The Edmonton Journal reported yesterday that Big Oil in Alberta and other Alberta corporations like Telus and West Jet made increased record profits. Thanks to you and I.
That's right they would have made profits anyways, but thanks to Martin/Harper/Klein tax cuts you and I paid them out of our pockets to increase their bottom line.
Tax cuts and public private partnerships are a form of State Capitalism, the public pays for private profit.
Any trickle down effects as espoused by the Canadian Taxpayers Federation are a myth, these guys take the cash and run. They do not reinvest the money, but use it for playing the stock market.
WestJet Airlines made a profit of $22.4 million after tax cuts of $11.2 million, while a $107-million tax reduction helped Telus Corp. to a $356.6-million profit.
Here's what five of the largest energy companies saved on taxes in the latest quarter:
- At Husky Energy Inc., tax cuts saved $328 million, helping earnings more than double to $978 million.
- Canadian Natural Resources Ltd. made a profit of more than $1 billion after a $438-million tax gain.
- Suncor Energy Inc.'s taxes dropped $419 million, helping the company make a profit of $1.2 billion.
- Imperial Oil, Canada's largest energy company, saved a $110 million in taxes on the way to a $837 million profit.
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