Madam Speaker, as a society, we can no longer afford the growing inequality in Canada. Extreme wealth inequality has proven to have a corrosive effect on our society, as well as on democracy. Inequality harms our economy, damages health and well-being, decreases disposable income and entices middle-class individuals to incur debts they cannot pay. Extreme inequality also plays a factor in increased crime.
We need to crack down on wealthy tax cheats. We must stop the tax avoidance schemes that allow people and corporations to offshore their wealth and avoid paying taxes in Canada. We need an inheritance tax on massive fortunes, and we need a wealth tax. Northern European countries tax the wealthy and ensure their citizens are taken care of from cradle to grave. We should do the same in Canada. We can do better.