The country is swimming in debt and troubling jobless numbers, but the leader of the New Democrats, Jack Layton, wants Prime Minister Stephen Harper to cancel planned corporate tax cuts and use the savings to spend more to alleviate poverty. How typically socialist.
Former Prime Minister Paul Martin’s Liberal government introduced scheduled corporate tax cuts back in the 2005, and the Harper government adopted and extended the cuts in 2006. For fiscal year 2010/11, the corporate income tax rate is to drop from 18 per cent to 16.5 per cent and then to 15 per cent by 2012.
Jack Layton, however, would like the prime minister to cancel this long-planned tax reduction geared to make Canada more business-friendly and to stimulate job creation. And he suggests we not use that money to reduce the deficit and, by extension, the national debt, but spend it on aboriginals and seniors. Great idea. How could the PM have failed to see such an attractive opportunity? Perhaps he was too busy piloting the country through the troubled waters of the most serious economic and financial crisis of the past half-century.
“The banks and oil companies don’t need the help. They’re not contributing to more innovation in our economy … or employment in our economy,” Mr. Layton said. An economist Mr. Layton is not.
Mr. Layton said seniors could be helped out with “a modest investment.” No doubt they could, but how can helping seniors with taxpayer money be called “an investment”?
It’s so common for left-wing politicians to use positive-sounding pseudonyms to hide unattractive proposals. Thus we have “gays” instead of homosexuals, “climate change” replaces global warming when the planet ceases to heat up and “pro-choice” is used instead of pro-abortion. Now government spending is referred to as “investments.”
Additional financial support for seniors may be an appropriate use of taxpayers’ money, but it certainly is not an investment.
As for more spending (AKA investment) on aboriginals? Good grief, the Government of Canada already spends over $10-billion each year in Aboriginal priorities. And one way or another, our provincial governments spend millions more on aboriginals, not to mention the millions in taxes they don’t have to pay. And how much tax do they contribute? Those “investments” aren’t giving much of a return, are they? At least seniors pay taxes at the municipal, provincial and federal levels, including sales taxes and income taxes.
Someone needs to explain to Jack Layton that “investment” means the use money in the hope of making more money. And that our priorities should be jobs, jobs, jobs and reduce the deficit. His priorities are tax, tax, tax and spend, spend, spend.
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© 2009 Russell G. Campbell
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