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Features — January 26, 2011 3:42 pm

Corporate Tax Cuts

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Will they help or harm Canada’s economy?

As long as we have a government that protects and provides for us, we will have taxes. Ben Franklin said it best; “in the world nothing can be said to be certain except death and taxes.”

Taxation has always been a bit of a touchy issue. They’re at the heart of an argument over what the key to economic success is. On one side are those who claim that it is necessary to tax for the state to survive; on the other are those who say that taxes should be cut so that businesses may survive and prosper.

Like it or not, the state has a legal and moral responsibility to ensure that people are not dying in the streets from poverty, health issues and crime. In a moral sense, the state cannot stand idly by while people starve to death. In a legal sense, the state is obligated to protect the rights of its citizens.

Because of this responsibility, the government requires regular revenue to fulfill their social responsibilities. Whether or not the government’s role in social welfare is large or small it will need some amount of revenue to act effectively in this arena, and those funds have to come from somewhere.

Last spring when the Canadian economy was still struggling and economic recovery from the Recession was still a distant light at the end of a long black tunnel, Stephen Harper’s Conservative government had to make a choice on what would be best for Canada’s future.

This decision had to balance the interests of corporate world, on which the Canadian economy relies, with the long-term national goal to reduce the ballooning deficit.

The Star reported that Federal Finance Minister, Jim Flaherty, was planning on cutting corporate taxes in the face of a $60 billion deficit. At the time, his proposed tax cuts would have more than doubled the federal deficit.

The main argument promoting corporate tax cuts is that it frees up more money, allowing corporations to spend it directly on hiring more employees and reinvesting it in the Canadian economy.

However, this view of corporate tax cuts is based on several assumptions that are not necessarily guaranteed, as Liberal Leader Michael Ignatieff pointed out to the Montreal Gazette. He claims that “Corporate tax cuts don’t necessarily create jobs. They add to [corporate] bottom lines and don’t necessarily create investment”.

It is certain that tax cuts would improve a corporation’s bottom line. What is not certain is that they would spend that surplus on creating jobs in Canada, or even invest it in this country. The global trade regime ensures that Canada cannot stop them from investing that money overseas in India or China, if they even choose to invest it at all.

There is evidence however, that tax cuts can stimulate the economy in certain cases. An article by the director of Heritage Capital Management Inc. on Investopedia.com gives a few examples of instances where tax cuts did positive economic results.

The 18% personal tax cut enacted by Congress in 1964 and the economic boom in Ireland in the 90’s is attributed to the large individual and corporate tax cuts that took place in the late 80’s.

The article goes on to point out, however, that lessening the burden somewhere usually means increasing it in another area. The example given in this article is of a hypothetical tax on jewelry. Such a tax may increase tax revenue from rich people buying jewelry. However, lower income people may stop buying it altogether because they can no longer afford it, thus depriving them of it.

That argument of financial deprivation can be spun around on social services. For instance if Minister Flaherty gets his corporate tax cuts, then that means he will have to cut spending in the federal budget as well. He may choose to cut infrastructure spending, defense spending or public jobs thus actually increasing unemployment. Or he might decide to cut federal scholarships or internships.

This, or follow the U.S. example, and just let the nation’s debt grow unchecked.

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