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Canada could get squashed by Trump's tax overhaul
CBC News ^ | 12/23/2017 | Aaron Wudrick

Posted on 12/23/2017 6:34:32 PM PST by simpson96

Prime Minister Pierre Trudeau once remarked that Canada's relationship with the United States was like sleeping next to an elephant: "No matter how friendly and even-tempered is the beast, one is affected by every twitch and grunt."

Well, forget twitches and grunts. With the biggest tax cut in decades being signed into law south of the border, the elephant is about to start doing somersaults in the bed – and if our own politicians don't take action, the Canadian economy could end up getting squashed.(snip)

Policy wonks south of the border will debate the pros and cons of the bill, which will see taxes go down for the vast majority of Americans. But from a Canadian standpoint, we should be focused on what it means for our country's tax competitiveness.

Previously, Canada could boast about lower business taxes: the Canadian average combined federal-provincial rate of 26.7 per cent, compared favourably to an American average combined federal-state rate of 39.1 per cent. That advantage is now history: with passage of the Tax Cuts and Jobs Act, the new average American rate is just 26 per cent.

Worse still, the Trudeau government is heading in the opposite direction on taxes generally: while it recently resurrected a promise to lower taxes for small business, the general rate is unchanged. It has promised a national carbon tax in 2018, scheduled a payroll tax hike beginning in 2019 to pay for higher Canada Pension Plan contributions, and even introduced an automatic tax escalator on alcohol.

While the government did cut income taxes last year, one study suggested that the average Canadian family was actually paying an additional $840 in taxes.

(Excerpt) Read more at cbc.ca ...


TOPICS: Business/Economy; Canada
KEYWORDS: canada; squashed; trumptaxcuts
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1 posted on 12/23/2017 6:34:33 PM PST by simpson96
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To: simpson96

Good. Can we just annex them, send in missionaries, and open gun stores from coast to coast?


2 posted on 12/23/2017 6:37:01 PM PST by backwoods-engineer (The GOP-Democrat-Media Uniparty must be destroyed.)
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To: simpson96

Most of the world seems heavily dependent on the idea that America will happily go on losing, transferring our wealth to them forever.

Well, the party’s over.


3 posted on 12/23/2017 6:40:08 PM PST by ClearCase_guy (Benedict McCain is the worst traitor ever to wear the uniform of the US military.)
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To: ClearCase_guy

Take a number.


4 posted on 12/23/2017 6:40:36 PM PST by DIRTYSECRET (urope. Why do they put up with this.)
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To: backwoods-engineer

It’s not gonna be that easy. How many missionaries do you know who speak Canadian?


5 posted on 12/23/2017 6:40:58 PM PST by Billthedrill
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To: backwoods-engineer

“Can we just annex them,”

I think Idaho should annex them.


6 posted on 12/23/2017 6:43:24 PM PST by JPJones (Who is FOR tariffs? George Washington, Ronald Reagan and Me.)
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To: Billthedrill

eh?


7 posted on 12/23/2017 6:43:31 PM PST by freedumb2003 (obozo took 8 years to try to destroy us. Trump took 1 to rebuild us. MAGA!!)
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To: Billthedrill
O poor Canada.

Canada = America's hat.

8 posted on 12/23/2017 6:43:57 PM PST by bagster (Even bad men love their mamas.)
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To: backwoods-engineer

It's godless savages coast to coast up there.

9 posted on 12/23/2017 6:44:02 PM PST by billorites (freepo ergo sum)
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To: simpson96

An only slightly different analogy for the relationship would be that of a tick feeing on, rather than a man sleeping next to, and elephant.


10 posted on 12/23/2017 6:44:23 PM PST by tinyowl (A is A)
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To: bagster

They’re not even a real country anyway.


11 posted on 12/23/2017 6:44:47 PM PST by dfwgator
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To: simpson96

The comments after the CBC article indicate that not too many Canadian readers are buying into the drivel.


12 posted on 12/23/2017 6:45:02 PM PST by Steely Tom ([Seth Rich] == [the Democrat's John Dean])
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To: freedumb2003

What is this all aboot?


13 posted on 12/23/2017 6:45:30 PM PST by LostInBayport (When there are more people riding in the cart than there are pulling it, the cart stops moving...)
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To: LostInBayport

14 posted on 12/23/2017 6:47:42 PM PST by freedumb2003 (obozo took 8 years to try to destroy us. Trump took 1 to rebuild us. MAGA!!)
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To: simpson96

and the unspeakable things they do to their dogs...

15 posted on 12/23/2017 6:47:59 PM PST by billorites (freepo ergo sum)
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To: dfwgator

lol..ive always said that...they are just “kinda just there”....doesnt do much...ya just kinda forget they are there.


16 posted on 12/23/2017 6:48:02 PM PST by basalt (ut, the leeches will soon get notices that "sorry,)
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To: simpson96

Lets see, oh they could lower their tax rate.....e/s


17 posted on 12/23/2017 6:48:06 PM PST by stockpirate (I've been blocked on FB for posting true stories about Mueller & sex claims aginst Trump)
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To: LostInBayport

18 posted on 12/23/2017 6:48:18 PM PST by dfwgator
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To: LostInBayport; freedumb2003

Well, there’s two and then a bunch who grew up in the Buffalo area.


19 posted on 12/23/2017 6:48:41 PM PST by metmom ( ...fixing our eyes on Jesus, the Author and Perfecter of our faith..)
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To: dfwgator
They’re not even a real country anyway.

Right?

With their flappy heads and beady eyes. Stupid Elsinores and back bacon. And what's up with lumberjacks, eh?

20 posted on 12/23/2017 6:49:29 PM PST by bagster (Even bad men love their mamas.)
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