HYER & NEW DEMOCRATS ANNOUNCE SMALL BIZ TAX CUT
Thunder Bay-Superior North MP Bruce Hyer
Measures to support small business include $4,500 Job Creation Tax Credit
THUNDER BAY, ON – New Democrats unveiled part of their small business and job creation strategy with a plan to reduce small business taxes and incentivize employers to hire workers in Northwestern Ontario.
“I’m very proud of this plan.” said Bruce Hyer, the party’s Small Business and Tourism critic. “As a local small businessperson myself, I know how important it is to foster growth among small and medium sized enterprises, which are responsible for the lion’s share of sustained job growith over the last few decades in Canada. Even before being elected, I’ve pushed for a reduction of small business taxes and for measures to support small business. The strategy announced today will help stimulate jobs and the economy.”
The New Democrat strategy will:
- Drop the small business tax rate from 11% to 9% – a tax break which will allow small businesses to focus on growth and job creation
- Create a new Job Creation Tax Credit for employers, worth up to $4,500 per new job as an incentive on job creation
- Extend the Accelerated Capital Costs Allowance for the next four years to encourage small businesses to grow
The New Democrat plan would freeze the income tax rate for large corporations at the 2008 level of 19.5%, and always maintain it below the current US rate.
“There is no evidence that large, across-the-board tax cuts to large corporations like the ones Harper and Ignatieff voted for create jobs… they just pad the profits of big banks and oil companies.” said Hyer. “Instead, affordable, targeted tax cuts and incentives where jobs are created will help lower unemployment and spark our local economy. Unlike multinational corporations, local businesses don’t take their tax breaks and shift profits and jobs offshore – they invest their money right here in the community instead. There is no better way to stimulate our local economy than by supporting our local job creators.”
