Conrad Black: Trudeau’s high-tax, high-deficit, low-growth plan is doomed

Canada’s tax policy is in shambles and its fiscal condition is deteriorating. In the 2015 election campaign, the NDP leader, Thomas Mulcair, tried to debunk the tradition that New Democratic governments are extravagant and fiscally irresponsible and promised a balanced budget, albeit with some tax changes favouring lower-income earners. The Conservatives, under Stephen Harper, were steady on course, and the Liberals said they would run a short-term deficit to cover job-creating infrastructure investments. They also said they would lose $3 billion by cutting the second tax bracket, on incomes between $45,283 and $90,563, from 22 per cent to 20.5 per cent, and gain it all back entirely by increasing the top rate.

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