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Katerina Gang

Katerina Gang is the Managing Editor of the Prince Arthur Herald and studies Journalism at Concordia University.

Rick Peterson – Fiscally Innovative, Socially Accessible

  Rick Peterson entered the Conservative Party leadership race Oct. 18, 2016. Over the last six months, the private sector underdog is all about innovation and invigorating the economy—he’s one of the only candidates consistently debating serious policy.   Peterson has proposed significant tax cuts across the board. A 15 per cent, flat personal income tax, coupled with a 0 per cent corporate income tax (CIT), he believes, will provide one of the largest economic stimulus plans in Canadian history. And we’re going to need it. The U.S. doesn’t have a value added tax, so this 15 per cent rate is as low as they can go. In Canada, to maximize the competitive advantage, we would need to go to zero per cent, During now-President Donald Trump’s campaign, he promised to reduce the American business tax to 15 per cent—“taking [their] rate from one of the worst to one of the best,” a campaign press release purported. On Feb. 27, 2017, Trump reiterated his intent to cut business taxes.   Charles Lamman, director of fiscal studies at the Fraser Institute, noted in a Nov. 28 Vancouver Sun article that such a move would be disastrous to Canadians, as it would “dramatically reduce the competitiveness of our business tax regime.”   According to the same article, Canada’s combined average federal-provincial corporate income tax rate is currently 26.7 per cent—significantly lower than the U.S.’s 38.9 per cent. Should Trump implement his tax plan, however, their rate is projected to fall below 20 per cent. [caption id="attachment_7742" align="aligncenter" width="570"] -RBC Capital Markets[/caption] In order to keep our competitive edge, Canada has to do more than slightly lower its CIT. Maxime Bernier, another leadership hopeful, has suggested lowering the CIT from 15 per cent to 10 per cent—but this might not be enough.  … Read More
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