Proponents of imposing a windfall tax on the Canadian oil and gas industry now have another global power setting precedent for the policy. On Wednesday, the European Commission proposed levying such a tax on the energy sector and redirecting funds to households and businesses struggling with high inflation. It estimates the policy would bring in around $186 million in revenue.
Pipes lead to a processing unit at Suncor Fort Hills facility in Fort McMurray Alta., on Sept. 10, 2018. Proponents of imposing a windfall tax on the Canadian oil and gas industry now have another global power setting precedent for the policy.
Progressives in the United States have also campaigned for a windfall tax on oil and gas companies amid rising inflation. Senior economist David Macdonald of the Canadian Centre for Policy Alternatives recently looked at just how much gross domestic product is accounted for by corporate profits. His analysis found that after-tax corporate profits reached a historically high percentage of the total Canadian economy output in the second quarter of this year.
"We are going to continue to push on these things," Blaikie said. "And I think the announcement about the GST rebate is cause for some optimism that even when the government gets it wrong out of the gate that we can make them change course." "Targeting energy sector, to me, it's somewhat odd, unless there is a desperate need for extra funding for the government," he said.
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