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The United States is the biggest culprit, with its sky-high subsidies for manufacturing, agriculture, infrastructure and clean energy. Want to build a solar, wind, fuel cell, biogas or geothermal facility? President Biden has an investment tax credit for you. The basic tax credit for projects can be 30 per cent so long as the wages paid over five years are more than “prevailing wages.
Canada is revving up to engage in a subsidy war. Minister of Innovation, Science and Industry François-Philippe Champagne has the authority to deliver $9 billion in goodies to companies, regional development agencies and post-secondary institutions in 2022 alone. And there is more to come from the $15-billion Canada Growth Fund, never mind abundant investment tax credits for mining, manufacturing and clean energy.
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