An economist thinks there’s a good chance that it could. CBC has the interview:
An excess-profit tax could fix a lot of problems, besides discouraging grocery gouging (which I’ve dealt with here before). It could help us get universal dental care, eye care, and pharmacare — and as someone in need of all three, I’d be more than happy to see the grocery profiteers finally pay their fair share. They’ve gotten away with ripping us off since shortly after the pandemic began. Enough fucking is fucking enough. Time for the feds to get involved, and for us all to get the grocery greedheads off our necks.