“This bill is a free ticket-to-ride that lets profitable corporations contribute less to the province that has enabled them to make enormous profits,” said AUPE president Guy Smith.
Bill 3 will drop Alberta’s corporate tax rate from 12 per cent to eight per cent by 2022, making it the lowest rate in Canada, and two-per-cent lower than the income tax of working Albertans.
“In the first year alone, the province will be out $348-million in revenue. That’s $348-million less for highways, hospitals and the public services Albertans depend on," said Smith.
“Additionally, there is nothing that forces corporations to hire more people after being rewarded with a tax break. Experts across the country haven’t found a link between corporate tax cuts and job creation. Tax breaks for rich corporations end up in their foreign bank accounts, leaving less money in the pockets of Alberta workers to feed their families and support their local businesses and communities."
“This gift to corporations won’t create jobs or boost our economy and will damage crucial public services," Smith said.
With more than 95,000 members province-wide, AUPE is Alberta’s largest union.
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For more information:
Tyler Bedford, AUPE senior communications officer: 780-298-7626