‘Nothing good to say about the policy’: Experts slam Trudeau’s bank tax promise

DM

Liberal Leader Justin Trudeau’s election promise to increase taxes on big banks and insurance companies to help pay for the COVID-19 recovery received failing grades from a number of experts. On Wednesday, Trudeau pledged to raise the corporate tax rate on large banks and insurance companies by three percentage points — to 18 per cent from 15 per cent — on earnings over $1 billion. A re-elected Liberal government would also establish a Canada Recovery Dividend meant to help fund the next four years of Canada’s recovery… But a tax increase aimed narrowly at Canada’s financial behemoths would likely hurt consumers, investors, small businesses and employee wages at the affected institutions while raising little revenue, several economists and taxation experts say. “There is nothing good to say about the policy,” Jack Mintz of the University of Calgary told Global News via email.

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