Lower payroll taxes for small business
Small businesses and entrepreneurs are essential to building diversified, resilient local economies that generate sustainable jobs and prosperity.
Locally owned companies generate and maintain wealth in our communities. During the 2008 recession, small business was the only sector of the economy to create jobs.
The Ontario government can help entrepreneurs continue to create jobs and grow their business by lowering payroll taxes on employees. The most effective way to do this is to increase the exemption level for the Employer Health Tax, which has only increased by $50,000 since the late 1990s.
I therefore call on the Ontario government to increase the exemption level for the Employer Health Tax from $450,000 to $1,000,000 in payroll. This will enable small businesses to double the number of jobs they create before paying taxes on those jobs.