TARGETED TAX CUTS FOR SMALL BUSINESS WILL BENEFIT LONDON
March 31st, 2011 - 5:18pm
LONDON –Targeted tax cuts for small and medium size businesses, the real engines of the local economy, is a commitment being offered by London-Fanshawe MP and NDP Candidate Irene Mathyssen. The NDP job creation plan is focused on targeted, affordable investments in small businesses and Canadian job creators.
“The Harper Conservative’s jobs policy is across-the-board tax breaks, even to large profitable companies shipping Canadian jobs overseas,” Mathyssen says. “It doesn’t work. We need to give small businesses a break and provide incentives to companies investing in job creation at home”.
Mathyssen says the NDP plan will strengthen small business and create real, quality jobs in the community. The plan will:
Drop the small business tax rate from 11% to 9% - a 2 percentage point tax break that will help create jobs.
Create a Job Creation Tax Credit for employers of up to $4,500 per new hire.
Extend the Accelerated Capital Costs Allowance for the next four years.
Restore the current Corporate Income Tax rate to 2008 levels and ensure Canada’s corporate tax rate always remains below the tax rate in the USA, while establishing tax fairness and an equitable sharing of the burden between citizens and corporations.
Mathyssen’s announcement already has the support of the newly formed Argyle Business Improvement Association in her riding.
“This is a great plan, and will certainly help our members to reinvest in their businesses and actually help us hire new employees,” said Nancy McSloy, the director of the Argyle BIA. “Irene has been working with us from day one, helping us navigate our way through securing start-up funds and providing us space to meet. We have never had the support from Liberal or Conservative politicians that we have gotten from Irene.”
“Blind, across-the-board corporate tax giveaways are not a job creation plan. After 10 consecutive corporate tax cuts, the Harper strategy has resulted in layoffs, jobs moving overseas and full-time work replaced by part-time work. We saw it happen right here in London only a few weeks ago at IPEX. Workers were used as a prop for a government photo-op and layoff notices started going out only days later,” said Mathyssen. “Our plan will reward businesses that create jobs in our communities.”