Unpublished letter submitted to the Toronto Star
Re:Money coming from Ottawa not sufficient, Tory says. June 2, 2020.
During the COVID-19 pandemic every area of society and the economy has been hammered with the exception of corporations. It has exposed the gig economy as a fraud made up of millions of low-paid contract and essential workers living from cheque to cheque – many of them women. The federal government has been pouring billions of taxpayers’ dollars to support the economy while running up an historic deficit to keep everything afloat. These are unprecedented times.
Recently, when discussions have started to turn to how to pay for this avoidable disaster the mayors of cities, businesses and the premiers have been seeking even more money from the federal government to avoid massive property tax increases or even worse – cuts to essential services – exactly what got us into this mess in the first place. Historic under-funding of society by the private sector is the real problem. The government has already put us all in the hole for generations. We repeatedly hear ad nauseum that we are in this together. Not quite.
During all this time and before there has been one area that has had nothing but big tax cuts over the past fifty years and stratospheric profits with little social responsibility – corporations. It is astounding how transparent the corporate sector can become in times of crisis. Corporate taxes have dropped precipitously from around 90% after World War II (another worldwide crisis comparable to the pandemic) to around 14% in 2020. It is high time that corporations started kicking in some serious cash. The Feds need to raise corporate taxes by 10% immediately while cutting the interest rates on credit cards by the same amount. A Guaranteed Annual Income (GAI) must also be implemented because it would cost the government less than all the combined programs expenditures thus far. A GAI would also make corporations honest in what they pay their employees because the common threat of starvation and poverty would not be part of their calculus ever again. These three simple measures would cost less than all the other money already committed. are needed now to begin to restore the social balance and to ensure this does not happen again. Individual taxpayers cannot and should not be expected to continue to carry the burden of society while corporations carry nothing – except money. Its time for corporations to put their money where their mouth is.
Because we’re all in this together – aren’t we?