super wealthy could generate nearly $70 billion dollars in new revenue.
The Office of the Parliamentary Budget Officer released a new cost estimate of an NDP campaign proposal to create a new 1% tax on Canada’s wealthiest individuals, applying only to people whose net wealth is $20 million or more.
According to the PBO estimate, a 1% wealth tax would generate $68.6 billion in new revenue over ten years, rising from $5.6 billion in 2021 to $9.5 billion in 2029.