RE:RE:Raising Bank’s Tax from 15% to 18% for Earning More than $1BIt should be noted, however, that the bill is orders of magnitude too large to be paid by the banks alone. The banks simply make good press as a target, because, as stupid Canadian electors are fully aware, the banks aren't "Hard-Working Canadians".
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TickerTwit wrote: The CERB and related handouts have a cost to be paid, and someone will be sent the bill. The Canadian electorate being generally quite stupid, the Liberals will select targets that they think are the least risky in terms of votes. Banks. ENB (+TRP, +SU) might be targeted if the Liberals write off the Alberta ridings completely.
If the Canadian electorate were generally quite smart, the bill would be paid through the GST and the only issue would be if the other parties would lie about not using the GST (i.e. as the Liberals did under Chretien -- it all circles back to which lies work best with a generally stupid electorate).
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ckwong wrote: Four out of five big banks (except National) were down yesterday even with good Q report, it is because Liberal vows to raise the corporate tax on the banks with more than $1B earning next year. Will Liberal do the same to all big corporates such as ENB?
The following is quoted from Reuters:
https://www.reuters.com/world/americas/canadas-ruling-liberals-vow-raise-taxes-profits-big-banks-insurers-2021-08-25/ The Liberals said they would hike the rate to 18% from 15% on all earnings over C$1 billion ($793 million) and vowed to establish a special dividend, so that those same institutions contribute more. The measures are expected to generate C$2.5 billion per year over four years, starting in 2022/23.