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May 26th, 2016

Reality check: Liberals give billions to banks in exchange for pink slips

What does $60 billion in corporate tax cuts buy you? Pink slips, it turns out.

The Liberals have endorsed Stephen Harper’s radical corporate tax giveaways based on a blind faith in trickle-down economics.

But today, while announcing profits of $973 million in the second quarter alone, the Bank of Montreal also revealed plans to lay off 1,850 people.

And this after the bank posted record profits last year of more than $4.4 billion.

It must be hard to make the tough decision to put 1,850 people out of work, but don’t worry, the CEO who made the call is well compensated for his troubles, making $10.2 million last year .

That’s right, $10.2 million.

And it gets better. BMO targets 10% of senior executive compensation to be paid in stock options.

So, thanks to the Liberals’ broken promise on closing stock option loopholes, the CEO will only have to pay taxes on half of up to $1 million in stock options, saving him a cool $165,000.

While he lays off 1,850.

So much for Fairness for the Middle Class