Why can’t Canada bring itself to actually think big?
It was a shocker when the report came out on Friday showing that U.S. GDP grew at an annual rate of 3.2 per cent in the first quarter of 2019 — almost a point higher than forecasted. Much of that increase is due to improving labour productivity growth; it accounted for roughly two-thirds of growth compared to the same quarter last year and is now at least a point higher than it has been over the past decade.
Whether these supply-side effects are longer-lasting than one or two years is the next big question. Kevin Hassett, chairman of the White House Council of Economic Advisors has argued that tax and regulatory supply-side effects can boost productivity performances for another four to five years yet, without leading to more inflation. Of course, other factors such as a downturn in global growth or escalating tariff wars can hurt GDP growth. But, at least for now, the U.S.
No countries are introducing accelerated depreciation except Canada and possibly Australia . Meanwhile, Canada has left its uncompetitive corporate income tax rate untouched; at close to 27 per cent, it is now one of the highest in the OECD . High corporate income tax rates not only discourage investments in the profitable projects but also undermine the capacity for governments to raise revenue.
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