Vladimir Putin

Maxwell, Judith

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The urgent need for tax reform in Canada. Major proposals to come from the Minister of Finance. The interest of the Economic Council of Canada in this issue. A study and statement from The Economic Council. Some background on two key questions in the debate: "Do we have to imitate the U.S. reforms?" and "How important is the problem of income stability?" Personal income tax should be a "Made in Canada" policy. Corporate income tax rates constrained by U.S. corporate tax measures. Goals of the current reform exercise: simplicity, equity, stability, and accountability. The lack of understanding by the average person of the tax system, and their lack of confidence that they are being treated fairly. The concept of tax neutrality. Principles that influence tax reform, both here and in the United States. The general thesis of the address is: "let's not jump to easy conclusions about the supposed advantages of the new U.S. tax regime over what we've got here," and "there are good Made-in-Canada reasons for reforms of a similar nature." An exploration and explication of this thesis follows, with several charts to assist in that review. Conclusions reached include some differences between the traditional route taken by Canada and the U.S. with regard to personal income taxation. Made-in-Canada reasons for broadening the tax base and reducing tax rates. Some last remarks about what the Minister of Finance will do and the challenges he faces.

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