Green leader promises tax overhaul during Kamloops visit

Photo: Glacier Media

The leader of the Green Party of Canada is promising major reforms to Canada's taxation system.

During a press conference in Kamloops Tuesday, at local candidate Iain Currie's campaign office, Elizabeth May said a Green government would establish an arm's length federal tax commission to analyze the tax system.

"Our tax system hasn't been properly reviewed since the 1960s. That was the last time we had a tax commission," she said. "We need a root-and-branch review of the dense tax code. It's hundreds and hundreds of pages. It's virtually impenetrable."

Part of the Green plan also includes closing tax loopholes that benefit the wealthy, says May. That means looking at offshore accounts and requiring companies to prove that their foreign affiliates are actual functioning businesses for tax purposes.

The Greens would close the capital gains loophole, which allows people and corporations to only add half of their capital gains to their taxable income, while those with only employment income pay taxes on their entire income. Small businesses and family farms would be exempt.

Under a Green government, e-commerce companies like Netflix, Amazon and Google would pay a corporate tax if they're operating in Canada.

Other platform highlights include:

• Imposing a financial transactions tax of 0.2 per cent in the finance sector.
• Increasing the federal corporate tax rate from 15 to 21 per cent to bring it into line with the United States.
• Maintain the current level of taxation for small business.
• Charging a five per cent surtax on commercial bank profits. Credit unions, caisses populaires and co-ops would be exempt.
• Eliminating all fossil fuel subsidies

May was accompanied by her husband, John Kidder, the Green Party finance critic. Kidder is also the Green candidate for Mission-Matsqui-Fraser Canyon.