New Conservative attack ads say that “it’s demonstrably untrue” that restoring the tax rate for Canada’s largest corporations to 2010 levels would free up funds for the Liberal Platform’s planned investments in families and deficit reduction.
The Liberal platform pegs cost of Mr. Harper’s corporate giveaways at $3 billion this year and $5 billion next year. The full cost of this corporate break is expected to rise to $6 billion four years from now.
But don’t just take the Liberal Party’s word for it. Senior Conservatives have repeatedly said in the House of Commons that the full cost of their corporate tax cut will be $6 billion as well:
- Stephen Harper, February 9, 2011, Hansard.
- Jim Flaherty, February 14, 2011, Hansard.
- John Baird, March 23, 2011, Hansard.
- Ted Menzies, February 28, 2011, Hansard.
- James Rajotte, March 2, 2011, Hansard.
- Russ Hiebert, February 18, 2011, Hansard.
- Ed Komarnicki, February 9, 2011, Hansard.
- Shelly Glover, February 11, 2011, Hansard.
- Rodney Weston, February 14, 2011, Hansard.
- Dean Del Mastro, February 14, 2011, Hansard.
- Pierre Poilievre, February 16, 2011, Hansard.
- Jacques Gourde, February 17, 2011, Hansard.
- Cathy McLeod, February 17, 2011, Hansard.
- Rick Dykstra, March 3, 2011, Hansard.
- Randy Hoback, March 6, 2011, Hansard.
- James Bezan, March 10, 2011, Hansard.
- Tilly O’Neill-Gordon, March 11, 2011, Hansard.
- Ed Fast, March 21, 2011, Hansard.
A Liberal government will not go forward with an ill-advised corporate tax cut in the midst of a large deficit.
Thanks to previous Liberal governments, Canada’s corporate income taxes are already the second lowest in the G7 and are 25 percent lower than corporate tax rates in the United States. Liberals believe in competitive taxes, and we have the record to prove it.
But it makes no sense to borrow more money when we have a record deficit to give additional tax breaks to large corporations. Families need a break more. That’s why the Liberal Platform will restore corporate taxes to 2010 levels and invest in the priorities of middle-class families and reducing the deficit.
The Liberal Platform’s costing table outlines all of the sources of funds and where we’ll invest – including a prudence reserve to more credibly reduce the deficit. We identify the source of every dollar for every commitment in our platform.
The Liberal Platform is fully costed and does not raise taxes on families – it presents a plan with no increase in personal income tax, sales tax, or small business taxes.
