Kenney’s budget takes from Albertans while giving to foreign-owned corporations
So, who reaps the rewards from Kenney’s big business tax cut?
Not ordinary Albertans, but foreign corporations and shareholders, as many of the
province’s most profitable large corporations are mostly foreign owned. More than
80% have a majority of foreign owners among their top five shareholders,
meaning the bulk of the UCP tax cuts benefits will flow outside the province
and country.
Take Imperial Oil, which is 89% foreign-owned, including 70%
by Texas-based ExxonMobil. Husky Energy is 91% foreign-owned, including 70% by
the Li family through holding companies in the tax haven of Luxembourg. Despite
Kenney’s handouts, the majority foreign-owned company just laid off hundreds of
workers in Calgary.
It’s clear the Big Business Tax Cut isn’t working — except
for rich foreign shareholders.