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Liberals should listen to IMF: scrap promise to further cut small business tax rate

By David Crane      

It’s expensive, a waste of money and, the IMF says in a new report, it can even be counter-productive.

If Finance Minister Bill Morneau’s new advisory council on innovation, led by Dominic Barton of McKinsey & Co., is doing its job, it will add its voice to that of the IMF, as well as a study published by the C.D. Howe Institute, in pointing out that a small business tax cut will do little to improve Canada’s innovation performance. It would be a lousy return on investment. The Hill Times photograph by Jake Wright

TORONTO—The International Monetary Fund gave the federal Liberals some good advice when it argued last year that it was okay to run budget deficits to finance needed infrastructure. With interest rates so low, almost free money, and with the expected productivity gains from improved infrastructure, deficit financing for infrastructure could more than pay for itself. After much foot-dragging, the Liberals took the advice. Now, the IMF has some more good advice, which the Liberals would also be smart—and

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