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Surging U.S. deficit a warning for Canadians wanting tax cuts: Don Pittis

Don Pittis 12 hrs ago

According to a new Senate report, what Canada needs is for its rich people to get richer.

Of course that's not what it says in so many words, but in calling on the Canadian government to follow the U.S. in cutting corporate taxes, that is effectively what it is asking for.


Hot, but maybe too hot
And there were other consequences of using stimulus to push an already strong economy into overdrive.

Critics argued the tax cuts were little more than a way of transferring money from government coffers to wealthy, stock-owning Americans.

Au contraire, said supporters, cutting taxes for the rich would end up generating more revenue in the long run.

But a second story this week shot holes in that argument. The U.S. deficit has soared under []rump, up 17 per cent to the highest level since 2012, when the U.S. was still suffering the effects of the Great Recession.


Successful businesses need customers who are rich enough to buy their products. Successful businesses need a highly educated, healthy population, where everyone feels like a valued member of society, capable of participating in and helping to create the next stage of a dynamic economy.
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