The New Democrats are anti-corporation, it’s that simple. Two of their top platform priorities support this conclusion: raising corporate taxes to 19 per cent and doubling employers’ CPP contributions—it’d be the highest payroll tax hike in Canadian history. Plus, I believe Jack Layton’s emergence as leader or deputy leader of a left-wing coalition will signal an end to our free-trade agreements with our North American partners, and to the promise of a similar agreement with the European community.
Countries world-wide are signing free-trade agreements and the like; we’d be scrapping ours—the NDP have been against them since forever.
We can also expect cap and trade and similar carbon tax schemes in the neighbourhood (to start) of $22-billion to quickly emerge—they have a multi-billion dollar shortfall for their social programs and will tax everything in sight to pay for it. While we’re at it, expect the 2 per cent to be added back to GST—that’s too much money to ignore, and they’ve campaigned too hard against the Tory’s lowering of the tax to let the 2 per cent reduction stand.
As to the NDP promise to lower the small business tax rate, forget it.
Once it has been pointed out to them that tens of thousands of businessmen and professionals—some with a net worth of millions—will benefit personally from the lower rate, the party’s base will be up in arms and they’ll weasel their way out of that promise.
Ontario residents will remember the, now infamous, Bob Rae-NDP promise to introduce public auto insurance in the 1987 and 1990 campaigns. After assuming office, they realized that thousands of, mainly women, workers would lose their jobs, and Rae’s NDP government backtracked from the promise. They’ll backtrack on their small business tax reduction promise just as quickly.
As to the NDP’s proposed “job-creation tax credit” of up to $4,500 for each new employee that a business hires, forget that too. With no carbon tax/cap and trade infrastructure to generate new revenues for social initiatives, can anyone really see a labour party offering tax credits to businesses? They’ll claim they can’t afford it “at this time” (they really can’t) and delay it… indefinitely.
There’re just no silver linings in an NDP surge to power, folks.