Extreme wealth has skyrocketed in Canada and the rest of the world during the COVID-19 pandemic. The world's 10 richest men have doubled their fortunes, while the incomes of 99% of humanity are worse off.

Canadian billionaires increased their wealth by roughly $111 billion during the pandemic.

There is a solution — in one small step. By creating a national annual wealth tax on the richest 1% of Canadians and a windfall tax for major corporations, our finance minister could raise more than $20 billion a year. This revenue can be invested in urgently-needed public measures, like universal child care, mental health and income supports, climate action and affordable housing.

With this investment, we could build a more equal economy that benefits women and Indigenous, Black and racialized communities — the hardest hit by rising inequality.