Ignatieff Promises to Cancel $6 Billion in Corporate Tax Cuts, Invest in Health Care and Education

Strategic Insights -

Michael Ignatieff, leader of the Liberal party, has pledged to cancel $6 billion in corporate tax cuts planned by the Conservatives, in order to fund a more caring and environmentally friendly society. Ignatieff made this promise after a three-day policy-renewal conference in Montreal, where he also outlined plans to improve education and training programs, tackle climate change, and reform pension systems.

Key Takeaways:

  • Ignatieff has promised to cancel $6 billion in corporate tax cuts planned by the Conservatives, which would provide an additional $6 billion in annual tax revenues for a Liberal government.
  • A Liberal government would use this extra revenue to bring down the budget deficit, currently standing at $54 billion annually, to a planned $18 billion or so annually in a few years.
  • Ignatieff has also announced plans to promote a national campaign to improve education and training programs, as well as pension reforms to help millions of Canadians who lack enough savings for retirement.
  • A Liberal government would prioritize climate change action, tackling it without waiting for action from the United States, and would engage in constructive dialogue with global partners to renew Canada's place on the world stage.
  • Ignatieff has downplayed experts' warnings of unemployment, skilled worker shortages, and declining standard of living, suggesting that low-cost disease-prevention initiatives and home care could help contain health care costs.
  • The Liberal party plans to release a full election campaign platform this summer, which will spell out exactly how it would pay for the initiatives announced by Ignatieff.

Statistics:

  • $6 billion in corporate tax cuts planned by the Conservatives
  • $54 billion annual budget deficit
  • $18 billion or so annual budget deficit targeted by a Liberal government
  • 15% corporate income tax rate targeted by the Harper government by 2017
  • 18% corporate income tax rate proposed by the Liberals, which would provide an additional $6 billion in annual tax revenues

Sources:

  • "Michael Ignatieff promises to cancel $6 billion in corporate tax cuts", by Les Whittington and Susan Delacourt, Toronto Star, Montreal Conference
  • "Canada at 150" ideas conference
  • Statement by Michael Ignatieff at a press conference after the "Canada at 150" ideas conference