Don’t let business people run the economy

By Trevor Harrison, Special to the Sun – January 15, 2009 

During the 1930s, two groups disproportionately dominated the House of Commons and the federal cabinet: farmers and businessmen. Since that time, farmers have been consigned to the dustbin, replaced by lawyers, but the business class retains its lofty status.

Indeed, immune to all other efforts to democratize political representation since the 19th century, business people — usually men — continue to dominate our political landscape.

To some, this is as it should be. Before October’s federal election, a friend of mine remarked that he wanted people with knowledge of business in Parliament, as they would be best at managing the country’s finances.

In fact, the opposite is true. It is the overweening dominance of the business class — and “business-think” — that leads us into repeated financial disasters, including the current global mess. Read more of this post

Corporate tax cuts: Big costs but no job creation

Rabble.ca

By David Macdonald
Today the CCPA released a study that I authored which examines and debunks one of the biggest contentions of this campaign, that corporate tax cuts create jobs. One of the key reasons cited by the Conservatives for continued corporate tax cuts is that they are needed to encourage job growth.
To examine this contention, I took Canada’s biggest public companies, those on the S&P/TSX Composite and tracked them over the past decade to see how their taxes and profits changed. At the same time, I also tracked how many employees they had and therefore the number of jobs they created. These are the companies that benefit the most from corporate tax cuts because they declare the largest profits.
There were 198 companies that had data from 2000 through 2009. What readers should find shocking is just how dramatic the transformation in corporate taxation has been in the past decade. The effective tax rate for these successful companies has been cut in half. Imagine if, as an individual, your personal income taxes had been cut in half over the past decade. Well, that’s what happened in corporate Canada.
FULL STORY >

 

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Banks and finance industry not paying fair share of taxes

Canadians call for banks and finance industry to pay their fair share of taxes

Mar 2, 2011 04:31 PM
OTTAWA, ON – A large majority of Canadians support increasing the taxes paid by banks and the finance industry says a new poll. The result flies in the face of the Harper Conservative government’s insistence on proceeding with more corporate tax cuts as part of the upcoming federal budget.  Download the complete poll results
When asked to what extent they support or oppose increasing taxes paid by banks and the finance industry in order to reduce government deficits, 65 per cent of Canadians with an opinion said they supported such measures.
“Canadians want banks and the finance industry to pay their fair share in paying down deficits they helped create,” says CUPE National President Paul Moist. “I don’t know how much clearer the message needs to be for the Harper Conservatives to hear and stop their reckless plans to extend more corporate tax cuts.”
The poll was conducted by Environics Research Group on behalf of the Canadian Union of Public Employees. 921 Canadians were surveyed between February 1 and 3, 2011. It has a margin of error of +/- 3.1 per cent, 19 times out of 20.

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