Tax on Excess Profits Could Ease Inflation in Canada, Singh Says
- NDP leader argues rate hikes are causing unnecessary pain
- Central bank already watching corporate pricing behavior
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Canada’s government should look at taxing excess profits instead of relying on higher interest rates to bring down inflation, according to the head of the left-wing party propping up Prime Minister Justin Trudeau in parliament.
“Many of the causes of inflation have no relevance or connection to interest rates domestically set in Canada or in other countries around the world,” New Democratic Party Leader Jagmeet Singh said Wednesday on Bloomberg Television in New York.