Over 60 unions, civil society organizations, Indigenous and faith groups have signed an open letter to the Prime Minister calling for an excess profits tax on oil and gas companies.
Polling released last week shows that two thirds of Canadians support taxing the windfall profits of oil and gas corporations, with the revenues used to address the cost of living crisis and lower our energy bills.
The scale of corporate profiteering by the fossil industry while people across Canada contend with high fuel bills is staggering: oil companies are set to make $10 million per hour based on conservative estimates. A 75% tax on excess profits 120% above pre-crisis profit levels would generate more than $40 billion that could be given back to Canadians.
The writing’s on the wall: an excess profits tax is a feasible, practical, and popular solution.
Read the open letter: https://350.org/ept/
What’s Next?
As we prepare for our September lobbying day, ORCIE is working on the development of a proposal urging members of the Standing Committee on Environment and Sustainable Development to study the creation of an excess profits tax.