The Federal Liberal platform released this week, takes the approach of families before corporations.
Liberal MP John McCallum says that there is a clear choice in the upcoming election.
“The question is whether you put top priority to Canada’s largest corporations or top priority to struggling Canadian families,” McCallum says.
McCallum adds that under the Conservative’s plan there are cuts to corporate taxes paid by Canada’s largest corporations and 95 per cent of
corporations pay a small business tax of 11 per cent, which would not change.
It’s the other five per cent, which is made up of the biggest corporations, such as banks and oil companies, that are receiving tax cuts valued at $3.1 billion in the first year of the cuts, and $5.2 billion in year two.
“That’s a lot of money and as a result the Conservatives have no money left for struggling Canadian families,” McCallum says.
He says for example the fitness tax credit, which the Conservatives recently announced, will not be available for a few years, while the big corporations get their money right away. McCallum says the Liberal approach is the opposite.
“We’re saying that the big banks and the oil companies are not the ones that primarily need support at this time,” he says.
“So instead of cutting those corporate taxes, we will freeze them at the current level, the 2010 level.”
At 18 per cent, he says these levels are already highly competitive and are the second lowest in the group of G7 countries.
He says they will direct the $8 billion that will be coming in at those levels to families.
McCallum provided six ways the Liberals would help families.
The first is the Liberals will provide $1,000 for every post-secondary student each year, for four years. For low-income it will end up being $6,000 for the four years. The second is providing support to those looking after aging or sick in the form of a tax benefit worth up to $1,350 and allow people to take time off work for up to six months to those looking someone in their home.
McCallum says it is unacceptable for seniors to live in poverty and so the Liberals are providing an additional $700 million per year to support seniors.
The fourth is committing $275 million to affordable housing plan, working with municipalities and the province. The fifth is a permanent green renovation tax credit costing $400 million per year. This will provide a tax credit of up to $1,500 for people who improve the efficiency of their homes.
Childcare will get a fund of $500 million per year, rising to $1 billion.
“We put that first and say the corporations can wait,” he says.
More election coverage from other parties in future issues of the Gazette.