Today, the CTF released a groundbreaking study urging the federal government to enact a multi-year tax reform/relief plan. The report calls on Ottawa to reduce personal income taxes and cut the number of tax brackets from four to two while maintaining only a handful of deductions like RRSP, spousal and child allowances. The goal is to both simplify the tax code while lowering the personal income tax burden in a manner that strengthens the Canadian economy.
Coles Notes Version: The tax code should be simpler and the tax burden should be lower!
Read the rest here.
Note: This plan is not likely to be endorsed by CRA bureaucrats, lovers of incentive-based tax policy, or the entire accounting industry.
Thursday, January 17, 2008
Lower, Simpler, Flatter
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2 comments:
Great post, Adam. I think the "flat tax" has legs in Canada, especially once the tories gain a majority government. Remember, it was once on the election docket in 2000. The problem back then was that they [Alliance] didn't do a good job of selling it to Canadians and, in turn, it ended up coming across as if it was policy on the fly.
Not a good way to intoduce Canadians to a fantastic policy.
Thanks NB...
I think the fact that many many countries are going this route makes it more sale-able here.
Hopefully, anyway! Former Liberal MP Dennis Mills once endorsed a single rate tax, so this can and hopefully will transcend party boundaries.
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