The Council of Canadians PEI chapter made a presentation to the Standing Committee on Finance (FINA) today in Charlottetown.
Chapter activist Leo Broderick told the committee, “We have the means in this country to eradicate poverty at all levels, the means to provide a National Childcare Program, a National Pharmacare Program, a National Homecare Program, and we can eliminate the gender pay gap.”
The following suggestions were made to the committee and would deliver an extra $30 billion dollars to the federal treasury:
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Raise corporate income tax rate from its present rate of 26.3 per cent (the federal rate of 15 per cent plus and average provincial rate of 11.3 per cent) to the US corporate income tax rate of 39 per cent. -
Close Tax Loopholes – there are at least eight serious loopholes in the Canadian tax system. -
Stop Corporate Offshore Tax Dodging – close to 100 Canadian corporations have offshore tax havens. -
Tax E-commerce companies to level the playing field. -
Eliminate tax subsidies to BIG OIL – $1.5 billion. -
Cancel all subsidies to the Canadian arms industry.
With respect to raising the corporate income tax rate, Broderick stated, “At the moment corporate profits have never been higher, and Canadian corporations have $630 billion sitting in their accounts. Some people call it ‘dead money’ but I call it money that belongs to Canadians and Canadian workers.”
Broderick also highlighted, “If the Canada-European Union Comprehensive Economic and Trade Agreement is not ratified, (we will thank the Wallonian people in Belgium), $2 billion will be saved on drug costs, and the Island Dairy Industry will be protected.”
Broderick concluded, “The question is – Does our federal government want to serve the 99 per cent or continue to deliver the profits to the 1 per cent?”
The Standing Committee on Finance was in Charlottetown as part of its consultations in advance of the 2017 federal budget. The committee is chaired by Liberal MP Wayne Easter. The committee will next visit Halifax (October 19), Quebec City (October 20), and Toronto (October 21).
