By 9 a.m. on January 7, 2020, Canadian corporations could have paid all their corporate income taxes out of their revenues for the year, according to a report from Canadians for Tax Fairness.
Corporate taxes have been cut so much in Canada, they now amount to less than a week’s worth of annual operating revenues, the report finds.
While corporations and CEOs celebrate, Canadians are paying a hefty price from the consequences of these deep corporate tax cuts – reduced services and greater inequality.
“Corporate tax cut benefits have trickled up, not down, while Canadians have paid the price through cuts to public spending. They’ve been a multi-hundred-billion-dollar failure,” said Toby Sanger, Director of Canadians for Tax Fairness.
Canadians for Tax Fairness media release
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