Report: Pandemic Profits and the Public Purse

Published on: 14 May 2021

Reading Time: 20 minutes

Related

Summary

Report

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.

IMF calls for progressive taxes on wealth and excess profits

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.

President Biden shows dramatic leadership on progressive tax reforms—challenging Canada to do the same

29 April 2021

US President Joe Biden by Jihervas on Flickr (Creative Commons)

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.

Submission: The Canada Infrastructure Bank - Public funds for a green future

"I strongly urge the government to go further and remake the CIB into a truly green infrastructure bank for Canada. The bank should also set up funds and programs in other areas to provide low-cost public financing for things such as community renewable energy projects and energy retrofitting of public infrastructure buildings: schools, hospitals, public and low-income housing, municipalities, indigenous communities and some private and non-profit projects as well."

Subscribe to