Chrystia Freeland

[Taxation, June 12th, 2024]

Mr. Speaker, for the past couple of years, the Conservative leader has been cosplaying as a friend of union workers, but yesterday we called his bluff, and Conservatives know it.

Here is what the president of the CLC said: “With this vote [the Conservative leader] has shown that he believes that an ordinary worker flipping burgers for a living should be taxed on 100% of their income while his CEO friends making millions of dollars from flipping stocks should be taxed only on half of that income”.

That is what the Conservatives believe, and it is shameful.

[Taxation, June 12th, 2024]

Mr. Speaker, I think the Conservative leader is a bit confused; he seemed to think that the words I quoted were mine. I was, in fact, quoting him. I was quoting his words about the wealthiest 1% and their stock portfolios and luxury real estate, but that was back when the Conservative leader was pretending to be a friend of working people. He was pretending to be on the side of the little guy. Yesterday we learned that is just not true, but we are on the side of fairness.

[Taxation, June 12th, 2024]

Mr. Speaker, I want to share another quote: “the wealthiest 1% who own the most expensive and luxurious real estate and have in their portfolios the most stocks and bonds...will continue to see their net worth expand, having done nothing, by the way, to deserve that expanded net worth.” That is a quote from the member for Carleton, but that was when he was being a fake populist. When they sell those assets, they accrue a capital gain. We think more of it should be taxed.

[Taxation, June 12th, 2024]

Mr. Speaker, the Conservative leader is squirming. The Conservative leader is nervous, and I know why he is nervous. It is because we presented him with a very clear choice yesterday: One can be on the side of someone who sweats every day, who earns all their money through their paycheque, or someone who is earning more than $250,000 in capital gains every single year. We know whose side we are on. Now we know whose side they are on, too.

[Taxation, June 12th, 2024]

Mr. Speaker, there was once a Conservative prime minister. His name was John Diefenbaker. He was from the Prairies, like me and like the Conservative leader. He set up a royal commission on taxation, and Ken Carter led that commission. Ken Carter memorably said, “a buck is a buck is a buck.” He thought that all one's income, whether it is a capital gain or is made through hard work, should be taxed. However, these Conservatives have shown their true colours. They are just not on the side of working people, and they are embarrassed.

[Taxation, June 12th, 2024]

Mr. Speaker, we presented every single member of the House with a very clear and, actually, really easy choice. Do they think someone who makes a salary of $58,000 a year, such as a person in Carleton whose only income is their wage, should pay tax at a higher marginal rate than someone earning capital gains of more than $250,000 a year? It is not complicated, but it is complicated for them.

[Taxation, June 12th, 2024]

Mr. Speaker, we can see how nervous and how anxious the Conservatives are. They spent eight weeks terrified of saying anything about capital gains, and today the Conservative leader is so anxious that he does not trust a single member of his caucus to say a word. I have sympathy for them because they have shown how phony they are. They have had a chance to be on the side of working people, on the side of fairness. They have shown whose side they are really on.

[Taxation, June 12th, 2024]

Mr. Speaker, let us review what we have learned so far in question period today. First, the Leader of the Official Opposition does not even understand how the capital gains inclusion rate works. That is a problem. Second, the leader of the official opposition disavows his own words in the House about capital gains. However, probably the most important thing is that the average income in Carleton is $58,400. Carleton's MP is not on the side of working people earning that wage in his own riding. That is shameful.

[Taxation, June 12th, 2024]

Mr. Speaker, I want to quote some interesting words that were stated in the House of Commons: “The monstrous increases in capital gains...[are] making the rich vastly richer and creating a kind of aristocratic feudal economy”. Do members know who said that? The member for Carleton did.

We agree the current system is unfair. We are pushing against it. What made the member, after eight weeks of dithering, change his mind?

[Taxation, June 12th, 2024]

Mr. Speaker, a moment ago, the Leader of the Opposition already demonstrated his financial illiteracy. He does not understand how the capital gains inclusion rate works. However, I want to offer him an opportunity to continue his economic education.

Yesterday, the IMF published a report on the Canadian economy. The IMF commented on our capital gains move and said it makes the system more fair, and it also said it would have no impact on investment or productivity. That is the IMF.