Give bank profits to needy

Posted on December 27, 2012 in Inclusion Debates – opinion/letters – Re: Bonuses at Canadian banks hit $10.3B on record profit, Dec. 11
December 27, 2012.   Steve Griffiths 

Canada’s Big Five banks combined to report $7.8 billion in profits in the third quarter. Undoubtedly they benefited from the ongoing corporate welfare system of tax cuts, granted them by the federal government.

It seems hard to understand why the Conservatives would choose to increase already excessive bank profits through corporate tax cuts, which have eliminated funds that could have been used to reduce the need for some 900,000 people having to rely on food banks.

This pathetic situation requires a reallocation of government assistance away from the banks, to needy people who would actually spend their assistance and benefit the economy.

I wonder if those bank executives would have a more difficult time enjoying their absurd profit-based bonuses if they actually thought about how much good those lost tax revenues could have done to assist the most disadvantaged in our society.

Steve Griffiths, Meaford

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