We're pleased he's here.
I'm here to make a statement on behalf of the Council of Canadians and as a strong supporter of Canadians for Tax Fairness.
We have the means in this country to eradicate poverty at all levels. We have the means to provide a national child care program, a national pharmacare program, and a national home care program, and we can eliminate the gender pay gap. The following suggestions will add an additional $30 billion to the federal treasury. I will have six points.
First, raise the corporate income tax rate from its present 26.3% to the U.S. corporate income tax rate of 39%. The federal tax rate now is 15%, and that would mean increasing it by 12 percentage points. Corporations in this country have never been more profitable. At this very moment, they have in their accounts $630 billion. Some refer to it as “dead money”. I refer to it as money that belongs to the Canadian people and to Canadian workers.
Second, close tax loopholes. There are at least eight serious loopholes in the Canadian tax system. You have been given those in a report.
Third, stop corporate offshore tax dodging. There are at least close to 100 Canadian corporations that use offshore tax havens.
Fourth, tax e-commerce companies to level the playing field.
As well, Canada should eliminate tax subsidies to big oil, which are at the moment $1.5 billion, and we should eliminate subsidies to the arms industries in this country.
Also, if we're fortunate enough to be able to rely on the people of Bologna and Belgium, and CETA is defeated, we would save an additional $2 billion in drug costs. It would also mean additional financial support to the Island dairy industry, so let's hope it is defeated, and then, following that, that the TPP is defeated in the United States.
The question is simply this: do you as a federal government want to serve the 99% or to continue to deliver the profits to the 1%?
Thank you very much.