Mr. Speaker, when inflation is high bank profits are high. When inflation is low bank profits are high. When interest rates are low bank profits are high. When interest rates are high bank profits are high. Banks made over $4 billion in profits last year alone. No matter what the economy does banks are consistent winners.
The finance minister is looking for new sources of revenue to pay down the deficit. Why is he not doing the obvious and asking banks to pay their fair share of the deficit? Why does he continue to burden taxpayers and small business owners with high taxes and reduced services? Why are the banks getting a free ride? Why is he asking Canadians to continue to tighten their belts with social program cutbacks while banks pay no taxes on their profits? Is it because the banks gave over $700,000 to the Liberal Party's election fund last year?
The government must investigate the banks' profits to ensure consumers and small businesses are not being gouged and to ensure banks pay their fair share of taxes.