Lək̓ʷəŋən [LEKWUNGEN] TERRITORY / VICTORIA B.C. – Today, B.C. Green Party leader Emily Lowan announced new policy for bold, progressive tax reform. Lowan was joined by B.C. Green MLAs Rob Botterell (Saanich North and the Islands) and Jeremy Valeriote (West Vancouver-Sea to Sky).
“B.C.’s richest corporations and the 1% have exploited our hollowed tax system for my entire lifetime, with working people footing the bill,” said Lowan, “This government must choose which side they’re on: the side of austerity and oligarchs, or the side of the working class.”
Lowan outlined seven clear and viable pathways for the B.C. government to raise the revenue needed to address the deficit and meet public service demands without further squeezing working families:
- Introduce three new personal income tax brackets and increase the current top two tax brackets by 1 point;
- Ultra-Wealthy Fairness Tax — A one-time 5% wealth tax on all centimillionaires and billionaires in the province, and reallocate funds for a good, green jobs program, community healthcare centres and social housing;
- Inheritance Tax — Lifetime gifts and transfers over $5 million, including non-liquid assets (e.g. residential property, art).
- Implement a Land Value Tax, replacing the existing property tax system, with tax breaks for low- to middle-income households and senior home-owners at risk of displacement;
- Restore the pre-2006 corporate tax rate for large businesses over three years;
- Excess profits tax on corporate earnings over $1 billion, and;
- Review the province’s royalty regime for natural resource extraction.
See attached backgrounder for details.
“B.C. has the highest income inequality in Canada,” Lowan added. “During their eight years in power, the B.C. NDP has barely tinkered at the edges, instead of building a truly progressive tax system. The result is an avoidable, austerity-driven disaster.”
With B.C.’s healthcare system under enormous strain, housing that’s increasingly unaffordable, and life expectancy declining, Lowan warned that the austerity measures of the B.C. Liberal and NDP governments are not inevitable — it’s a choice. As deficit-driven austerity measures squeeze BC families and workers, this call for tax justice is poised to become a defining issue in the lead-up to the next election.
“We have the tools to invest in social housing, community healthcare, and green jobs,” Lowan said. “But only if we stop letting the ultra-rich and big corporations off the hook.”
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Attached: Policy backgrounder (below)
Media contact
+1-888-473-3686 ext. 49
newsroom@bcgreens.ca
Policy backgrounder
Increase personal income tax for the wealthy
By adding three new tax brackets for the ulta-wealthy and increasing the current top two brackets, the province can raise approximately $1.5 billion in annual revenue.
New personal income tax brackets for the province’s ultra-wealthy:
| New tax brackets | Current tax rate | Proposed tax rate |
| $350,000 | 20.50% | 24% |
| $500,000 | 20.50% | 27% |
| $1 million | 20.50% | 30% |
Current top two brackets increased by one point:
| Highest current tax brackets | Current tax rate | Proposed tax rate |
| $259,829 | 20.50% | 21.50% |
| $186,306.01 to $259,829 | 16.80% | 17.80% |
Ultra-Wealthy Fairness Tax — A one-time 5% wealth tax on all centimillionaires and billionaires in the province, and reallocate funds for a good, green jobs program, community healthcare centres and social housing. This measure mirrors a recently proposed referendum, California’s Billionaire Tax Act, which is expected to generate $100 billion (USD) in revenue.
Inheritance Tax — A gift and wealth transfer tax, realized during the transfer of inheritance, which would apply to lifetime gifts and transfers over $5 million, including non-liquid assets (e.g. residential property, art).
Introduce a Land Value Tax
By replacing the existing property tax system with a Land Value Tax on vacant, residential, and commercial land, with tax breaks for low- to middle-income households and senior home-owners at risk of displacement. An LVT system would encourage efficient land use, reduce speculation and sprawl, and reduce wealth inequality.
The Property Tax Deferral Program currently costs the province over $2.13 billion. Many of B.C.’s wealthiest landowners, including those living on Vancouver’s so-called “Billionaire’s Row,” are legally avoiding property taxes on homes worth tens of millions of dollars. This program must be immediately reviewed and reformed under a new, fair Land Value Tax (LVT) system.
Corporate Tax Overhaul
Increase the general corporate tax rate by 1.5% over 3 years to reach pre-2006 levels of taxation. This will not apply to small businesses.
In addition, pursue an 18% Excess Profits Tax on corporate earnings over $1 billion, estimated to generate $410 million annually.
Royalty Regime Review
Address corporate resource theft with royalty regime review to force multinational corporations that extract natural resources to contribute fairly to public revenue. Natural resource revenues have declined sharply from 2.5% of GDP in the early 2000s to 0.6% of GDP today.