Corporate profits outpaced worker wages in Canada

At the end of last month, Statistics Canada released corporate profit data for the second quarter of 2022. The data is for the country as a whole; it’s not broken down by province.

In the second quarter of 2022, corporate profits after taxes was $551.96 trillion. This is an increase of $49.41 trillion (or 9.83%) over the previous quarter and an increase of $100.97 trillion (22.39%) over the previous year.

Here’s how corporate profits changed during each second quarter over the last decade.

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Tax cuts don’t create jobs. Higher worker wages do.

Conservative politicians cut taxes so they can give their rich donors more money. After all, taxes are applied to profits, not revenue, and lower taxes means more profits.

But that doesn’t sell well with the public, so they tell us that low taxes creates jobs.

Except tax cuts don’t create jobs. Let me explain.

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