Jump to navigation
... will be tabled tomorrow, March 20.
[url=http://quebecsolidaire.net/actualite_nationale/quebec_solidaire_propose_... solidaire proposes a budget for the 99%[/url]
The budget will be tabled at 4:00 pm today.
Meanwhile, the PQ and Le Devoir and others are proposing that Québec look to the Australian example to raise revenues. Yesterday, Australia's senate finally confirmed a bill imposing a 30% tax on taxable profits of mining companies exploiting iron ore and coal - Australia's biggest export commodities - with China and India as the biggest customers. The debate had been ongoing for two years, when Labour's Kevin Rudd floated the idea in May 2010 of a 40% tax. The mining giants (Xstrata, Rio Tinto, BHP Billiton) mounted a huge campaign which actually led to Rudd's downfall and replacement by Julia Gilliard. Although the legislation has now passed (and becomes effective July 1), the battle isn't over by a long shot.
Québec's tax rate is 16%, and the Liberal government has shown no interest in raising it. Several economists, quoted in the article below, suggest that Québec could easily impose a "superprofit" tax of 30%, on profits over a certain percentage - without any risk that mining activities would decline:
[url=http://www.ledevoir.com/economie/actualites-economiques/345486/redevance... royalties - Australia shows the way[/url]
[url=http://www.montrealgazette.com/Quebec+budget+aims+down+debt+offers+retir... budget - first reports[/url]
I'm no expert, but so far I see: