Mark Carney is a decent chap, that’s plain enough to see. So we read his Value(s) book, in case we might agree. In all 528 pages, there wasn’t much on tax. So it left us more impressed by what his Value(s) lacks. ...
To the Senate Finance Committee RE Bill C-30 and the Budget:
To the House of Commons Standing Committee on Finance regarding the Budget Implementation Act (Bill C-30):
Canadians for Tax Fairness has identified 50 Canadian companies that reaped record profits in 2020. The companies collectively added $13.4 billion to their bottom line. At least seven of the record-setting companies, or their subsidiaries, collected the Canadian Emergency Wage Subsidy (CEWS).
Almost three quarters of the 142 companies examined—those with over CAD$100 million in annual profit — had higher profit margins in 2020 than their average margins over the previous 20 years.
To the Standing Committee on Industry, Science and Technology, regarding a K-shaped pandemic recovery:
A tax on excess profits during the Covid-19 pandemic would realize $7.9 billion in federal government revenue, according to an estimate by the Parliamentary Budget Office (PBO) on 27 April.
A new IMF report calls for more progressive taxation to finance social spending, including increases to top marginal income tax rates, eliminating tax deductions that predominantly benefit higher incomes such as capital incomes, and installing inheritance taxes, wealth taxes, temporary income surtaxes and excess profits taxes.
29 April 2021
With his first 100 days in office as yet to pass, US President Joe Biden is moving without delay to introduce significant progressive tax reforms, which would end and reverse the decades-old race to the bottom on corporate taxes, and increase taxes on the wealthiest American households.
Canada could gain an additional C$11 billion+ in annual revenues from a global minimum corporate tax rate for multinational corporations at the 21% rate as proposed by US President Joe Biden, according to a study released today.1