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Leave the HST alone
Saturday, September 10th, 2011
Sep 8, 2011
The “tax man” had the guts to reform the sales tax in 2009 by replacing the antiquated, distorting and unfair provincial retail sales tax with the far-better HST. As part of the 2009 tax reform package, he dropped corporate and some personal tax rates and eliminated the distortions arising from differential tax rates on manufacturing, resource and other profits. Other smart tax policies during his tenure include eliminating business capital taxes and harmonizing Ontario’s corporate income tax with the federal system, a major move towards simplification, resulting in low administrative and compliance costs.
Tags: budget, economy, globalization, ideology, tax
Posted in Governance Policy Context | No Comments »
Buffett misses mark
Wednesday, August 17th, 2011
Aug 16, 2011
Already the highest-income taxpayers — about 5% of taxpayers — pay almost 60% of U.S. income taxes. The bottom half of the population pays only 3%. So any tax increase imposed on high-income earners should be in areas where some, like Warren Buffett, are paying far less than other wealthy individuals. Warren Buffett’s 17% tax rate results only because he gets a large number of breaks that other wealthier Americans, like doctors, cannot use… The United States needs major tax reform… U.S. income taxes are complex, inefficient and highly unfair.
Tags: economy, ideology, standard of living, tax
Posted in Policy Context | No Comments »
Intangible taxes
Wednesday, June 29th, 2011
Jun 28, 2011
Why does intangible capital spending, such as research and development, exploration and development, advertising and labour training, get better treatment under the tax system than other capital investments?… The R&D lobby is able to garner public support by pointing out Canada’s low R&D intensity — the heavy tax and grant support reflects this successful plea. Mining is typically favoured since it generates jobs in rural areas… it is time for us to have a close look at the current fiscal support given for intangible spending to make it more effective.
Tags: economy, globalization, standard of living, tax
Posted in Debates | 1 Comment »
The campaign’s top corporate tax myths
Tuesday, April 26th, 2011
Apr 25, 2011
Our election banter reminds me of the 1960s, with populist views that corporations only benefit the rich and powerful and should therefore be taxed to the hilt. The many myths about corporate tax policies being propagated are deplorable… Putting together all the benefits and costs associated with corporate tax rate reductions, there is no question that moving to the 15% federal rate is good public policy.
Tags: economy, globalization, ideology, standard of living, tax
Posted in Policy Context | No Comments »
Give middle class a tax break
Sunday, February 13th, 2011
Feb. 10, 2011
If anyone deserves a break it is main street folk who pay an awful lot of personal, payroll, sales and other taxes. Personal income and payroll taxes alone totalled $260-billion in 2009, about one-sixth of GDP. Add in another $180-billion in sales taxes and Canadians have given up a significant share of their income to fund public services… federal and provincial governments have addressed the business tax burden in the past decade… On the other hand, governments have had a much less impressive record in reducing taxes on labour.
Tags: budget, economy, ideology, standard of living, tax
Posted in Governance Debates | No Comments »
The pension crisis myth
Wednesday, February 17th, 2010
February 16, 2010.
…claims that most Canadians are not saving enough are based on assertions or faulty studies. Recent evidence suggests most Canadians make pretty good decisions for themselves.
Posted in Social Security Debates | No Comments »
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