Wealth inequality more obvious than ever

February 2023  

As the cost-of-living soars, many in our community are feeling the pinch.  

I will continue advocating for those most significantly impacted, from people with disabilities to those facing rising rents. This includes my push to strengthen the Canada Disability Benefit which just passed third reading and is moving on to the Senate. I’ve also shared about my advocacy for financial incentives to be removed for corporate landlords that are profiteering on the backs of regular folks in our community. 

The worst part, while many in our community are struggling to get by, Canada’s wealthiest CEOs saw their pay go up another 26% in 2021, in large part because their pay is so often tied to record-breaking corporate profits.  

Canada’s oil and gas companies are among those that are raking in billions while Canadians are struggling the keep up with prices at the pumps. Imperial Oil saw their profits rise to $6.2 billion in the first nine months of 2022, compared to $1.7 billion in the same period the year before.  

Enough is enough. We need to reign in this massive wealth inequality. 

There are lots of reasonable ways the federal government could better ensure the richest people and corporations pay their fair share that could fund a guaranteed livable income, pharma care, and affordable housing builds. 

One option is to expand an existing windfall profit tax which is already applied to the largest banks and life insurance companies in the country. Applying the same rules to oil and gas companies and big box stores would raise over $4 billion! 

We could also close massive corporate tax loopholes, recently estimated to be over $30 billion annually. 

And we could end taxpayer funded subsidies to these same industries pulling in record-breaking profits.  

It may surprise some to know that during the midst of a climate crisis, at a time when our federal government should be investing in green technologies and deep home retrofits, they’re gifting new subsidies to already profitable companies like Imperial Oil – including $8.6 billion in a tax credit for so-called carbon capture and storage that has failed to reduce emissions in other parts of the world.  

This wealth inequality won’t change, and the 2022 numbers will only be worse until we decide to put in place measures that will address this disturbing trend. As your MP, that’s what I’ll continue to advocate for. 

See more of my work to fight wealth inequality below: 

Key moments of my advocacy in the House of Commons 

(48) Prosperity for All – YouTube 

Related petitions I’ve sponsored 

Calling for a guaranteed livable income: Search – Petitions (ourcommons.ca) 

My Private Members Motion 

M-48 Canada Disability Benefit 44th Parliament, 1st Session – Members of Parliament – House of Commons of Canada (ourcommons.ca) 

Find related media coverage on my work  

Media – Meet Mike Morrice (mikemorricemp.ca)