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U.S. markets recover from steep losses
OTTAWA, Oct. 30 (UPI) -- Canada said Tuesday it would cut its corporate income tax to the lowest level of the Group of Eight countries, undercutting the United States.
Ottawa said it would cut the tax by 1 percentage point in 2008 and continue lowering the rate until it reaches 15 percent in 2012. The rate currently is 22 percent, The Globe and Mail reported.
"This will give businesses in Canada a substantial tax advantage over businesses in the United States," Finance Minister Jim Flaherty said as he presented his fiscal update.
He called the tax cut -- which Canada's Finance Department said was worth more than $14 billion over six years -- "a substantial shot of adrenaline for all Canadian business."
The U.S. Treasury Department -- which manages U.S. government revenue, including federal taxes through the Internal Revenue Service -- had no immediate comment.
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