WASHINGTON, D.C., U.S.A, April 26, 2017— The U.S. tax plan released today by U.S. Treasury Secretary Steven Mnuchin and economic advisor Gary Cohn are designed to give a significant boost to U.S. business and investment and could make it harder for Canadian businesses to compete, says the Canadian Chamber of Commerce.
In Washington D.C. at the end of a trade promotion mission, Canadian Chamber of Commerce CEO Perrin Beatty commented: “This is a very aggressive tax cut package. Coupled with the administration’s plans to roll back regulation, it will create a much more competitive environment. Meanwhile, Canadian businesses have to contend with rising costs and complex rules when trying to compete.”
The proposal outlined today by White House officials would see the corporate tax rate shrink by more than half, from 35% to 15%. Although the proposal would also eliminate many tax exemptions, businesses would benefit greatly from the reduced tax rate.
“Not only is the Trump administration restricting foreign access to the U.S. market, but they’re also giving their businesses the tools to compete in international markets,” said Mr. Beatty. “Our government urgently needs to work with the provinces to develop a plan to significantly cut the cost of doing business in Canada.”
The Canadian Chamber of Commerce is the vital connection between business and the federal government. It helps shape public policy and decision-making to the benefit of businesses, communities and families across Canada with a network of over 450 chambers of commerce and boards of trade, representing 200,000 businesses of all sizes in all sectors of the economy and in all regions. Follow us on Twitter @CdnChamberofCom.
Guillaum W. Dubreuil
Director, Public Affairs and Media Relations
The Canadian Chamber of Commerce