However, as pointed out by Liberal finance critic Scott Brison and others, now is hardly the time for further tax reductions, especially for the corporate sector. The deficit situation is precarious. Interest rates sit with nowhere to go but up, meaning that the likelihood is high they will increase soon, (even if hopefully not as soon as rumoured) sending our country's finances into a near-irreversible downward spiral.
Nevertheless, Harper and stooge Flaherty appear determined to hand over this gift to their corporate cronies, benefiting corporate execs, officers and large shareholders exponentially more than average Canadians.
Furthermore, the Conservative penchant for secrecy, has led to statistics about corporate income tax rates vs. personal income tax rates that were once readily available on the internet, to be hidden from easy access.
So, here is a chart to shed some light on this:
Corporate Income Tax vs Personal Income Tax in Canada (Historical)
C% C$ P% P$
2000 24 24 76 76
2001 23 24 77 80
2002 21 22 79 82
2003 24 27 76 85
2004 23 30 77 98
2005 24 32 76 104
2006 27 38 73 110
2007 26 40 74 113
2008 21 32 79 117
2009 17 22 83 108
2010 18 25 82 117
($ = in billions) (% = of total income tax revenue)
(C = corp. income tax) (P = pers. income tax)
These statistics are taken from a Globe and Mail article from this past March presented in a graphic, therefore not too readily searchable.
The new round of corporate tax cuts planned by Harper will bring the corporate share of income taxes in this country into line with the 13% or so that existed under Mulroney. Meanwhile, going back as far as Trudeau, Liberal governments have maintained corporate income taxes in the range of 20-25% of total income tax collected.
At the same time, by implementing such measures as the HST and GST, the Conservatives have hammered individual Canadians repeatedly, with non-progressive taxes that only serve to increase the gap between rich and poor over the long run, as has been the case.