It will be about tax hikes and looming massive deficits in the upcoming March 22 Federal budget.
And tax hikes could seriously impede our competitiveness, according to RBC’s Chief Economist Craig Wright:
“The U.S. should influence at least the tax considerations as it appears they are moving to an environment of lower personal taxes, a more competitive corporate tax rate and a lighter regulatory environment.”
He’s in agreement with CIBC’s Avery Shenfled who says, “we could see higher taxes on the wealthier among us as fairness remains a theme for this government,” with Liberals trying to raise a further $3-billion per year with a tax policy change.
With greatly higher deficits also looming, Wright says if there are any surpluses from raising taxes, they should go to paying down deficits.
However, that is not a likely scenario for a tax and spend Liberal government.