Prime Minister Paul (“we lead the world”) Martin may have found something else that Canada leads the world in (or could, anyway), aside from being the nation with the Prime Minister and political party that constantly pretends their nation leads the world in anything at all whatsoever.
Possible Liberal Party election slogan for ‘06: “Canadians, next time you vote liberal, press even harder with your voting pencil!”
National Post reports this morning that according to a C.D. Howe Institute report, Canada’s business taxes 2nd highest behind China’s.
But socialists like Jack Layton and the Liberal Party want to maintain them at their current levels, as I understand it. Or should that have read Paul Martin and the NDP? Whichever way you phrase it….
Canada taxes business investment more heavily than any other competing nation except China—and taxes on Canadians’ personal investment income can reach 80%, according to a study released yesterday.
The findings underscore the need for a dramatic overhaul of the tax system to cope with growing competition from Asia and an ageing population, the C.D. Howe Institute said.
“Given the competitive and demographic challenges facing Canada, tax reform is increasingly urgent,” Jack Mintz, president of the institute, said in the report. “In the coming years, Canada should not simply react to changes in tax policy abroad, but should take the initiative and adopt policies that would unleash the Canadian tiger.”
The institute said federal and provincial governments should develop a five-year plan to lower taxes, broaden the tax base and shift taxes from investment and savings toward consumption.
Canada’s marginal effective tax on business capital—combining such things as depreciation deductions together with capital and corporate tax rates—averaged 39% in 2005, the second-highest among 36 industrial and leading developing countries. […]
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