Corporate tax cuts have cost hundreds of billions in lost government revenues.
The actual effective rate that corporations pay on their taxable income has been cut by more than half, from 40% 25 years ago to less than 20% in recent years. Time and time again, tax cuts have been promised to create jobs and investment, but instead they’ve led to lower rates of business investment, slower productivity and cash hoarding by corporations.
They also make inequality worse -- benefiting CEOs and shareholders while resulting in public spending cuts for average workers. Federal and provincial governments should review how costly tax cuts and unfair tax breaks could be better invested in social programs that help all Canadians.