Rudd sends Australian jobs to conservative-led Canada

AUSTRALIA'S proposed new tax on its resources industry could be a huge competitive advantage for Canada, according to that country's finance minister, Jim Flaherty.

Speaking to the media ahead of a speech to a public-policy forum on pension reform, Mr Flaherty said overnight that the continued decline in corporate taxes in Canada was a “great attraction for investment”.

Mr Flaherty said he still needed to closely review the tax proposed by Australia's government to fully understand how it worked. Like Australia, Canada has a very large and active resource industry.

Kevin Rudd’s Labor government announced plans to make mining giants liable for a tax on profits made from the exploitation of non-renewable resources. The extra revenue will be used to lower other corporate taxes.

Mr Flaherty noted that Canada had been reducing its corporate tax rate, and corporations in most of Canada would face a combined 25 per cent tax rate by 2012.

He said the “easiest thing” for a politician to do is raise taxes, which immediately increases revenues, but limits growth.

SOURCE

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1 comment:

  1. Phil StephensonMay 6, 2010 at 1:24 PM

    Rudd sees himself as a statesman, who will win respect on the world stage, but this just shows that other nations see him as a buffoon who hands trade opportunities and economic advantages to them on a plate, at the expense of his own country.

    You've got to give Rudd credit, he's trying hard to outdo Whitlam in trashing the economy and messing up the country, but old E.G.W. still has the No. 1 spot, AND it only took him three years.

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