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Ontario Tory leader Doug Ford promises to cut corporate taxes

From 11.5% to 10.5% to "help grow the economy and create jobs."


Doug Ford, the Ontario Progressive Conservative party’s leader.
Photo: Bruce Reeve

TORONTO — The leader of Ontario’s Progressive Conservatives says he will cut corporate income taxes to stimulate job growth in the province if he’s elected premier this spring.

Doug Ford says he will cut rates from 11.5% to 10.5% to help grow the economy and create jobs.

The news comes the same day as a key ratings agency downgraded its outlook on Ontario’s finances to “negative” from “stable” in light of the Liberal government’s plan to run six consecutive multibillion-dollar deficits.

Moody’s Investor Services says spending pressure will challenge the province’s ability to “sustain balanced fiscal results” over a number of years.

Moody’s also says financing requirements on the province’s debt – projected to be $325 billion in 2018-2019 _ will be larger than previously believed, leading to a faster increase in interest expenses.

Premier Kathleen Wynne defended the government’s pre-election budget, which will run a $6.7-billion deficit in 2018-2019, saying Moody’s change wasn’t a credit downgrade, which would effect borrowing costs for the province.

Moody’s maintained Ontario’s Aa2 issuer and Aa2 senior unsecured long-term debt ratings despite the change in outlook. Ontario heads to the polls on June 7.

News from © Canadian Press Enterprises Inc. 2016
1 Comment » for Ontario Tory leader Doug Ford promises to cut corporate taxes
  1. Brian says:

    Cutting taxes for rich corporations is an old school neo-liberal trickle down economics rhetoric that needs to be put down once and for all as a pathological and sociopathic concept. This silly quasi religious rhetoric that survived as a concept since the 80’s has only enriched the already wealthy, their courtisans and their tax havens. Neither Canada nor the provinces need more male authoritarian political Trump like leaders and their cronyist and pathological behaviors pretending to be business as usual. Ignacio Ramonet wrote about this neo-liberal Single-minded ideological conformism in his 1995 prophetic article in Monde Diplomatique :La pensée Unique (https://www.monde-diplomatique.fr/1995/01/RAMONET/6069 ) as defined ( https://fr.wikipedia.org/wiki/Pens%C3%A9e_unique ).

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