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(EMAILWIRE.COM, March 23, 2013 ) San Francisco, CA -- The federal Conservative government is venturing into a $60-billion project. That is the estimate amount of the tax relief Prime Minister Stephen Harper's government has brought forth to businesses in Canada since taking over control in 2006, as it reduces the country's corporate tax rate to the lowest numbers in the world.
The government has continued to maintain that the widespread corporate tax relief has been the proper response to the sluggish Canadian economy, as it spurs investment and job creation across the board. They believe that the tax dollars that find their way to businesses will then spur more growth.
With the federal budget coming out soon, the $60-billion in business tax breaks are now sparking pointed criticism for the government, as it tries to rein in the deficit troubles that loom.
“They’ve reduced (corporate) taxes but there has been really not adequate major investment in capital expenditures or job creation,” argues NDP finance critic Peggy Nash. “We haven’t got much bang for the buck.”
The federal government is quick to point to the creation of nearly a million new jobs since the end of the recession marked for July of 2009, and say the tax policies are to thank for such growth. Still, small businesses across Canada are feeling the tax pinch and are now looking to see if any additional relief can be enjoyed on their end.
The Canadian Federation of Independent Business is looking for the federal government to consider a lowering of small business tax rates, which currently sits at 11%. The gernal corporate tax rate was at 22%, and was dropped to 15% in the past two quarters, however the small business rates have only fallen by 1% up to this point.
“There is a little bit of a growing degree of impatience for the government to get back to some broader tax measures for smaller firms,” says CFIB president Dan Kelly. “What we’re hearing from members is that they are anxious for the federal government to, once we pull out of deficit, to look at some tax reductions to the small business rate itself.”
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Source: EmailWire.com
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