Thursday, January 06, 2011

More Good news for Canada

Tory corporate tax cuts are helping to fuel economic growth and investment!! iffy and the grits want to reverse those corporate tax cuts. The choice is clear.

“Canada’s international reputation as a destination for capital and investment is better than it has been for a generation,” said Finn Poschmann, vice-president research at the C.D. Howe Institute.

And as Craig Wright, chief economist at RBC Financial Group, told a conference Thursday, if you’re not getting more optimistic about the economic picture, you’re not paying attention.

In the past few days, there have been glowing endorsements of the Canada’s competitive advantage in the Wall Street Journal and the Washington Times, which encouraged its readers to “Go North, young man, Go North”.

The basis for much of the praise was the reduction in federal corporate income tax rates from 22% in 2007 to 16.5% today (the latest cut from 18% came into effect on January 1 and there is one further cut to 15% coming next year).

“Twenty-two years ago, we wrote an editorial—‘North, to Argentina’—warning Canada that economic prosperity isn’t a birthright but requires sound policies like free trade. Nowadays, that’s a lecture Canada could credibly deliver to Washington on business taxes,” opined the WSJ’s editorialists, who lamented the current 40% federal levy in the U.S.

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