The Conservative government in Canada has just delivered a budget which cuts both personal and business taxes. Key changes include:
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- The federal corporation tax will fall from 22.1 per cent to 15 per cent by 2012.
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- The small business corporation tax will fall to 11 per cent from January 2008, rather than from 2009 as previously planned.
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- The GST will fall from 6 per cent to 5 per cent.
- The lowest personal income tax rate will fall from 15.5 per cent to 15 per cent and the tax free personal allowance will rise slightly.
Click here for analysis of the Budget from the non-partisan Canadian Taxpayers Federation.
Britain is being left behind by yet another country. Families and businesses in the UK desperatedly need a cut in the overall burden of tax. No more shuffling of the deck chairs. It's time to follow Canada's lead and bring that overall burden down.