ICBA highlights economic danger of higher taxes
Construction Monitor report draws link between lower taxes and strong economy
A strong economy is the backbone of B.C.’s construction industry – which is why the Independent Contractors and Businesses of B.C. have released a short report on risks that come from increasing taxes.
“There’s plenty of talk in the political realm about raising taxes – whether it’s across the board or targeted to companies and high-earning private-sector individuals,” said ICBA President Philip Hochstein. “But our latest report draws the connection for people that any tax increase is like an anchor on the economy – something that hurts everyone.”
The ICBA Construction Monitor shows how jurisdictions with lower taxes have seen higher growth. And it shows how small cuts in the corporate tax rate have translated into higher government revenues, higher employment, and higher paycheques.
“There’s a mythology that boosting taxes helps fill government coffers. But it’s a false logic in action,” Hochstein said. “That’s why we’re getting out the message that lower taxes equals more money and a stronger economy – and we’re doing it with a short report designed to be posted on workplace bulletin boards.”
It’s the second Monitor focused on economic literacy. ICBA aims to draw the connection between sound economic principles and people’s paycheques to help win support for the kind of policies that boost confidence, the economy, and the construction industry as a whole.
“Construction depends on investor confidence – and low taxes and smart regulation boost confidence and investment,” Hochstein said. “When people are willing to invest, they invest in construction and that helps our industry employ people in the kind of high-paying jobs that support families and communities.”
Download the Fall 2012 Construction Monitor here.