Monday, April 9, 2012

Mixed Reaction: Tax Cut for Small Business


The President of the Chester Municipal Chamber of Commerce has mixed feelings over a tax cut for small businesses in the province. Ben Wiper says the extra money will help business owners going forward but cautions the province remains in a position where spending exceeds revenues. He says while the cuts are welcome, but come with a price. "Basically our business tax cut is being financed by deficit spending and being a business owner that's something most business owners don't like to do - because it's not sustainable. We can't just keep spending without matching revenues coming in," The provincial government announced a reduction of half a percentage point in the small business tax rate in its budget last week. Finance Minister Graham Steele says the tax break will translate into another $10-million back into the hands of small businesses in Nova Scotia.