A windfall tax for Canada

Leadnow

Asarial,

I’ll cut to the chase: we only have two days to make sure the federal government’s budget for 2023 reflects the real issues facing our communities rather than issuing handouts to already mega-rich corporations. [1]

There’s something very wrong with the economic reality in Canada. While everyday people are being forced to make impossible choices between putting food on the table and filling up their gas tanks, oil and gas companies are raking in obscene profits. [2] And the worst part? Our government is handing out our tax dollars to help them do it.

The federal government will be holding public budget consultations from now until February 10th. And Asarial, these consultations are a key moment when the federal government will be listening to what the public wants. This is our chance to make things right and demand a windfall tax on the oil and gas industry’s excess profits.

A windfall tax would ensure Big Oil pays its fair share, and the funds it would return to the public purse could create thousands of green jobs, revitalize our crumbling healthcare system, and ensure that families don’t have to worry about the essentials.

But Asarial, we have to act fast. If we submit thousands of letters to the public consultation calling for a windfall tax to reign in Big Oil’s profiteering and invest in our communities instead, we’ll show our federal leaders that the fossil fuel industry can no longer get away with hoarding their profits.

So, Asarial, will you send a letter now — before the consultation closes in two days?

Despite seeing record-breaking profits in 2022, Big Oil successfully lobbied the federal government and won an additional $2.6 billion in public money. [3]

It’s senseless — and it doesn’t have to be this way. A windfall tax on Big Oil’s excess profits means mega-rich oil and gas corporations will be forced to pay their fair share into the public purse rather than taking from it.

We already know this is possible. Last year, the UK set an excess profits tax at a whopping 25% and it’s projected to raise more than $8 billion CAD in just one year. [4] And in the last two months of 2022, they actually increased it. [5]

And Asarial, the Trudeau government has used the windfall tax tool before — just last year. In the 2022 budget, banks and insurance companies that were seeing sky-rocketing profits paid a one-time tax on their excess profits. [6] The Liberals used this tool because they know it is an effective, fair way to invest in what everyday people need — like health care, a just transition, and affordable housing.

We’re done accepting less than we deserve. No more cuts to essential public services when we know the money’s there. Asarial, will you send a letter now before public consultations close?

https://act.leadnow.ca/2023-budget-windfall/

In solidarity,
Kate and Jesse for Leadnow

Sources:
[1] www.canada.ca/en/department-finance/programs/consultations/2022/pre-budget-consultations-2023.html
[2] www.nationalobserver.com/2022/08/11/news/oil-gas-companies-sky-high-earnings-renew-calls-windfall-tax
[3] www.nationalobserver.com/2023/01/09/investigations/lobbyists-pushed-feds-funnel-billions-taxpayer-money
[4] www.cnn.com/2022/11/17/economy/windfall-tax-nuclear-uk-budget
[5] see [4]
[6] globalnews.ca/news/8742169/liberals-2022-federal-budget-billions-new-spending/


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