Liberals give large corporations a free ride instead of helping Canadians: NDP « Canada’s NDP
OTTAWA – New Democrats have repeatedly called on the Trudeau government to tax the large corporations and ultra-wealthy who made record profits during the pandemic. A report released today confirms this tax would generate billions of dollars so Canadian families aren’t forced to cover the cost of the pandemic recovery.
“While small business owners have been struggling to keep their doors open, the ultra-rich got richer and richer. Big corporations have made, and continue to make, record profits because of the pandemic,” said NDP Leader Jagmeet Singh. “It’s been an incredibly difficult year for people across the country. It should not be up to small businesses and Canadian workers and their families to pay for the pandemic recovery – the large corporations who have profited off the pandemic should.”
Today’s report from the Parliamentary Budget Officer states that if the federal government implemented a one-time tax on excessive profits for large corporations, the government could recover $8 billion.
Even President Biden’s administration in the U.S is planning to make big corporations and the ultra-wealthy pay more to help with their pandemic recovery. New Democrats have urged the Liberal government to take similar steps by taxing those who have made record profits during the pandemic, but they continue to refuse.
“Justin Trudeau’s budget last week made it clear that the Liberals have no plan to stop pandemic profiteering. The free ride they’re giving wealthy corporations continues,” said NDP finance critic Peter Julian. “The Liberals continue to protect the profits of their rich friends instead of helping you and your family. New Democrats know whose side we’re on. We’re going to continue fighting for a fairer tax system that makes large corporations who profited from the pandemic pay more so Canadian families don’t have to.”
This report estimates the federal corporate income tax revenues that would be generated if an additional 15 per cent tax rate was applied to excessive profits earned by big firms in 2020.