NDP Leader Tom Mulcair may have campaigned on balanced budgets and not raising personal income taxes but the socialist party leader is now calling for deficit spending and taxing the banks.
In fairness, Mulcair and the NDP campaigned on higher corporate taxes during the election but now as the Canadian economy slumps and the Liberals consider using higher deficit spending to “stimulate” the economy, Mulcair is calling for more spending.
“We were the first in 2008 to call for stimulus spending,” Mulcair boasted during a news conference earlier this week. Mulcair said there are times when extra government spending is needed and now might be that time.
“We also think that the revenue side has been so seriously cut back under successive Liberal and Conservative governments especially with regard to corporate taxes,” Mulcair said.
Socialists like to believe that raising taxes always means more money for the government even in the face of evidence to the contrary. In March 2010, the end of the 2009-2010 fiscal year the federal government reported revenue from corporate income taxes of $28.3 billion but five years later after cutting the corporate tax rate from 19% to 15% the revenue from corporate taxes stood at $39.2 billion.
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