(October 12 – 16: 10 ET) –
The new Governor-General, Adrienne
Clarkson, opened the second session
of the 36th Parliament today with
her inaugural Throne speech –
pledging tax cuts and debt
reduction over the next few
years.
Ottawa offered $16.5 billion in
tax cuts over the next three years
and will introduce broad-based tax
cuts in the 2000 budget. The
government is expected to generate
a $10 billion surplus in the next
year alone.
There has been much clamouring
for tax cuts with the surplus. The
Canadian Institute of Chartered
Accountants for example wants the
feds to make $5 billion on tax
cuts in the next budget.
In the speech, the government
also promised to keep its debt-to-
GDP ratio on a “permanent downward
track”, without specifying
numbers.
It also made a number of other
rather fuzzy promises: to promote
trade in key sectors; to promote
investment in Canada; to
facilitate global companies
basing themselves in Canada; to
pursue free trade in the Americas;
and to build a more transparent,
rules-based global trading system.
It pledged a national action
plan on skills and learning and
other jobs initiatives, including
making it easier for Canadians to
finance lifelong learning.
Clarkson stressed the need for
Canada to pursue a knowledge-based
economy, including maximizing the
use of technology in resource
based industries.
-IE Staff
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