The New Brunswick Business Council is advocating the provincial government raise corporate income tax rates back to 2008 levels.
Susan Holt, the chief executive officer of the New Brunswick Business Council, said the provincial government should consider boosting the corporate tax rate from 10 per cent back to 13 per cent.
“[The business] council is comfortable with the idea of increasing the corporate income tax rate back to the previous levels under the guise of keeping it competitive,” Holt said.
“It doesn’t have to be the lowest in Canada but we still believe it has to be at a competitive level with other provinces and states but we think there is room to move.”
“I think we were proven out that those reductions didn’t stimulate the economy the way that they anticipated. So business council members believe that similarly returning the corporate tax to where it had been will not cripple the economy given that we didn’t see the gains from the reduction.”