Horwath: NDP will scrap corporate tax giveaway
Ontario NDP Leader Andrea Horwath announced last week that a New Democratic government will roll back Premier Dalton McGuinty’s multi-billion dollar corporate tax giveaways.
“With families struggling to pay the bills and find good jobs, it’s not the time for corporate tax giveaways,” said Horwath. “Banks and insurance companies are doing just fine; it’s time to put people first.”
The McGuinty Liberals are in the process of slashing the general corporate tax rate from 14% to 10%.
Speaking to CUPE Ontario convention delegates, Horwath committed to restoring the general rate to 14%, where it was on June 30, 2010. Ending the tax giveaway would ultimately save Ontario’s treasury $1.8-billion a year.
“Studies show that no-strings-attached corporate tax cuts aren’t creating jobs or encouraging investment,” said Horwath.
She noted that in the past, McGuinty criticized the previous Conservative government’s corporate tax cuts, arguing that it wasn’t a priority for families. In the recent federal election he campaigned for candidates making the same arguments about Harper’s corporate tax cuts.
