(June 9 – 10:20 ET) – “We are in the midst of the most fundamental economic transformation of our time,” Minister of Finance Paul Martin told the House of Commons Standing Committee on Finance yesterday.
Martin spoke of the need to shore up the country’s position in the new economy, offer equal opportunity, and pursue the best quality of life for all Canadians. He made the remarks as part of a departmental Report on Plans and Priorities for 2000-2001.
The government plans to get the debt-GDP ratio below 50% by 2004. At the same time, Martin says that marginal tax rates in Canada must come down. Referring to the five-year budget plan released in February, Martin said, “The tax cuts outlined in this plan represent the least, not the most, we will do. I can tell you now that we will accelerate these measures in the 2001 budget and, furthermore, we will look at new options for cutting taxes.”
New spending talk focused on education and health care. He also suggested that the Canadians must become bolder in business. “We must encourage entrepreneurship and risk-taking. These qualities are the pillars of success in the new economy. We need to increase investment.”
-IE Staff