Tories’ call for corporate tax cuts short-sighted

GPO leader Mike Schreiner denounced Conservative leader Tim Hudak’s call for corporate tax cuts today as short-sighted and financially irresponsible.  

“It is wrong to put corporate tax cuts on our credit card.  Does Mr. Hudak understand that Ontario has a $16 billion deficit to tackle?” asks Schreiner.
 
The GPO is calling on all parties to put the public interest before vested interests in tackling the deficit.  
 
“Putting the public interest before vested interests is the most equitable and efficient way to eliminate Ontario’s record deficit.  This includes the profits of blue chip corporations,” says Schreiner.
 
A study by the Canadian Centre for Policy Alternatives in April 2011 showed that corporate tax cuts do not create jobs.  Ontario already has one of the lowest and most competitive corporate tax rates.  Most new jobs in Ontario are created by small businesses who would not benefit from the corporate tax cut.
 
“We can’t punt our deficit challenge to our kids,” says Schreiner.  “It’s not the time for corporate tax cuts.”
 
The GPO is putting forward long-term solutions to tackle the deficit, including:

  • eliminating the duplication of having two school board systems
  • stopping subdizes for the wasteful use of energy
  • reorienting the health care system to increase healthy outcomes, and 
  • bringing our tax system into the 21st century