Comment 28435

By A Smith (anonymous) | Posted February 04, 2009 at 09:33:29

Ryan, why is it that Ireland, with its 12.5% corporate tax on profits, much richer than France and Germany? Or for that matter, why is Dubai experiencing the biggest construction boom in modern history? I would argue it is because of greed and self interest.

Therefore, if Hamilton wants more investment, it needs to sweeten the pot for investors. Is that reasonable to assume? In recent years, the corporate tax rate on commercial properties has fallen from over 7% to 4.47%. In that time period, the city has seen a number of new commercial developments take shape, including the hated big box stores. Nevertheless, investors have taken a closer look at the city.

However, for some reason, politicians have once again begun increasing tax rates on commercial properties. Commercial tax rates are now 4.57%. Therefore, if you built a million dollar property in 2006, you now face an increased cost of a thousand dollars a year, even though nothing has changed. If the goal is to increase investment, how does this help?

Why not keep lowering the commercial rate, until it is on par with residential taxes? If Hamilton wants to prove that it truly is open for business, why not prove it? Cut out renovations at city hall and give investors a reason to invest. This will create jobs, increase property values for all residents and fill up the dead zones we all hate.

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