While Prime Minister Justin Trudeau raises taxes in Canada, U.S. President Donald Trump Wednesday proposed the largest tax cuts for Americans in a generation.
That’s good for the U.S., bad for Canada.
Trudeau is imposing a national carbon price on Canadians, meaning higher taxes and prices on almost all goods and services, and has already reneged on his election promise to reduce the small business tax rate.
His highly-publicized “middle-class tax cut” during the election has not turned out to be “revenue neutral” as he promised.
By contrast, Trump has not only rejected carbon taxes, but also on Wednesday announced plans to slash individual, corporate and small business tax rates, while dramatically simplifying the U.S. tax code.
Lower taxes in the U.S., still by far our largest trading partner, combined with rising taxes in Canada, can only end badly for Canadians.