Media Advisory: CLC Will Release Study Showing Companies Hoarding Cash Received in Corporate Tax Giveaways

OTTAWA, ONTARIO--(Marketwire - Jan. 25, 2013) -

Editors' Note: There is a photo and a video associated with this press release.

The Canadian Labour Congress will release a research study on Tuesday, January 29 showing that big businesses are hoarding cash received from several rounds of federal corporate tax giveaways rather than investing it. Hassan Yussuff, CLC Secretary-Treasurer, will be available to respond to the media.

Canadian corporations have received billions of dollars in tax breaks with the expectation that they would invest that money and create good jobs for Canadians. They have instead hoarded the cash or used it to deliver higher pay packages to CEOs. This has cost Canadians billions of dollars in foregone tax revenues, as well as leading to a higher federal deficit and cuts to public services. Bank of Canada Governor Mark Carney has called these corporate cash reserves dead money and says that private companies should invest and put it to work.

The January 29 event will feature a mechanized pig race that will be called by a professional announcer. Watch the video of last year's pig race.

The Canadian Labour Congress, the national voice of the labour movement, represents 3.3 million Canadian workers. The CLC brings together Canada's national and international unions along with the provincial and territorial federations of labour and 130 district labour councils. Website: canadianlabour.ca/ Follow us on Twitter: @CanadianLabour

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