Tuesday, October 06, 2015

This Afternoon In Clarkland...Independent Power Producer Tax Haven Blues.


First, a quote from a post by Norm Farrell noting the prescience of the good folks from the Wilderness Committee speaking way back in 2009:

...“Private power coming from so-called ‘run of river’ projects comes mostly at the wrong time of year for British Columbians, is costing us far above market rates, and threatens our rivers and streams. Ratepayers are already on the hook for $31 billion [$56 billion as of March 2015] in energy agreements to the likes of General Electric. The BC government’s decision to order Hydro to buy even more of this power is irrational and unacceptable,” said Wilderness Committee campaign director Joe Foy...

Next, this wee bit from 'Citizens For Tax Justice' via Reuters, published today:

The 500 largest American companies hold more than $2.1 trillion in accumulated profits offshore to avoid U.S. taxes and would collectively owe an estimated $620 billion in U.S. taxes if they repatriated the funds, according to a study released on Tuesday...


...The conglomerate General Electric has booked $119 billion offshore in 18 tax havens, software firm Microsoft is holding $108.3 billion in five tax haven subsidiaries and drug company Pfizer is holding $74 billion in 151 subsidiaries, the study said...

Aren't you glad we destroying our public utility, not to mention our rivers and streams to privatize the profits for a massive hydra-headed-tax-scofflaw that is 'independent?




motorcycleguy said...

Actually, I'm not happy. I'm especially not happy when Bennett and Polak have had every chance not to dig us further into this hole. Narrows Inlet Alpine Lake Draining Hydro is but one of so many projects that haven't even started construction yet, never mind finished the final design stage...never never mind making the 2017 COD date....yet he doesn't put the kibosh on them. Looking out for us taxpayers my a##. How many more projects are sifting along? There is so much money to be made for out of province corporations that these guys don't worry about not making that contracted (can BC Liberals even spell contract?)COD date....they will just pay the late penalty and finish when they finish. Aren't you happy you are making this possible with your more than generous Hydro electricity bill payments?.....yeah....I know....you're not happy either.

Anonymous said...