267 replies to this topic

[Awaiting Juno]

The proposed changes remove most of the incentives to retain earnings in a CCPC - so the change in corporate tax is really just salt in the wound as it doesn't address any of the issues the changes pose and is the cancellation of a cancelled tax cut.  

 

I'd consider myself "Liberal Biased" (at least federally) and I can't see myself being able to forgive the issues around the massive deficits, conflicts of interests, populist politics, etc.  The tax system needs review and reform, but that review and reform has to be thoughtful, it has to make life better for Canadians - it has to support the economic engines in this country.  Tax reform should make tax administration and compliance easier - while ensuring the government has enough revenues to perform its duties.

[Mike K.]

Meanwhile down south the purpose behind tax reform is to generate more post-tax earnings for residents. In Canada it’s to take more of it away.

[LeoVictoria]

Meanwhile down south the purpose behind tax reform is to generate more post-tax earnings for wealthy residents. In Canada it’s to take more of it away.

 

Fixed that for you.

[jonny]

To be fair, federally we have had far more tax reductions in recent years than tax increases.

[jonny]

Low taxes in the United States are horseshit as long as their Congress and States maintain those atrocious annual deficits.

[sdwright.vic]

True that. On top of everything else there can also be city sales tax, city payroll tax.

[tjv]

Low taxes in the United States are horseshit as long as their Congress and States maintain those atrocious annual deficits.

I am not disagreeing at all, but our federal deficits are getting up there thanks to Trudeau.  I also think our provincial deficit will grow with the BC NDP, but its only been a few months and they haven't had enough time to destroy our economy yet

[Mattjvd]

I am not disagreeing at all, but our federal deficits are getting up there thanks to Trudeau. I also think our provincial deficit will grow with the BC NDP, but its only been a few months and they haven't had enough time to destroy our economy yet

Even with our current deficit spending, we're not in the same league as the US. Our debt to GDP grew from 31 to 31.1% in Trudeau's first year.

Meanwhile the US grew from 102.1 to 106.1% in the same year.

[tjv]

^in Harper's last full year we had a surplus of $1.9 Billion, now we have a deficit of $28.5 Billion under Trudeau

[Mattjvd]

^in Harper's last full year we had a surplus of $1.9 Billion, now we have a deficit of $28.5 Billion under Trudeau

True, and I'm not trying to dispute that at all. I'm pointing out that, even scaled to the sizes of our respective economies, our debt and deficits are nowhere near as bad as the US.

Edited by Mattjvd, 18 October 2017 - 10:51 AM.

[jonny]

You guys following this Morneau story today? Holy conflict of interest Batman. I expect he will resign by Friday. He certainly should.

"The only takeaway for the vast majority of people is that a very rich man, who is taking advantage of tax loopholes to stay rich, was trying to close tax loopholes for people who are much less rich than he is."

http://nationalpost....-reputation/amp

[jonny]

True that. On top of everything else there can also be city sales tax, city payroll tax.

Many places in the US have extremely high property taxes because the states have downloaded to the counties things like education funding.

[spanky123]

Even with our current deficit spending, we're not in the same league as the US. Our debt to GDP grew from 31 to 31.1% in Trudeau's first year.

Meanwhile the US grew from 102.1 to 106.1% in the same year.

 

You can't compare the two as we have relatively low Federal debt and extremely high Provincial debt. Although our Federal debt to GDP ratio is 31.1%, the PBO estimates that by 2040 the Provincial debt to GDP ratio will exceed 200%.

[jonny]

Because US states have no debt?

Alaskans love to boast that they have no state income tax while their state debt per person is one of the highest in the country.

[spanky123]

Because US states have no debt?

Alaskans love to boast that they have no state income tax while their state debt per person is one of the highest in the country.

 

I am saying that it is not a 1:1 comparison. Canada's total Government debt to GDP is far higher at 92% last year and growing substantially.

 

https://tradingecono...ent-debt-to-gdp

[lanforod]

How much is it if you took Quebec and Ontario out of the picture....?

[Wayne]

Finance Minister was apologetic one day and then arrogant the next.

 

"The process we have in our country isn't that I report to journalists on my personal situation; it's that I report to the ethics commissioner"

 

https://beta.theglob...rticle36676806/

 

BTW, he forgot to mention he reports only after he is caught.

[tjv]

^I hear the clock ticking on his career, not that he needs the job either

[johnk]

^in Harper's last full year we had a surplus of $1.9 Billion, now we have a deficit of $28.5 Billion under Trudeau

Let's not forget Harper inherited a healthy surplus then ran deficits for 8 or 9 of the years he was in power despite being an "economist".

[tjv]

^Harper also governed thru some extremely tough economic years of the Great Recession.  He spent to get the economy moving again.  Are you going to blame Obama for his spending too?  These were times that required tough decisions and they both rose to the challenges

 

sure and the mess that Trudeau senior left the country in - 15 years of governing and 14 of those years he ran huge deficits.  The 1 year there wasn't a deficit the surplus was a whopping 100k.  And we just elected his son who seems to be doing the same thing again!