Real tax cuts in Canada

The Conservative government in Canada has just delivered a budget which cuts both personal and business taxes. Key changes include:

 

    • The federal corporation tax will fall from 22.1 per cent to 15 per cent by 2012.

 

    • The small business corporation tax will fall to 11 per cent from January 2008, rather than from 2009 as previously planned.

 

    • 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.

 

Canada_tax_cuts_3

 

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.

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