Not satisfied with doing TD Bank's and Corporate Canada's bidding by killing income trusts through a punitive and unjust tax based on the policy falsehood called "tax leakage", Carole Taylor thought she would go that extra distance to secure for herself that brass ring of a Bank directorship in this story by Will McMartin of TheTyee.ca
Taylor Hired by TD Bank After Killing BC's Bank Tax
BC is broke but she could make $145,000 to $350,000 as a TD director.
By Will McMartin, 14 Sep 2009, TheTyee.ca
It was an unexpected surprise. A gift, really.
Eighteen months ago, on February 19, 2008, then-BC Liberal finance minister Carole Taylor tabled the province's 2008-09 budget -- her last before quitting politics -- and said she was wiping out B.C.'s corporation capital tax.
For years the big banks had lobbied to have the hated tax abolished, but to no avail. Indeed, over the past three-and-a-half decades, governments of every political stripe -- NDP, Social Credit and BC Liberal -- have seen the corporation capital tax as a way for British Columbians to share in the enormous profits earned in this province by Canada's largest banks.
"The tax exists," former Social Credit Finance Minister Mel Couvelier explained to the legislature in 1987, "largely because the financial industry has often earned large profits and paid little income tax."
(Canada's 'Big Five' banks are headquartered in Toronto. As a consequence, they're largely exempt from paying provincial income taxes.)
Fast forward to August 27, 2009 -- just two weeks ago -- with a news release from Canada's second-largest financial institution, the Toronto-Dominion (TD) Bank. (In terms of market capitalization, the Royal Bank is the country's biggest, followed by the TD, then the Bank of Nova Scotia, the Bank of Montreal and the CIBC.)
The TD was adding another member to its board of directors. Who might it be?
Check out The Tyee's new classified listings.
Why, it's none other than Carole Taylor, B.C.'s former finance minister, who last year killed the province's corporation capital tax!
Article continues here
Wednesday, September 23, 2009
Posted by Fillibluster at 8:33 AM