Social Justice and Democracy

What did Corporate Tax Cuts Deliver? A Background Report for Corporate Tax Freedom Day 2014

January 29, 2014

It has become the norm to believe that cutting corporate income taxes is good for the economy. We have been led to believe that cutting corporate income taxes to increase after-tax corporate profits would lead companies to re-invest in operations like research and development, machinery and staff training to boost productivity. This in turn would stimulate economic growth, and create better paying and more secured jobs.

But what did corporate tax cuts really deliver? What has happened to those tax dollars that were given away to corporations? Did cuts in corporate income tax really increase investment in research and development and in staff training? Did it boost productivity? Have we seen faster growth than what was observed prior to those corporate income tax cuts? Did we create better paying and more secured jobs? What has been the impact of cutting corporate tax rates on government revenues and services? Did Canadians get the promised return on their investment? The answer is a resounding No.

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