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The Canadian Centre for Policy Alternatives says Canada is facing
its worst job crisis in a generation and urges the federal government
to raise taxes and hike spending to solve Canada's economic woes.
The Alternative Federal Budget calls for keeping taxes flat
until next year and then bringing in a massive and sweeping set of
income tax reforms, including:
- Cancelling the two 1.5% corporate income tax rate cuts scheduled for January 2011 and 2012;
- Raising the corporate tax rate from the current 18% to 21%;
- Hiking the GST by 1%;
- Setting a new 31.5% tax rate for people earning more than $250,000 a year;
- Limiting RRSP contributions to $20,000 annually;
- Setting a new 28% corporate tax rate for the oil and gas industry.
The tax revenue would be used to spend $15 billion annually on
infrastructure, $5 billion on green job creation, $5 billion to
"revitalize" manufacturing and support a national child-care plan and
boost EI at the same time as balancing the books in five years.
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- reprinted from the Toronto Sun