Tag Archives: CIT

Did We Really Get Back $83 Billion in Job Creation

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Accidental Deliberations does an exceptional job of recalculating the loss to the Canadian treasury as a result of corporate tax cuts.

The only question remaining is whether or not we’ve seen nearly $100 billion in new revenue from ‘job growth’ over the last decade.

I didn’t think so.

CCPA: Flaherty’s Irish is Showing

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As we prepare for the next federal budget (supported by the Conservative-NDP coalition of convenience), we see again that Jim Flaherty’s Irish will likely show through.

This is a bad thing.  Bruce Campbell of the Canadian Centre for Policy Alternatives tells a cautionary tale about Irelend.

Ireland is bankrupt.

The Irish Prime Minister has been forced to resign.

Their economy is in ruin.

All because people bought the line that they had to make Ireland’s tax policy as attractive as possible.

Translate:  they sold the ‘cut corporate taxes’ routine and the people of Ireland were stupid enough to buy into it.

Now, unemployment is skyrocketing, the IMF (translate:  world corporations) owns Ireland and the Irish are screwed.

Canada is embarking on the same path.

Stop Corporate Tax Cuts NOW.  End Corporate Welfare.

Corporate Tax Cuts = Profit to US Treasury

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Erin Weir of Relentlessly Progressive Economics has posted an analysis of the impact of corporate tax cuts on the IRS and comes to this conclusion:

Statistics Canada figures indicate that US corporations had Canadian operating profits of $43.1 billion in 2007. Given that some operating profits are used to cover non-operating expenses like interest, US corporations were repatriating (rather than reinvesting) the lion’s share of what was left.Multiplying $30.4 billion by 35% indicates American tax obligations of $10.6 billion. But the IRS reports credits for Canadian taxes of only $8.3 billion. Therefore, the implied transfer of corporate tax revenue from Canada to the US treasury is $2.3 billion.

In other words, it may be a small sum compared to trillion dollar deficits, but we’re paying for the American military industrial complex with our tax cuts.

Way to go Stevie!

And Jack, Jack, Jack:  support Stevie’s new budget and the NDP will be sure to slip into oblivion.