Federal NDP members have developed a taxation plan for corporations that have highly paid chief executive officers (CEO).
According to a media release, the NDP introduced a plan to fight corporate greed and end outrageous CEO pay by taxing large companies that pay their top executives at least 50 times more than their average workers.
The release stated that the NDP’s plan will recover hundreds of millions of dollars a year, require large companies to disclose their CEO to worker pay ratio, and include regulations to prevent tax avoidance and the use of contractors to avoid paying this penalty.
“I’ve have been hearing stories from people across our region who can barely keep up with their mortgages, groceries and their gas,” stated North Island-Powell River MP Rachel Blaney. “Despite playing by the rules, and doing everything right, families can’t keep up. Meanwhile, under the current Liberal government, big corporate CEOs are banking billions of dollars on the backs of Canadians whose wages aren’t rising as fast as those at the top. This needs to change."
British Columbians were shocked when the media reported that Loblaw CEO Galen Weston was described as underpaid while being paid $11.79 million a year in salary – 431 times his average employee’s wage, according to the release. Weston is not alone, the release stated. Under this Liberal government, CEOs are making all-time high revenues, the release stated, yet prime minister Justin Trudeau and conservative leader Pierre Poilievre have repeatedly voted against making CEOs and big corporations pay what they owe.
“The Liberals and Conservatives are letting the ultra-wealthy duck out of paying their fair share,” stated Courtenay-Alberni MP Gord Johns. “The NDP has a different plan. We’re fighting for real solutions to help you and your family get by. By making rich CEOs, who are making their fortune off the backs of their workers, pay their fair share, the government could put money directly back into peoples’ pockets. It’s time we tip the scales in favour of workers and families; that’s what New Democrats believe in and are fighting for.”
