17:30:46 EDT Sun 12 May 2024
Enter Symbol
or Name
USA
CA



Canadian Imperial Bank of Commerce (CIBC)
Symbol CM
Shares Issued 937,523,048
Close 2024-04-12 C$ 66.15
Market Cap C$ 62,017,149,625
Recent Sedar Documents

Globe says CIBC sees Freeland employing tax hikes

2024-04-15 07:47 ET - In the News

The Globe and Mail reports in its Saturday edition that Finance Minister Chrystia Freeland knows raising taxes would not be a wise move. The Globe's Andrew Willis writes that Ms. Freeland, however, is still likely to increase taxes on the largest companies and richest citizens in the next budget. This is because raising government revenues is the only way to fulfill Ms. Freeland's promise to respect the fiscal anchors she set last year and to pay for the new programs that Prime Minister Justin Trudeau has recently introduced. CIBC economist Avery Shenfeld said Friday, "Tax hikes are a tool that the Liberals have previously used, with increases in top marginal personal tax rates, alternative minimum taxes, and more recently, higher taxes on banks and insurers." Discussions about tax hikes are focused on two possible scenarios. Observers say Ms. Freeland is mulling a tax surcharge on companies in sectors the government deems to be excessively profitable. She is also contemplating a wealth tax on individuals. Higher corporate taxes on specific sectors -- the grocery stores, telecoms and energy producers that consumers love to hate -- would be consistent with last year's increase in levies on banks and insurers.

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