MLA Report: Cutting taxes is the best way to fight inflation

By Drew Barnes on November 18, 2022.

Prior to the global recession of 2008, inflation was at its lowest rate in decades. For the last few years, inflation was holding steady. However, we have been greatly impacted over the last six months by the highest rates since the 80s once again. With the BoC drastically raising interest rates to try and combat inflation, life has become far too expensive.

Inflation is a term used to describe how fast prices are rising over time. When inflation goes up, it means your dollar doesn’t go as far as it used to; what you could buy with $100 today might cost $109 next year if prices keep rising at the same rate. Cutting taxes can help fight inflation by providing consumers with more spending power and giving business owners more resources with which they can compete against foreign competitors.

Inflation is a concern for businesses because it can hurt their bottom line. It can make it more difficult to plan, forecast revenues and costs, and even predict what consumers will buy.

Inflation increases the cost of goods and services across the board, which means that when companies try to sell those same goods and services at the same price they did before inflation occurred, they’re making less profit (or even losing money).

Cutting taxes is one of the best ways to fight inflation.

Tax cuts help businesses become more profitable.

Tax cuts help consumers by increasing their disposable income.

Tax cuts help the economy by increasing the demand for goods and services, which in turn increases competition between businesses and encourages them to be more productive so they can offer lower prices to consumers while still making a profit.

Tax cuts also increase the supply of goods and services, because they make it easier for people who have been saving money (like retirees) to spend some of their savings on consumer goods like food or medicine; this helps keep up with an increased demand for goods as more people enter the workforce every year due to population growth (more babies being born means lots more kids entering school). If we don’t cut taxes then we’ll see fewer businesses open up new stores/restaurants etc., which hurts everyone but especially young families who need those jobs so they can afford housing.

Tax cuts free up money that was previously being used to pay taxes. This helps businesses become more profitable, and they can then hire more people

Cutting taxes is one of the best ways to fight inflation. We need to give families, communities, and small businesses more economic freedom and opportunity. Albertans need governments to spend less so they can tax less.

Drew Barnes is the independent MLA for Cypress-MH

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