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Noah Schafer

Election sealed corporate tax cuts; Canada needs more - The Globe and Mail - 0 views

www.theglobeandmail.com/...article2017147

Canada NDP USA Corprate tax

shared by Noah Schafer on 05 Jun 11 - No Cached
  • The election determined only that corporate tax rates won’t go up. It did not determine that they won’t go down – as, almost certainly, they will – through the next four years.
  • The average rate in 28 of the member countries of the OECD is 20 per cent.
  • In the campaign, the government asserted correctly that Canada’s corporate tax rate was the lowest in the G7. This, alas, wasn’t saying much. Four of the G7 countries have the four highest corporate tax rates in the world: U.S. (39.2 per cent); Japan (35.5 per cent); France (34.4 per cent); and Germany (30.2 per cent).
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  • Canada’s rate (at this moment, 27 per cent).
  • As Canada trimmed, the world trimmed, too: 75 countries aggressively cut corporate tax rates in the past decade. China’s corporate tax rate is 20 per cent – discounted to 15 per cent for companies that invest in strategically important industries.
  • combined federal-provincial statutory tax rate of 25 per cent, won’t
  • The “Bowles-Simpson Plan,” proposed by President Barack Obama’s commission on fiscal reform, suggests a federal rate of 28 per cent. The Wyden-Gregg Plan, proposed by Democratic and Republican legislators, suggests 24 per cent. The China-OECD Plan, advanced by the non-partisan U.S. Tax Foundation, suggests 20 per cent
  • These rates are federal rates and don’t include corporate rates levied by the states: nominally, on average, 6.6 per cent; in fact, on average, 4.2 per cent. Thus a U.S. federal rate of 20 per cent (the China-OECD Plan) would produce a comprehensive “America rate” of 24.2 per cent
  • Canada’s goal assumed an “America rate” of 39.3 per cent: a competitive advantage for Canada of 14.3 percentage points.
  • when you add the federal rate and the average provincial rate (19 plus 12.5), you have a “Canada rate” of 31.5 per cent – the fourth-highest rate in the world: and twice as high as China’s most competitive rate.
  • The Conservative government took a lot of heat for incrementally lowering Canada’s corporate tax rate.
Noah Schafer

CTV Toronto - Harper plan would eliminate deficit by 2014 - CTV News - 2 views

www.cp24.com/...20110408

debt Canada jobs deficit

shared by Noah Schafer on 05 Jun 11 - No Cached
  • Prime Minister Stephen Harper unveiled his party's election platform Friday, promising a Conservative government would eliminate the deficit by 2014-2015
  • Harper said there were no plans to cut major programs and said the billions in cost savings required to balance the books would come from slashing government's operating cost
  • Conservatives understand you cannot tax your way to prosperity, you cannot create jobs by raising taxes," Harper said.
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  • It also features a bundle of crime bills that would be passed in the first 100 days of Parliament
  • The five main priorities of the campaign platform are jobs creation, supporting families, eliminating the deficit, getting tough on crime, and investing in the North.
Peter Shishkov

The gas-price debate - 0 views

www.economist.com/...fuel_prices

Commodity Prices

shared by Peter Shishkov on 01 Jun 11 - No Cached
  • Peter Shishkov on 01 Jun 11
     
    Neither the Republicans' nor the Democrats' policy proposals have much chance of having a significant effect on prices. Your taxis and town cars and commutes are not going to be made any cheaper-at least in the near-term-by ending oil company subsidies or drilling in the Arctic National Wildlife Refuge There isn't much that politicians can do to lower gas prices, but there is some good news for politicians panicked about the potential effect of high gas prices on their re-election chances.
Joey Keum

UPDATE 2-Canada unveils plan for jobs, balanced budget | Reuters - 0 views

www.reuters.com/...politics-idUSN0316118820110603

canadians market jobs

shared by Joey Keum on 04 Jun 11 - No Cached
  • Aims to balance budget by 2014 without raising taxes
  • OTTAWA, June 3 (Reuters) - Canada's Conservative government will focus on jobs and growth while eliminating the federal budget deficit, it said on Friday as it unveiled a plan for the four-year mandate it won in last month's election.
  • "We will get back to work on the things that matter most to Canadians: good jobs, security for our families and a prosperous future," Johnston said on behalf of the government.
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  • "Jobs and growth will remain our government's top priority," Johnston said.
  • "In order to accelerate the return to a balanced budget and to eliminate the deficit one year earlier, over the next year we will undertake a strategic and operating review of government spending," he said.
  • "Our government's plan will put us on a strong footing to resume paying down the federal debt, further reduce taxes on families and continue investing in priorities."
Chris Lee

Is it good to be good? - The Globe and Mail - 0 views

www.theglobeandmail.com/...article1845209

Income Inequality

shared by Chris Lee on 02 Jun 11 - No Cached
  • “That,” I told them, “is charity. Observe: Some got candy; most didn’t.” If every Canadian who needed a candy got one (as in, say, a generous guaranteed annual income), that would be social justice, a sharing of wealth. But wealth isn’t shared – just the opposite.
  • In Canada, the ratio of CEO income to average worker income has gone from 45 to 1 in 1960 to more than 500 to 1 today. This is greed and entitlement on a toxic scale.
  • Here, governments watch and citizens watch as the poor get creamed, the middle class eviscerated, and the rich richer.
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  • Meantime, resist. Resist the urge to buy. Instead, give – ethically and year-round, not just now. Finally, decry gross inequality and elected officials who ignore it.
Ilia Merkoulovitch

UDPATE: Canada Budget Watchdog Sees Deficit Through Fiscal 2016 - WSJ.com - 0 views

online.wsj.com/...BT-CO-20110601-711646.html

Economic growth defecit debt election

shared by Ilia Merkoulovitch on 01 Jun 11 - No Cached
  • Ilia Merkoulovitch on 01 Jun 11
     
    Odds are very slim for the Canadian government to balance the budget by 2015. Though growth is projected at 2.9% for 2011, it is projected lower around 2% for 2012 and 2013
Noah Schafer

Federal deficit could be lower than expected - CTV News - 0 views

www.ctv.ca/...updated-deficit-110527

debt Canada jobs deficit operations stimulus

shared by Noah Schafer on 05 Jun 11 - No Cached
  • The federal deficit for the year just finished will come in lower than the $40.5 billion predicted in March's budget, Ottawa says.
  • The assessment about the deficit is contained in the Finance Department's monthly update of the government's books, which sets the preliminary standing on the deficit at $34.4 billion for the fiscal year 2010-11.
  • the department is careful to caution that the figure is preliminary and will likely rise after end-of-year adjustments on tax returns and valuation adjustments for assets and liabilities are done in the fall.
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  • Ottawa set a record $55.6 billion deficit in 2009-10, when the recession hit hardest, but has improved that position by between $15 and $20 billion in one year.
  • "However, based on the results to date, the final 2010-11 deficit is expected to be lower than the $40.5 billion as projected in the March 22 budget."
  • History has shown those adjustments can amount to billions of dollars in additional expenditures.
  • During the election campaign, the Conservatives pledged they would balance the budget in four years -- one year earlier than planned -- by finding an additional $4 billion in savings from operations.
  • The department said $17 billion, or about half, of last year's deficit was due the stimulus package.
  • In April, the International Monetary Fund pegged Canada's combined federal-provincial fiscal deficit at 4.1 per cent of gross domestic product, lower than the U.S. (10.5 per cent) and the United Kingdom (8.1 per cent).
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