Sunday, February 20, 2011

iffy delusional on Corporate tax cuts

iffy's opposition to corporate tax cuts will only help the Tories. What a totally ineffective politician.

This is a huge source of comparative advantage over the United States, which has a federal corporate tax rate of 35 per cent. And there’s no way the U.S. can reduce that at this stage of the game, given a deficit that’s 10 per cent of GDP and a debt that will cross 100 per cent of output next year.

As Jack Layton pointed out the other day, Ignatieff and the Liberals didn’t oppose the corporate tax cuts in 2007. Most of them hid behind the curtains and stayed out of the House because they were terrified at the prospect of an election under St├ęphane Dion. (They weren’t wrong about that.)

The suggestion that Flaherty would rescind the corporate tax cuts, one of his proudest achievements, is beyond ludicrous. It’s simply stupid.

Depending on the day of the week, Iggy says it’s either time to get rid of Harper or that he doesn’t want an election. But he’s prepared to trigger one over something that won’t be in the budget, and has zero prospect of being rescinded.

In trying to differentiate themselves from the Conservatives on this issue, the Liberals have inadvertently played to their strengths – competence, the economy and jobs. One study, by the Canadian Manufacturers and Exporters, says the corporate tax cuts will create 100,000 new jobs in the next two years in an economy that has already regained nearly all the jobs lost in the Great Recession.

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