Here’s evidence the corporate tax cut is snake-oil, says AFL president, Gil McGowan
EDMONTON – Oilsands companies Suncor Energy Inc., Husky Energy Inc. and Cenovus Energy Inc. reported Q2 income of over $2 billion due to Alberta tax cuts but show no evidence of Alberta job creation.
“Kenney’s corporate tax cuts are ‘snake oil’ that will make our economy sicker, not healthier,” says McGowan. “This is more evidence that the old trickle-down theory doesn’t work to spur investment or create jobs. Kenney misled voters.”
“Albertans are desperate to get back to work, but the Premier’s so-called job-creation tax cut won’t create any jobs. What it will do is rob the province of billions of dollars in revenue that has been used to pay for health care, education and other important public services. So instead of job creation, we’ll get higher deficits and deep service cuts. This is the opposite of good economic policy.”
“This is NOT a ‘job creation’ plan,” concludes McGowan. “It makes no sense to be giving away billions in revenue to profitable corporations when we know they’ll only use the money to pad their profits, not create jobs. To make matters worse, Albertans will be paying for these tax cuts in the form of big cuts to education, health care and other services. The UCP government will use the deficits that result from these tax cuts as an excuse to slash jobs, privatize and cut spending on front-line services. This is NOT what Albertans voted for this spring.”
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