The main reason it has not worked is that it was based on a false understanding of the economic model. In fact, it works, but only for a certain group. Tax cuts benefit companies that pay them, while companies that needed help, in a strategic or non-strategic sector, did not get any help.
We think one of the main reasons this did not work was that it could not work. It favoured the interests of the managers of these companies. We see the companies whose profits have increased, we see the bonuses paid by these companies to the key owners/managers, we see the dividends increasing, but we do not see any jobs or investments being created, which these famous tax cuts were supposed to produce.
So we are now sitting on $500 billion that is not being used to improve the Canadian economy, whether we are talking about productivity or training workers. It is wasted money. The money accumulated because the tax rates were reduced. That money needs to be put to work for the benefit of all Canadians. It needs to be recuperated, not retroactively, but proactively, by again increasing the tax rates for Canadian companies and allocating that money to strategic investments.