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Canadian Banker Calls For Lower Taxes For The Poor

by Mike Godfrey, Tax-News.com, Washington

30 November 2010

In Canada, Toronto Dominion Bank CEO Ed Clark is advocating lower taxes for the poor, who, he says, are shouldering too heavy a burden as the economy shows signs of recovery.

Clark, who rarely makes public appearances, was addressing the Canadian Club. He commented: “The shape of the economic recovery will not leave Canadians equally well-off. There is a clear risk that lower-income Canadians will bear the brunt of the slow recovery.”

The Minister went on to suggest that Canada is seeing a stronger economic rebound than employment rebound, and therefore the cost of labour should be reduced. He argued that lower income Canadians are facing much higher effective marginal tax rates than their higher paid compatriots, and that labour and employment taxes are too high.

Speaking the following day at a news conference, he said: "That's not a good thing from an economic point of view and it's not a fair thing from a people point of view."

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Tags: tax | individuals | unemployment | tax rates | Canada | Canada

 






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