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PM needs to tax big oil excess profits
November 10, 2022 · 0 Comments
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The idea of taxing the fossil fuel sector’s record profits to deliver financial relief for working people is gaining traction in Canada.
Rent and interest rates are skyrocketing and many people are forced to put over half their income towards housing. At the same time, major corporations like grocery store chains and oil and gas companies are gouging prices so many people are struggling to make ends meet.
To make matters worse, communities all across the country are being hit by major climate impacts like wildfires, floods, and storms, and have to deal with the financial toll left in their wake. While all of this is going on, fossil fuel companies – those most responsible for the climate crisis – are raking in record profits.
We need a Windfall Profits Tax. These companies shouldn’t just be able to line their pockets while making the climate crisis worse. Countries around the world are already implementing their own versions, and it’s time Canada followed suit.
That’s why I got involved with 350 Canada’s #TaxBigOil campaign. An oil and gas Windfall Profits Tax could raise billions to help communities rebuild after climate events and speed up Canada’s transition to clean energy ensuring no one gets left behind in the process. You can learn more about the campaign at 350.org/TaxBigOil.
Deborah Gilchrist
Caledon
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