NDP: Still Time to Honour Small Business Promise.
May 31st, 2016 - 1:45pm
FOR IMMEDIATE RELEASE
May 31, 2016
NDP: STILL TIME TO HONOUR SMALL BUSINESS PROMISE
OTTAWA – Today, NDP Critic for Small Business, Gord Johns (Courtenay-Alberni) and NDP Finance Critic, Guy Caron (Rimouski-Neigette–Témiscouata-Les Basques) said Liberal MPs still have time to keep the election promise they made to small businesses owners that would see a break on their taxes.
“It’s rare for politicians to agree on anything but during the election all three parties promised to lower the small business tax rate to 9%,” said Johns. “Instead the Liberals broke that promise at the first opportunity. Well, now they can fix it.”
In February 2015 the NDP proposed to reduce small business taxes from 11% to 9%. The Conservative government adopted the proposal in Budget 2015. The Liberals party platform promised to keep these measures in place but the current Budget Implementation Act, Bill C-15, cancels all future reductions.
“The amendments we’re moving today will restore the small business tax reductions to 9% by 2019,” said Guy Caron (Rimouski-Neigette–Témiscouata-Les Basques), “The Liberal MPs on the Finance Committee can do the right thing and prevent small businesses from being forced to hand over billions of dollars.”
A recent report from the Parliamentary Budget Office shows that this broken promise will cost small businesses $2.2 billion over the next four years. It will also cost the economy an additional $300 million and a loss of 1,240 jobs by 2020-2021.
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