|The kid with his life size toys|
It operates subsidiaries in Luxembourg and other tax havens to reduce the share of taxes it pays back home. Its top management have $18Million in stock options among them – qualifying for a loophole which makes a good chunk of that income tax free. CEO Pierre Beaudoin was recently named to the list of Top 100 most highly paid business leaders.
Bombardier and its big bosses are the epitome of taking corporate welfare while shrinking their tax responsibility. Yet this week it was revealed that they will, once again, brazenly take regular taxpayers’ money for a “repayable” loan to improve a product line. The Liberal government has imposed no conditions to this loan.
“The government is transferring taxpayer money right into the pockets of the wealthy,” says Dennis Howlett, executive director of Canadians for Tax Fairness. “Bombardier’s big bosses say that this loan will help with a big sale resulting in more tax paid to the Canadian and Quebec governments. Nothing in their history bears this out.” (more...)