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Media Release: Liberals embrace long-standing Green Party policy to lower small business tax rate to 9 per cent

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Government

Still no necessary changes to large corporate tax rate.

WireService.ca Media Release (10/16/2017) Ottawa, ON - "We are pleased that Finance Minister Bill Morneau has decided to embrace long-standing Green Party of Canada policy and lower the small business tax rate to 9 per cent," said Elizabeth May, Leader of the Green Party of Canada (MP, Saanich-Gulf Islands). "Greens called for this tax change several weeks ago, and it appears that on this issue, the government is listening.

"Still, while today's announced tax changes are an improvement on the catch-all proposals that threatened small businesses, Minister Morneau has done nothing to address the bargain-rate taxes for large corporations.

"Under Stephen Harper, corporate taxes dropped to 15 per cent, the lowest rate amongst G7 countries. By restoring the federal corporate tax rate to only 19.5 per cent, the Liberals will find much-needed revenue. For context, the corporate tax rate in 2000 sat at 28.5 per cent, while the U.S. currently taxes its large corporations at 34 to 37 per cent.

"Any tax changes that impact small businesses require more time to phase in restructuring. The government could avoid backlash like this in future if the House votes to adopt my Private Member's Bill, the Creation of the Small Business Impact Assessment Act, which requires advance review and evaluation of the impact of all government measures on small business."

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For additional information or to arrange an interview, contact:

Dan Palmer
Press Secretary | Attaché de presse
dan.palmer@greenparty.ca
m: (613) 614-4916

 



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