With the excitement building over that coming US tax cut legislation (if one can call it that), we have already started seeing reaction here in Canada about how we should react, and while there has been some predictable demands that we start cutting our own corporate taxes yet again, others have called for a more pragmatic approach. In the Financial Post, Jack Mintz foretold doom for our economy in the face of these changes. With that in mind, Kevin Milligan tweeted out some thoughts:
https://twitter.com/kevinmilligan/status/943147447957667840
https://twitter.com/kevinmilligan/status/943148492121284608
https://twitter.com/kevinmilligan/status/943150555899105280
https://twitter.com/kevinmilligan/status/943151815540932608
https://twitter.com/kevinmilligan/status/943152471857291264
It also hasn’t gone unnoticed that these changes will create all manner of new loopholes around personal incorporation to avoid paying income taxes – kind of like Canada has been cracking down on this past year. Imagine that.
https://twitter.com/AaronWherry/status/943192234958221313
https://twitter.com/AaronWherry/status/943193234817404929
To that end, Milligan offered a few more thoughts about the experience around implementing these kinds of changes.
https://twitter.com/kevinmilligan/status/943179468205473792
https://twitter.com/kevinmilligan/status/943180201596350464
https://twitter.com/kevinmilligan/status/943183056554270722
https://twitter.com/kevinmilligan/status/943184198034001921
Meanwhile, my Loonie Politics column looks at whether the process used by that American tax bill could happen in Canada. Short answer: no.