New Democrats released the planks of their election platform in June but have only now released the costing with ten days to go before Canadians vote.
If the NDP were to win October 21st, Leader Jagmeet Singh proposes a deficit of $32.7-billion next year with no immediate plan to return to balance.
The most expensive item is $10-billion for national pharmacare, although the NDP needs the provinces to buy-in.
There’s also $5-billion to build affordable housing.
To help pay for their promises, New Democrats say they would raise over $30.5-billion in new revenue.
That would mainly come from businesses and the very wealthy, including $8-billion from increasing the capital gains inclusion rate from 50% to 75%.
“The majority of people impacted by this will be the wealthiest,” Singh points out.
”There are some that will be impacted in a small way that are not the wealthiest.”
The NDP says it would raise $6.3-billion next year from increasing the corporate income tax rate by three points, $5.8-billion from cracking down on tax havens and $5.6-billion from a ”super wealth tax” – a 1% tax on every Canadian with a net worth over $20-million.