Ontario Corporate Tax Rate should be cut to 10%
It seems Dalton McGuinty and provincial Liberals have been getting a free ride on the economy. While the media focuses on Stephen Harper and the feds, few have noticed what has been going on at Queens Park. Ontario has among the highest corporate tax rates in Canada at 14% only lower than PEI and Nova Scotia currently at 16%. Jim Flaherty has been arguing that Ontario should cut the corporate tax rate to improve productivity, save jobs and encourage foreign investment. So far Ontario has not responded despite falling into have not status and being ranked dead last in projected economic growth among the provinces. We can no longer afford to keep tax rates at this unsustainable level. McGuinty should address this issue in the next provincial budget. Under a manufacturing crisis and a recession, Ontario cannot expect to compete in this globalized economy at a corporate tax rate of 14%.
-Darryl
Update: McGuinty rejects cutting corporate taxes. It looks like he did come to agreement with Harper on the increased seat count for Ontario, BC and Alberta. Will Newmarket-Aurora be split into two ridings? How many more ridings does this mean for the GTA and Toronto? In Ontario seats are distributed in the legislature in the same way they are represented federally.
