When politics crowds out good tax policy GlobeBusiness
. Lowering sales tax rates encourages more consumption, which does nothing to boost long-term savings, private investment and potential growth – as many private-sector economists reminded the government. Economic analysis suggests sales tax rates should be raised and personal income taxes cut to improve incentives to work and save.
Another result of incessant political intervention is a patchwork of tax incentives and expenditures, many of which have never been adequately assessed to determine if they are actually achieving their objectives. The result is in an unduly complex Canadian tax system that lacks transparency and is expensive to administer, for both government and taxpayers.
Using the price system to change incentives was once considered a conservative idea. But if you don’t like price signals, the remaining policy options to reduce GHGs are to impose burdensome regulations on business that will eventually also impact consumers, to use subsidies to pick winners in some sectors or to hope for technological breakthroughs.
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