MASSE ON CORPORATE TAX CUTS IN PARLIAMENT
September 17th, 2009 - 4:00am
Mr. Brian Masse (Windsor West, NDP): Madam Speaker, I thank my colleague for all the work he has done on this. It certainly is not the full buildup we want, but it is a start.
One thing that is going to be raised is how we can afford this $1 billion bill. I want to point out and ask for his comments regarding what is happening with the redistribution of the Canadian economy. The Conservatives and Liberals have voted to reduce corporate tax cuts right now so that in 2012 they will be down to 15%.
I had the parliamentary research division do an analysis of what that is going to cost. The division consists of independent economists and they are projecting that it is going to cost Canadian taxpayers an additional $86 billion.
I remind the public that as these tax cuts are taking place and we have a deficit, we are borrowing money from ourselves and our children to give tax cuts to profitable companies, like the banks, the oil industry, the pharmaceutical companies, and at the same time other struggling industries do not get any benefit whatsoever.
I would like to ask my colleague whether we should be again looking at freezing those large corporate tax cuts and redirecting some of that money back as stimulus to workers to make sure we expand the actual provisions for communities. That is one of the opportunities we still have to seize. If not, we will have to continue to borrow money, which we will have to pass on to our children, for tax cuts for corporations.