Tag Archives: Monopolies
Whose Economy? Who Decides? | Workers’ Forum
Since Sobeys’ 2013 takeover of Safeway in Western Canada, it has closed over 50 stores within its empire affecting thousands of workers and those who relied on those locations for groceries and other supplies. Fifty store closures alone were announced in June 2014, that the company asserted “logically follow the acquisition of Canada Safeway.” These included Sobeys, Safeway and IGA stores in the Maritimes, Quebec, Ontario, Manitoba, Saskatchewan, Alberta and British Columbia, with a majority in Western Canada. Continue reading
The name Amtrak comes from a combination of “American” and “track.” The USA does not have a national passenger rail system, let alone a publicly-owned system.
The National Railroad Passenger Corporation (Amtrak) is a government-owned corporation established as a product of the Rail Passenger Service Act of 1970, to provide intercity passenger train service throughout the United States. It was created by the Richard Nixon presidency largely to protect the private railroads (today’s Class I freight railroads) from their obligation of having to run money-losing passenger routes. The U.S. government owns the preferred stock while private rail companies, including Canadian Pacific and Canadian Rail, own the common stock. Later the Congress stripped preferred shares of voting rights and any liquidation preference, effectively leaving common shareholders in control. Curiously, there has never been a shareholder’s meeting. Continue reading
No information has been released so far in “The Panama Papers” from the International Consortium of Investigative Journalists with all its bells and whistles about any U.S. or Canadian millionaires, monopolies or government officials hiding wealth in offshore tax havens. The six Canadians of the 350 reportedly in the data dump who have been identified so far by the collaborating media in this country, the Toronto Star and the CBC, are small fish, e.g., a sports physician from Sault Ste. Marie, Ont.
What did you expect?
Canada is a corporate tax haven. It is no mystery. On August 19, 1993 the Canadian Press reported about the probated will of K.C. Irving, in which he left most of his multi-billion-dollar empire to his three sons in a trust they cannot run unless they live outside Canada, i.e., avoid Canadian taxes. One of Canada’s biggest business empires, the Irving group of companies in New Brunswick, is “owned” by a series of family trusts registered in Bermuda where there are virtually no income taxes. Nothing secret about it. So too is Irving’s Kent Line, enabling it to circumvent Canadian maritime labour and safety laws by using flags of convenience for its fleet of oil tankers, freighters and other cargo vessels. The links of these oligarchs to the ruling Liberal Party and how they have been systemically enriched from the public treasury, including the largest warship contract in history, are a matter of record. Continue reading
The Communist Party of Canada (Marxist-Leninist) denounces with utmost contempt the CCAA ruling that sanctions not only the bogus claim of U.S. Steel on the remaining Stelco assets but also its deliberate wrecking and liquidation of a productive Canadian asset. The ruling under the anti-social authority of the Companies’ Creditors Arrangement Act (CCAA) puts at risk the pensions of 20,000 retired and retiring steelworkers and salaried employees of the Stelco steelworks in Hamilton and Nanticoke and further threatens the livelihoods of the remaining employees. Continue reading
Q: The NDP talks about bringing in measures to make Canada’s largest corporations “start paying something resembling their fair share,” as Tom Mulcair put it during the Globe and Mail debate on the economy. Can you comment on this idea of the largest corporations paying “their fair share”?
A: The adjective “fair” is subjective and should not be used in economic science. Corporate income tax on declared net profit or income is not a modern method to raise public revenue, neither is individual taxation. The large corporations employ scores of tax accountants to find loopholes to drive down their income tax. Assessing the tax on net income allows corporations to fix their accounts in their favour, especially given the fact that company accounts are normally considered private unless a tax audit is ordered. Continue reading