The Pandora Papers were released just last week and they are already having in impact in Canada. The non-profit Canadians for Tax Fairness is pushing the recently elected politicians to get on closing loopholes and exploits that only the rich get to use. All parties support tax reform to address the growing wealth divide in the country, and with the Pandora leak the need for tax reform is clear. Two Canadian celebrity athletes were exposed in the financial papers leak, which has hurt their reputations.
Support for tax fairness in Canada appears overwhelming. Eighty-nine per cent of Canadians want to see a wealth tax of one per cent paid by the richest Canadians as part of the countryâ€™s pandemic recovery, according to a recent Abacus Data pollbased on the NDPâ€™s 2021 platform, and 92 per cent support closing tax loopholes and making it harder for corporations to strategically book profits in tax havens.
â€œThere seems to be universal acknowledgment across the parties that economic inequality is a problem, and it’s a problem that requires government action,â€ said Cochrane.
In a blog post for C4TF, Cochrane outlined policies the major parties could work together on, based on similarities between party platforms, and identified an excess profits tax as one possibility.