Opinion: Pro-growth tax cuts are better than subsidizing firms with tax incentives. If the Ford government wants to truly encourage growth in the economy, it should focus on pro-growth tax reductions that gives all businesses the opportunity to thrive.
, this corporate welfare, which does little if anything to stimulate widespread economic growth, came with huge costs to government budgets and Ontario taxpayers.Ontario government spending on business subsidies increased nearly eightfold from $1.5 billion in 2007 to $11.8 billion in 2019 .
Such spending might be justified if it led to widespread economic benefits. However, there’s little evidence that business subsidies generate widespread economic growth and/or job creation. Put differently, government attempts to select the winners and losers in the economy generally make the economy less efficient than if those decisions were left to individuals.
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