Canadians For Tax Fairness

Climate and Tax Spotlight: 350.org in Canada's National Observer “A windfall tax on the fossil fuel industry is a common sense policy the UK, the European Union, and other governments around the world have already put in place. By taxing Big Oil’s excess profits, our government could hold polluters accountable, help climate-impacted communities, and get to the root cause of this crisis by accelerating the transition to renewable energy.” Read the full opinion piece here: https://lnkd.in/g4Uzwakf

On capital gains tax changes in Budget 2024, a new study from The Dais at #TMU shows: “A large majority of tech workers in Canada are not, and will never be, personally affected by this policy change.” https://lnkd.in/gGh-AYEw

Last month at #IACC2024, the End Snow-Washing Coalition (Publish What You Pay #Canada, Transparency International Canada, Canadians For Tax Fairness) and Open Ownership launched our new collaborative project Amplify: advocacy strategies for #BeneficialOwnership reform. In this blog post by Agustina De Luca and Sasha Caldera, we summarise key outcomes from this learning event and upcoming activities. https://lnkd.in/gh28MMzJ

Everyone has an opinion on the capital gains tax loophole. In our latest blog, C4TF's Silas Xuereb expertly answers the question of who's really impacted by closing the capital gains loophole. Check out his insights here: https://lnkd.in/gGRXFVh2

Backed by research from C4TF, Martin Lukacs of The Breach debunks the claim from Galen Weston Jr. that Loblaw’s profits are reinvested back into the country. “Canada’s major corporations—are primarily using their profits to enrich their already wealthy owners, instead of using them to the benefit of Canadians.” https://t.co/HJ0tmjAbCF

As our country burns, the oil & gas industry in Canada is receiving massive tax breaks from our government. We need to end tax benefits for fossil fuels - our survival depends on it. 🌎🔥 Read more and take action here: https://t.co/r7SRgwqSKz

Great analysis from DT Cochrane, PhD, senior economist at the Canadian Labour Congress. What do Canadian corporations do with their profits? "Despite decades of corporate tax cuts, which we were told would induce more investment, almost every sector invests less of their profit now than they did in the late-1980s when CIT rates were much higher." - DT Cochrane https://lnkd.in/g_yhTsUF

C4TF researcher Silas Xuereb talked to Jacobin Magazine about how corporate profit-seeking during the pandemic sent inflation through the roof and worsened inequality. https://lnkd.in/gtNcr-cQ

Recommendations from our latest report on corporate profits: Raise the corporate income tax rate to 20%. Before the Harper government, the federal corporate income tax rate was 22%. The CIT rate fell to 15% in 2012 and has not led to an increase in investment in Canada. Implement a minimum book profits tax of 15%. A minimum book profits tax ensures that corporations are not able to use tax deductions and loopholes to reduce their tax payable to 0. A version of this tax was implemented in the USA on January 1, 2023 Use the newly strengthened Competition Act to prevent market consolidation that can lead to excess profits. Canada’s competition bureau has been notoriously permissive towards mergers, which has contributed to the enormous price-setting power Canadian corporations have today. Use the $18 billion of annual revenue raised through increased corporate taxation to fund public investments in housing, education, and research and development. Award-winning economist Mariana Mazzucato has shown that public investment is the strongest driver of private investment in renewable energy projects, leads to the development of most innovative pharmaceuticals, and drives economic growth. In 2023, corporate profit margins were still higher than pre-pandemic levels, contributing to inflation and income inequality. Increased profits during the pandemic didn't lead to more investment but were used for share repurchases and dividends. To bring profit levels back down, we need government intervention and public pressure on corporations not to increase prices. Read the full report here: https://lnkd.in/g7Gcm_W2

📢 ICYMI: Insightful op-ed by Angela McEwen, CUPE National senior economist and board member of Canadians for Tax Fairness, in The Globe and Mail. Inspired by the innovative ideas of German economist Isabella Weber, Angela makes a compelling case for considering price controls as a viable policy option to ensure workers and their families can afford a decent life. https://lnkd.in/gbsdAEHX