The B.C. Greens began the third week of the provincial election campaign Monday with a pledge to introduce a tax on what the party calls “extreme wealth.”
Green Leader Emily Lowan detailed the party’s proposed Fair Share Act on Monday.
It would include a one-time tax, beginning at five per cent on net wealth above $50 million and going up to 20 per cent on net wealth above $1 billion.
The plan includes an ongoing wealth tax at a lower rate of between two to five per cent.
The Greens estimate the measures would raise about $22.2 billion in the first year and $5.4 billion annually after that.
The party said it would also work with the federal government to close tax loopholes and strengthen enforcement against tax avoidance.
Over the weekend, B.C. NDP leader David Eby unveiled plans to raise tax rates on the highest tax brackets.
Under the NDP proposal, the portion of taxable income between $190,405 and $265,545 would be taxed at 18.8 per cent, up from 16.8 per cent.
Income between $265,545 and $1 million would be taxed at 22.5 per cent, up from 20.5 per cent.
The NDP is also proposing a new tax bracket for earnings of more than $1 million per year, with a rate of 24.5 per cent.
The party said the changes, which would begin in the 2027 tax year, would affect less than four per cent of B.C. income earners.
The B.C. Conservatives said the plan could discourage high-earning professionals like doctors from moving to B.C.
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