Jeff Springer
Canada is taxed in a manner similar to that of the United States, imposing a 31.2% marginal tax rate on average income workers. Despite a $39,098 GDP per capita (good for 13th on the IMF’s list), Canada has struggled amidst the current economic crisis. The Canadian government’s statistical agency, Statistics Canada, reported on January 8, 2010 that the national unemployment rate sat at 8.5% – slightly below the double-digit rate of the U.S., but still troubling. Canada-based CBC News also reported in early 2009 that the International Monetary Fund had “slashed Canada’s GDP growth for 2009 and 2010.” Like Japan and several other nations so far discussed, Canada maintains universal healthcare coverage for all its citizens in addition to other social programs. Canada has also, according to Reuters, ruled out raising taxes to ease the national deficit, but rather, would “constrain public spending” instead.
