44th Parl. 1st Sess.
September 29, 2022 10:00AM
- Sep/29/22 11:18:51 a.m.
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Madam Speaker, I think that my NDP colleague raises a good point.
Some people took advantage of the pandemic to line their pockets, unlike others, who are now tightening their belts. With the current rate of inflation, oil companies are making extraordinary profits. It appears that the banks also made huge profits and that some food industries increased their profit margins. It is not acceptable that these profits be made at the expense of poor people who are struggling to make ends meet.
I very much agree that measures need to be put in place. For example, we need to do more to make sure that those who are taking advantage of the situation are held accountable and made to justify their decisions. Also, as members of Parliament, we should encourage the government to implement tax measures in an effort to limit these types of practices. I am in full agreement with my colleague.
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- Sep/29/22 3:22:51 p.m.
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Mr. Speaker, I do not disagree with the sentiment of the comment. As a matter of fact, I had a great conversation with the member for Kitchener Centre earlier today about this exact issue and about the fact that perhaps we should be looking toward oil companies, which are receiving record-high profits right now, as an opportunity to bring in taxes, similar to what we did for big banks and other organizations.
I respect the question by the member from the NDP. He suggests that perhaps it is taking too long. I will not necessarily disagree with him on that, but I hope that the NDP and the Liberals can work together, because it is clear that some of the other parties are not interested in making sure that policies like that are put in place.
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- Sep/29/22 4:29:24 p.m.
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Madam Speaker, I heard the member of the official opposition talk about inflation and copayments for pensions and employment insurance, but not once did she talk about profits. I would like to give the hon. member the opportunity right now. Oil and gas made $147 billion, yet not one word came out of this member about that.
Would she perhaps give some consideration to the runaway profits of the oil and gas sector, the food sector and the housing market, rather than simply being stuck on the taxation associated with it?
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- Sep/29/22 4:59:04 p.m.
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Madam Speaker, I would like to thank the member for his speech. I was interested to learn that he used to teach economics.
I apologize, but I will have to stop for a moment because I can hear the interpretation in my earpiece.
As the member mentioned, many economists have said that broad-based tax cuts would lead to inflation. People are frustrated about having to pay more for their rent and their groceries while rich CEOs rake in huge profits.
Would my colleague agree that a better strategy would be to tax companies that increase the prices that Canadians pay at the grocery store and at the pumps?
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- Sep/29/22 5:00:19 p.m.
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Madam Speaker, first, I would like to thank the hon. member for Victoria for making such a concerted effort to ask her question in French. We have all had the experience in the House where we hear the interpretation while we are asking our question. To hear your question being translated, especially in your mother tongue, is quite disconcerting, so I salute her effort.
The Bloc Québécois is a progressive party. We support the idea of a more progressive tax system, meaning that the wealthy pay a higher percentage of taxes than the poor. As we know, poorer people tend to use their income to cover the cost of essential goods. For example, members of the House earn high salaries and, despite what we pay in taxes, we do not have to make such agonizing choices.
My colleague's question is well worth considering. The fact that big corporations are making excess profits as a result of the current situation is something that needs to be looked at. I have read quite a bit about this, and let us just say that analysts are quite divided on the feasibility of this. What is the right way to go about it?
We certainly need to move in that direction, but we must do so efficiently while maintaining stability in the system.
Again, bravo to my colleague for asking her question in French.
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