Like all other industrial economies, Canada foolishly mirrored American tax policy and has paid many of the same prices. The Conference Board of Canada recently reported that the gap between low and high-income earners is every bit as striking in Canada as in the United States. In our modest Canadian way, we too run structural deficits to pay for annual tax giveaways to those among us who need help the least.
Mr. Reagan’s tax policies belong in his museum. If these times call for belt-tightening – a highly debatable proposition, to say the least – then let’s start among those with the largest belts. A good place would be with a new top-tier income tax bracket, and a careful look at loopholes and giveaways that embarrass even American billionaires – some of whom are now leading the growing chorus for change.