"... we should be taxing consumption spending rather than income."Today, William Watson praises their report suggesting:
And highlights Ontario and other Laffer-ing-stock provinces (the majority):
Besides Ontario, the other guilty parties — “bonehead provinces” would be an equally apt term — were Saskatchewan, Nova Scotia and P.E.I. If they had reduced corporate tax rates, they would have made more corporate tax revenue.Then there's the feds:
It gets better — or worse, depending how you look at it. Even in those provinces that weren’t on the wrong side of the Laffer curve, the cost of raising an extra dollar of tax revenue using corporate taxes was ridiculously high. In Alberta, it was $40.83.
Anyway, the bottom line - corporate taxes are worst, personal taxes next worse and consumption taxes the least harmful. All very interesting and enlightening. And I might be in favour of higher sales taxes if personal and corporate taxes were reduced accordingly. Well, that and if the governments were chopped in size and spending and equalization killed. But what are the odds of any of that happening?