Friday, March 11, 2011

Potash (POT) Blasts Misguided Tax Critics

Potash Corp (NYSE:POT) CFO Wayne Brownlee struck out against tax critics in Canada, targeting Saskatchewan opposition NDP leader Dwain Lingenfelter, who in February said that the province should benefit more from potash profits.

Lingenfelter evidently doesn't understand businesses don't exist for the state to confiscate their profits in order to redistribute them for political expediency.

Brownlee said the Canadian tax rate was “extremely high” compared with competitors in other countries, and that critics were “cherry picking their information for political expediency purposes.”

“I don’t think that we have to beg forgiveness for a very short term reduction in tax load,” he added.

He's right of course. Smaller government and lower taxes are always the friends of business, the economy, and the people who benefit from both.

The government being a parasite of those that are productive is a cancer that must be excised from the equation.

Potash closed Thursday at $53.77, down $2.08, or 3.72 percent.

No comments: