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Acc to a new report by @PBO_DPB, a one-time 15% pandemic excess profits tax would raise $8 BILLION. We break it down for you. THREAD:
Full report: https://www.pbo-dpb.gc.ca/en/blog/news/RP-2122-002-M--cost-estimate-an-excess-profits-tax--montant-estimatif-un-impot-benefices-exceptionnels
Full report: https://www.pbo-dpb.gc.ca/en/blog/news/RP-2122-002-M--cost-estimate-an-excess-profits-tax--montant-estimatif-un-impot-benefices-exceptionnels
1/5
This tax would only apply to companies that made $10 million in gross income. So not small businesses. It would only apply to 2020 net profits that are above average profits between 2016-2019.
This tax would only apply to companies that made $10 million in gross income. So not small businesses. It would only apply to 2020 net profits that are above average profits between 2016-2019.
2/5 This is not a new idea. During WWII, Canada imposed an excess profit tax of 75-100% on corporate profits to help pay for recovery from the immense costs of the war.
3/5 Just in one year of the #pandemic, Canada’s top 47 billionaires have increased their wealth by $78 billion to a total $270 billion, profiting off of the pandemic that has left millions without jobs.
4/5
#Budget2021 missed a critical opportunity to raise tens of billions of dollars through tax reforms and pay for #pharmacare #climateaction
#EI reform and investing in #Indigenous communities.
#Budget2021 missed a critical opportunity to raise tens of billions of dollars through tax reforms and pay for #pharmacare #climateaction
#EI reform and investing in #Indigenous communities.
5/5 A pandemic excess profits tax is one key part of #taxjustice where everyone pays their fair share. Tell the federal government to #TaxtheRich and raise money to invest in Canadians.
Add your name: https://www.broadbentinstitute.ca/tax_the_rich
Add your name: https://www.broadbentinstitute.ca/tax_the_rich
