Manufacturers rally behind importance of business tax cuts
Reducing business taxes creates jobs, boosts investment, makes Canada more competitive and puts more money in the pockets of Canadians, members of Canadian Manufacturers & Exporters told federal Cabinet ministers at seven cross-country economic roundtables on Jan 26.
“Our analysis demonstrates that business tax cuts are critical drivers of the Canadian economy,” CME President & CEO, Jayson Myers told Finance Minister Jim Flaherty at an Oshawa round table in reference to the association’s report on the impact of corporate tax cuts. “The question is not if we can afford corporate tax cuts; it’s can we afford not to make tax rates in Canada competitive with the rest of the world. The answer is simple — corporate tax cuts are good for Canada and Canadians.”
CME members lauded the federal government’s reduction of the business tax rate from 18% to 16.5% on January 1 this year as well as the plans to lower it to 15% of business profits as of January 1, 2012. With provincial governments also reducing their tax rates on general corporate income over the next two years, Canada’s average combined statutory corporate tax rate is slated to fall to 25% by 2012.
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