Discussion · Government Orders
Don Davies NDP
“We should put an extra tax on big oil and gas profits. These companies made sixty billion dollars unexpectedly because of world events, not their own work. We must use this to give regular people financial relief.”
“Mr. Speaker, I agree with my hon. colleague that there will be corporate taxes generated on the additional corporate profits that are made. However, when we are talking about a windfall like this, an extra $60 billion of unanticipated revenue, a case can be made that an excess profits tax is appropriate, especially when that profit was not made because of extra investment by the oil and gas industry but because of geopolitical instability that has caused a spike in world prices. What we do agree on is that we need to give consumers relief in this country.”
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Mr. Speaker, I agree with my hon. colleague that there will be corporate taxes generated on the additional corporate profits that are made. However, when we are talking about a windfall like this, an extra $60 billion of unanticipated revenue, a case can be made that an excess profits tax is appropriate, especially when that profit was not made because of extra investment by the oil and gas industry but because of geopolitical instability that has caused a spike in world prices. What we do agree on is that we need to give consumers relief in this country.