Connect with us

Business

Canada falling behind on tax competitiveness

Published

2 minute read

By Franco Terrazzano

The Canadian Taxpayers Federation is calling on politicians to prioritize tax relief in response to the 2024 International Tax Competitiveness Index, which shows Canada’s tax system is becoming less competitive.

“Canada is falling behind many of our peers on tax competitiveness and this report should be a five-alarm siren to stop hiking taxes,” said Franco Terrazzano, CTF Federal Director. “Canadians know our economy is not firing on all cylinders and that’s because our governments are taking too much money from families and businesses.”

The Tax Foundation’s 2024 International Tax Competitiveness Index compares tax systems for 38 countries that belong to the Organization for Economic Co-operation and Development.

Key findings from the report include:

  • Canada ranked 17th (out of 38) on overall tax competitiveness, which is two spots worse than last year’s rank
  • Canada ranked 31st on individual tax competitiveness
  • Canada ranked 26th on business tax competitiveness
  • Canada ranked 25th on property tax competitiveness
  • Canada ranked 8th on consumption tax competitiveness

Weaknesses of Canada’s tax system include taxing capital gains “well above” the OECD average, higher business taxes than the OECD average and implementing a digital services tax, according to the report.

“This report shows high capital gains taxes are a reason Canada is falling behind on tax competitiveness and it’s more proof Prime Minister Justin Trudeau is wrong to hike capital gains taxes,” Terrazzano said. “We need politicians to encourage success in Canada and stop punishing our doctors, entrepreneurs and people saving for retirement.”

The report notes “some strengths of the Canadian tax system” include the fact “Canada does not levy wealth, estate, or inheritance taxes.”

“A bright spot for Canada’s competitiveness is that we don’t have a wealth tax and politicians should avoid this damaging tax,” Terrazzano said. “Instead of more government spending, politicians should let families and businesses keep more of their money to grow the economy.”

You can find the Tax Foundation’s 2024 International Tax Competitiveness Index here.

Todayville is a digital media and technology company. We profile unique stories and events in our community. Register and promote your community event for free.

Follow Author

Business

Taxpayers release Naughty and Nice List

Published on

From the Canadian Taxpayers Federation

By Franco Terrazzano 

CBC President and CEO Catherine Tait tops the Taxpayer Naughty List for dishing out executive bonuses  that cost more than the average Canadian worker makes in a year.

“Santa doesn’t like it when girls and boys are greedy, and forcing struggling taxpayers to pay for Santa-sized executive bonuses is as greedy as it gets,” said Franco Terrazzano, CTF Federal Director. “And Canadian diplomats are on the Naughty List too because Santa likes eggnog as much as the next guy, but even he knows Global Affairs Canada is sipping on a little too much Christmas spirit.

“For billing taxpayers $51,000 a month on booze, Global Affairs Canada bureaucrats find themselves on Santa’s Naughty List.”

Ontario Premier Doug Ford made the Taxpayer Naughty List for extending political welfare after promising to scrap it. And for breaking his promise to cap property tax increases, Winnipeg Mayor Scott Gillingham is also on the Naughty List.

For resigning over wasteful spending and saving taxpayers’ money in the process, former Kensington mayor Rowan Caseley tops the Taxpayer Nice List. Newfoundland and Labrador Premier Andrew Furey also made the Nice List for cutting gas taxes and fighting the federal carbon tax.

“Santa is getting hammered by carbon tax bills on his reindeer barn, so Prime Minister Justin Trudeau lands on the Naughty List for making everything more expensive with his carbon tax,” said Kris Sims, CTF Alberta Director. “Alberta Premier Danielle Smith and Saskatchewan Premier Scott Moe made Santa’s good books for taking action against Trudeau’s carbon tax.”

You can find the entire 2024 Taxpayer Naughty and Nice List here.

Taxpayer Naughty List:

  • CBC President & CEO Catherine Tait
  • Prime Minister Justin Trudeau
  • Ontario Premier Doug Ford
  • Global Affairs Canada
  • Winnipeg Mayor Scott Gillingham
  • The entire federal bureaucracy

Taxpayer Nice List:

  • Former Kensington Mayor Rowan Caseley
  • Saskatchewan Premier Scott Moe
  • Newfoundland and Labrador Premier Andrew Furey
  • Alberta Premier Danielle Smith
  • Parliamentary Budget Officer Yves Giroux
Continue Reading

Business

Biden announces massive new climate goals in final weeks, despite looming Trump takeover

Published on

From LifeSiteNews

By Calvin Freiburger

Outgoing President Joe Biden announced a new climate target of reducing American carbon emissions from 61-66% over the next decade, even though President Trump would be able to undo it as soon as next month.

Outgoing President Joe Biden announced December 19 a new climate target of reducing American carbon emissions of more than 60% over the next decade, even though returning President Donald Trump would be able to undo it as soon as next month.

“Today, as the United States continues to accelerate the transition to a clean energy economy, President Biden is announcing a new climate target for the United States: a 61-66 percent reduction in 2035 from 2005 levels in economy-wide net greenhouse gas emissions,” the White House announced, the Washington Free Beacon reports. The new target will be formally submitted to the United Nations Climate Change secretariat.

“President Biden’s new 2035 climate goal is both a reflection of what we’ve already accomplished,” Biden climate adviser John Podesta added, “and what we believe the United States can and should achieve in the future.”

The announcement may be little more than a symbolic gesture in the end, however, as Trump is widely expected to withdraw the United States from the Paris Climate Agreement upon resuming office in January, in the process voiding related climate obligations.

Trump formally pulled out of the Paris accords in August 2017, the first year of his first term, with then-U.S. Ambassador to the United Nations Nikki Haley stating that the administration would be “open to re-engaging in the Paris Agreement if the United States can identify terms that are more favorable to it, its business, its workers, its people, and its taxpayers.”

Such terms were never reached, however, leaving America out until Biden re-committed the nation to the Paris Agreement on the first day of his presidency, obligating U.S. policy to new economic regulations to cut carbon emissions.

In June, the Trump campaign confirmed Trump’s intentions to withdraw from Paris again. At the time, Trump’s team was reportedly mulling a number of non-finalized drafts of executive orders to do so.

Left-wing consternation on the matter is based on certitude in “anthropogenic global warming” (AGW) or “climate change,” the thesis that human activity, rather than natural phenomena, is primarily responsible for Earth’s changing climate and that such trends pose a danger to the planet in the form of rising sea levels and weather instability.

Activists have long claimed there is a “97 percent scientific consensus” in favor of AGW, but that number comes from a distortion of an overview of 11,944 papers from peer-reviewed journals, 66.4 percent of which expressed no opinion on the question; in fact, many of the authors identified with the AGW “consensus” later spoke out to say their positions had been misrepresented.

Continue Reading

Trending

X