this post was submitted on 09 Aug 2023
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If removing gas tax is any indication in Ontario, and gas prices stayed the same because the price was still what the market could bear, cutting taxes on grocery stores just means that the stores make more profit. The NDP idea of taxing profit "seems" more effective, but if anyone familiar with Hollywood accounting will say that profits will disappear before taxes are properly paid. They need to tax income.
They need to tax income based on standard profitability rates.
Yes, that would work.
Tax scales as a function of margin.
Though, applying the supply management system to grocery stores would probably work too, good suggestion!
You have a small, neighbourhood grocer where you are?
Income: money in (gross). Profit: money after expenses (net).
While humans have to pay income tax (because the government is afraid we'd have no money left to tax because we'd spend it all), business pays tax on profit. This means that they can totally "expense" more in a year and pay less tax. The only thing preventing that are stockholders, who often like profit as it gives them dividends and makes the stock more desirable and drives the price of the stock up. This assumes that there is a large number of stockholders and not a filthy rich Food Barron holding all the stock (a la Weston).
No, I'm suggesting that we tax income rather than profit on large corporations run by a dynasty of incredibly wealthy individuals as they seem to be doing a bit too well under the current system.
I'm not saying managers pay, I'm saying that the large chain groceries should pay before they get an opportunity to hide profits.