Corporate tax cuts show no clear benefit : Impôts et taxes


Cahier spécial : Impôts et taxes

Rien ne permet d'affirmer que la réduction des impôts favorise la croissance économique. À vrai dire, aucune étude sérieuse ne permet d'établir un lien entre réduction des impôts et croissance économique.

Le climat de l'investissement comprend onze composantes:

1)       Les impôts des sociétés,

2)       La prudence budgétaire,

3)       Les impôts sur le revenu des particuliers,

4)       La qualité des infrastructures,

5)       La taxe de capital des entreprises,

6)       Taxe de vente et d’accise,

7)       Le code du travail,

8)       Le fardeau réglementaire,

9)       Coût de la masse salariale

10)   Agressivité fiscale

11)   Monnaie d’échange

Une entreprise investit dans un pays basé sur multiples facteurs, si on examine ceux de la liberté économique, l’impôt des sociétés ne représente qu’une seule des variables.

Si demain matin, on demandait à Electrolux de revenir au Québec, en lui disant qu’on baisse les impôts de la société de 1 %, il ne changerait pas sa décision, car d’autres variables ont influencé leurs décisions d’affaires, le coût du transport, coût de la masse salariale…

Affirmer que l'on réduit les impôts des entreprises pour assurer la prospérité est donc non seulement faux, mais aussi terriblement paresseux.

De plus, il est de plus en plus évident qu’on va être obligé d’ajouter un autre facteur sur la liberté économique, est-ce que le pays souverain peut dévaluer sa monnaie ce qui donne un net avantage par rapport aux pays souverains qui ont une monnaie forte.

Les États-Unis se sont mis en mode protectionniste, et vont le devenir de plus en plus, si on ne règle pas les vices de forme du  supposément libre-échange, n’ayant pas eu d’accord avec le G20, pour rétablir le Yuan a une plus juste valeur, il dévalue leur monnaie pour améliorer leurs compétitivités, ce qui pénalisent nos exportations canadiennes.

Les Chinois  maintiennent leurs monnaies sous-évaluer, et le Canada se retrouve entre les deux, une vraie tranche de fromage qui se fait graduellement calciner.

Donc, baissé les impôts des entreprises, c’est comme prendre des Aspirines pour un mal de tête, quand nous avons une tumeur au cerveau.

Réduire les impôts soulagerait temporairement certaines entreprises, mais ne règle pas le problème de fonds, les enjeux sont beaucoup plus importants qu’une simple table d’imposition.


Extrait de: Corporate tax cuts show no clear benefit, Dan Herman, GuelphMercury.com, Mar 12 2011

Many words have been spoken debating the merits of continued corporate tax cuts in Canada, but it’s fair to say that many of these words miss the point.

Corporate tax cuts are, after all, only one element among many in an economic strategy intended to facilitate the development of a highly skilled, flexible workforce that will provide the foundation for a competitive Canadian economy well into the 21st century.

And in isolation, corporate tax cuts are proving to have very little impact on either job growth or foreign direct investment. As an example, the federal corporate tax rate in 2009 was 18 per cent — down from 29 per cent a decade ago. Similar cuts in Ontario have made this province’s tax regimen one of the most competitive in the developed world, better than the averages in both the United States and the European Union.

But instead of leading to more investment in employment-creating or productivity enhancing projects, all they’ve done is pad corporate profits and savings rates — while business investment and private sector research and development inputs have actually decreased, as shares of GDP, across Canada.

The impact on foreign direct investment was similarly muted. Even the Canadian Association of Manufacturers and Exporters — an invariably staunch supporter of corporate tax cuts — have admitted that “over the past decade, reductions in Canada’s effective and average combined statutory corporate tax rates have had little observable impact on net flows of foreign direct investment into the country.”

So why, in the face of Canada’s so far ambiguous (and perhaps that’s being generous) record with corporate tax cuts, are policy makers and economists still battling over their implementation — and why are we now looking to reduce them further — with a 15 per cent target rate in 2012?

Jack Mintz, of the University of Calgary, is often referred to as a primary source of support for the cuts in corporate taxes. His work, as well as research by the OECD, highlights a large body of empirical evidence showing that higher corporate taxes have a negative relationship with economic growth, so therefore cutting taxes should expand the economy.

That this theory has not played out in the real economy should make us leery.

But the bigger issue is that much of the empirical basis of this work is on the effects of cutting corporate tax cuts in high tax economies — not what should be done once corporate tax levels have been made competitive. This is an important distinction, because otherwise the theory would point to the ideal of zero percentage tax rates across the board.

So, further tax cuts have neither a strong theoretical foundation, nor show any recent evidence of any real impact on job creation and productivity.

Further, they could be counterproductive. As Jim Stanford of the Canadian Auto Workers notes, by choosing to allocate tax revenue back to corporations and consumers, rather than to productive investments in infrastructure, we actually cost ourselves the opportunity to create 50,000 new jobs.

Hence the focus on corporate tax cuts fails to address the most important issues related to the future of our Canadian economy. Our key issue is not corporate profitability, or even driving economic growth. Rather, it is productivity.

Canadian labour productivity lags behind our American counterparts by 25 per cent, and over the last decade ranks second last amongst G7 countries and far behind most comparable EU countries. A decade of large corporate tax cuts has not improved this, and it’s unlikely another decade of them will either.

So perhaps some tweaks to the tax code, such as targeted subsidies and tax incentives for productivity-enhancing investments in new technologies, research and development and job creation activities, and maybe even tax cuts aimed directly at small- and medium-sized businesses, could be beneficial. However, implementing blanket tax cuts for large corporations, when we already have a competitive tax regime, is not the answer.

L’auteur a tout à fait raison.

What will attract both domestic and foreign investors in the future is a productive and highly skilled workforce, and further incentives for long-term investments that boost productivity and our ability to compete. This means that ongoing investments in education, retraining and infrastructure — both digital and physical — are the keys to building a Canadian economy able to withstand the pressures and uncertainties of a hyper-competitive global marketplace – rather than continually lowering tax rates to pad corporate profits.

If we’re serious about competing with the world then Canadians must look beyond the political and economic rhetoric and focus on the real issues and actions that can help facilitate the ongoing development of a highly-skilled, flexible workforce that positions Canada as a place to invest.


Table des matières

Impôts et taxes

Les pauvres paient trop d’impôts

La vie serait tellement plus belle si on payait moins d’impôts

1.        Comparatif entre les pays scandinaves et le Québec

L’évasion fiscale, c’est pour les riches

1.        Examinons-le pourquoi du travail au noir

2.        Corruption étatique

3.        Imputabilité

C’est la faute des riches !

1.        La classe moyenne est trop imposée, dit la fiscaliste Brigitte Alepin

2.        Crise fiscale

3.        Les juridictions fiscales ont perdu énormément d'autonomie.

4.        Mobilité profite aux paradis fiscaux.

5.        Notre régime d'imposition est dépassé

Alerte sur l’impôt sur les sociétés

Multinational - legal fiscal loopholes

G.E.’s Strategies Let It Avoid Taxes Altogether

Et si on créait un impôt mondial

Corporate tax cuts show no clear benefit

The wrong time to cut corporate taxes

La taxe Robin des Bois, la taxe Tobin

La taxe Tobin, point de mire

L’Europe se mobilise - Taxe Tobin

Taxe Robin des Bois - Pétition – Canada - Europe