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Only a party terribly versed in Alberta’s chief industry would propose such a damaging tax increase that would primarily affect its province’s main sector. However, Alberta’s NDP did just that, by proposing a 38% corporate tax increase–an increase which uniquely, and adversely, affects the province’s oil and gas industry, the main industry which drives this economy. Over the past 8 years, as investment to Alberta’s oil and gas sector has largely dried up, primarily as a result of the NDP policies from 2015-2019 , energy producers in Alberta have seen themselves in a corporate taxable situation, as their tax pools had either been used or expired. The past 1-2 years have resulted in companies paying significant corporate income taxes and reduced the after-tax capital available for the companies to re-invest in capital projects. These capital projects are primarily drilling new oil and gas wells for the purpose of battling production declines, and ultimately for fighting to keep revenues flat. This starkly contrasts other industries where large capital investment is not needed to maintain steady revenues. One would think Rachel Notley and the Alberta NDP would be aware of this considering they were the governing party of Alberta for 4 […]
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