- It's just this simple: The more money that remains and is spent in Canada = the more jobs

Submitted 7:42am, 13 Apr.'11 CBC News
Leaders make debate pitches, trade barbs, Under attack, Harper appeals for Tory majority, CBC News, : Apr 12, 2011

http://www.cbc.ca/news/politics/canadavotes2011/story/2011/04/12/cv-election-debate-main.html#

30 - 50% of the Corp tax cuts go to Oil and Banking companies.

Every time I pay $1.30 a litre at the pump I ask myself

'Why do the Oil companies need a break?'

Every time I hear about Bank quarterly profits I ask myself

'Why do the banks need a break?'

I need a break - from their high profits

We do not have to reduce taxes to attract the Oil companies to Canada.

We do not have to reduce their taxes to attract their investment.

It's just that simple.

There is only one reason they come to Canada to invest - we have Oil, sorry I mean Alberta has Oil, and the price of Oil is so high. Now that Obama has approved Canada as a source of Oil we, I mean Alberta, have no concern whatsoever.

Also, we do not have to reduce taxes to attract the Banks. The Banks are already in Canada - they are Canadian and they were here before Harper was.

The Canadian Banks make huge profits and don't need more to be attracted. Also, they use the money to make foreign investments, to expand in the International market, not the Canadian market - just ask the president of the TD bank when he is explaining why TD needs such huge profits.

The big thing about banks in Canada is the regulations that are in place that have made them strong, have been a huge factor in Canada weathering the recession -

and these regulations are the direct result of a Liberal government and were in place before Harper came into power.

There are two other thing to keep in mind

- A large per centage of these windfall profits (after tax) go outside Canada because of the extent the companies are foreign owned (esp Oil Corp) and make foreign investments (esp Canadian banks).

Also, how many more Oil companies and how many more banks will we attract and how much more of their investment because of these tax cuts - de minimus

So, the tax cuts may stimulate some countries economy but as far as Canada is concerned it is '10 cents on the dollar'

If this $6 billion a year is invested in things like health care, education, child care, we get 100 cents on the dollar remaining in Canada - an order of magnitude larger than the Corp tax reduction.

The Basic Equation is:

The more money that remains in Canada = the more is spent in Canada = the more Canadian wages it supports = the more jobs

It's just that simple

comments Lloyd MacILquham cicblog