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B.C. NDP candidate calls for tax on banks

Adrian Dix, MLA for Vancouver Kingsway during a really where he announced he was entering the race for leader of the province NDP party in Vancouver January 17, 2011.

John Lehmann/The Globe and Mail/John Lehmann/The Globe and Mail

Adrian Dix wants to tax banks and financial institutions in order to pay for the return of student grants for post-secondary education and the elimination of interest on student loans.

The candidate for the leadership of the BC New Democrats is proposing to reapply the corporation capital tax on banks and financial institutions.

The tax on banks and financial institutions was scrapped by the BC Liberals in 2010. Mr. Dix said he would reapply it at 2008 levels, raising revenues for his proposal.

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"Providing special breaks to large financial institutions at the expense of students who are struggling to access higher education reflects this government's distorted priorities," Mr. Dix said in a statement.

He said, during the first phase of his plan, that he would apply $18-million from the returning minimum bank tax revenues to restoring grants for students requiring financial assistance, plus $30-million towards eliminating interest payments on student loans.

The NDP MLA has promised higher taxes for corporations, resulting from a commitment to roll back the last three rounds of corporate tax cuts - a stand that has drawn scorn from the business community. Mr. Dix has proposed shifting the revenues to other areas.

BC New Democrats select a successor for Carole James on April. 17.

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About the Author
B.C. reporter

Ian Bailey is a Vancouver-based reporter for The Globe and Mail.  He covers politics and general news. Prior to arriving at The Globe and Mail, he reported from Toronto and St. John’s for The Canadian Press.  He has also covered British Columbia for CP, The National Post and The Province. More

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