Mulroney's government de-indexed personal income tax brackets and eliminated open corporate tax loopholes. The government also increased taxes on alcohol, tobacco and gasoline. In 1988, Mulroney's government reduced the corporate income tax from 36 percent to 28 percent. That year, his government increased the capital gains tax inclusion rate from 50 percent to 66.67 percent before increasing it to 75 percent in 1990.
Mulroney's government de-indexed personal income tax brackets and eliminated open corporate tax loopholes. The government also increased taxes on alcohol, tobacco and gasoline. In 1988, Mulroney's government reduced the corporate income tax from 36 percent to 28 percent. That year, his government increased the capital gains tax inclusion rate from 50 percent to 66.67 percent before increasing it to 75 percent in 1990.