Tax fairness is a key element to a healthy economy and country. Here are some things to watch for in the leaders' debate to gauge what federal parties would do to plug loopholes, shut down tax havens and insure that everyone pays their fair share.
Canada's corporate income tax rate has been cut by one third - from 22.1% in 2006 to 15% today. That costs $12 billion in reduced tax revenues annually. So ask yourself, what have we got for that money? Corporate money in offshore tax havens is at an all-time high while corporate tax cuts during a time of deficits has resulted in cuts public services and an increase in public debt. Economist Andrew Jackson why the math just doesn't make sense.
Luxembourg has been a prime destination for Canadians looking for a tax haven.
Secretive. Discreet. Accommodating.
These features were so attractive that Canadian companies had $36 Billion there in 2013. That's just part of the $199 billion corporate Canada has shifted to the top ten tax havens to avoid paying tax at home. It may profit CEOs and stockholders. The rest of us are getting pretty fed up.