Harper's 5 year plan

[msj]

Harper has made a shambles of the tax code with various exemptions and credits. Even this proposal only applies to couples with kids under 18, income under $50,000 and kicks in - in theory - in about four years.

It's not for people with income under $50,000 - it would allow couples with kids to share up to $50,000 in income.

So the executive making $200,000 per year could deduct $50,000 on his tax return and put that $50,000 on the spouse's tax return and together they would save about $6,500 of federal tax.

[Shakeyhands]

Why is the gst a bad tax cut? Do you plan on not spending your money?

Sure I do, but I'd rather more income tax breaks and get a big chunk back in the spring than to save myself a penny or three here and there. The only people the GST cut helps is though making large purchases all the time, and sadly, that ain't me. It was also panned by the experts. Here's one link.

GST or Income tax cut

Edited March 29, 2011 by Shakeyhands

[expat voter]

Well at least we know he isn't fascist since they tend to make 1,000 year plans.

Whew!

[BC_chick]

Anything that rewards stay at home mom's is worth it. It makes the world a better place. It is good for the kids and good for the nation. I don't know if there are Canadian studies, but I have seen lots of US studies to prove that. If it wasn't so late I'd dig up some links.

I didn't know that a**hole Harper was proposing this. Makes him slightly less of an a**hole IMO.

A little off-topic for the thread, but in response to your post, I read a recent study that part-time working moms have more well-rounded kids by the time the kids get to kindergarten than full-time or stay-at-home moms. Like you, if it wasn't so late, I'd dig up the link.

[RNG]

Even homes with two working parents may see some tax break (if one makes $80,000 and the other is making $20,000 then they stand to save about $1,500).

Of course, that's nothing compared to the household with the $200,000/$0 earner - they will save about $6,500.

And that's just federal tax. If provinces match it then times those numbers by about 1.45.

-------------------

As an accountant I guess I should be happy: it would likely mean more tax returns to do.

But I already do enough and I'm tired of taking money from people who really have no business taking their taxes anywhere.

All these boutique tax cuts are really pissing me off -- I'm a fiscal conservative who prefers a simpler and flatter tax system than whatever crap Harper is selling.

I didn't read the thread, but Iggy's $8B "family plan" isn't pure buy your vote bullshit?

But then, I'm biased.

You see, my wife and I don't have kids and aren't old enough to take advantage of pension splitting.

So, other than TFSA's, we haven't had any kind of income tax cut since Paul Martin cut the rate from 16% to 15% back in 2005.

I don't worry about Harper bribing me with my own money - I worry about him bribing everyone else with my hard earned money.

[RNG]

Even homes with two working parents may see some tax break (if one makes $80,000 and the other is making $20,000 then they stand to save about $1,500).

Of course, that's nothing compared to the household with the $200,000/$0 earner - they will save about $6,500.

And that's just federal tax. If provinces match it then times those numbers by about 1.45.

-------------------

As an accountant I guess I should be happy: it would likely mean more tax returns to do.

But I already do enough and I'm tired of taking money from people who really have no business taking their taxes anywhere.

All these boutique tax cuts are really pissing me off -- I'm a fiscal conservative who prefers a simpler and flatter tax system than whatever crap Harper is selling.

I didn't read the thread, but Iggy's $8B "family plan" isn't pure buy your vote bullshit?

But then, I'm biased.

You see, my wife and I don't have kids and aren't old enough to take advantage of pension splitting.

So, other than TFSA's, we haven't had any kind of income tax cut since Paul Martin cut the rate from 16% to 15% back in 2005.

I don't worry about Harper bribing me with my own money - I worry about him bribing everyone else with my hard earned money.

[GWiz]

Yep, but they also remember his promise regarding cutting the GST to 5%. Promise made, promise kept. And that was the most visible tax cut promise that Harper made.

Yep, but he forgot to thank the Liberal's "anti-deficit rainy day fund" and his own 2 years of surpluses that he squandered as the means to cut 2% off the GST plus forcing two Liberal Governments, Ontario and BC, to adopt the HST to "help" Harper produce those "tax cuts" (aka tax deferrals being the more accurate description)...

Of course I don't need to mention that Harper also saddled ALL Canadians for the next few generations with a record $56,000,000,000.00 (that's $56 BILLION) deficit last year (2010), well past the point that the "Global recession" ended (Recession ended in June 2009)...

[Keepitsimple]

.......plus forcing two Liberal Governments, Ontario and BC, to adopt the HST

And how precisely did he FORCE Ontario and BC to adopt the HST? I think Dalton McGuinty might take issue with that.

[GWiz]

And how precisely did he FORCE Ontario and BC to adopt the HST? I think Dalton McGuinty might take issue with that.

Easy answer: R.E.C.E.S.S.I.O.N. and it's impact, particularily in Southern Ontario...

Canada's most populous provinces (including Quebec) which suffered most from what little "recession" Canada experienced were given the "option" (not really) of going into a massive debt deficit and having a "harder" to meet provincial transfer arrangement OR get a BILLIONS of dollar "windfall" (to meet the provinces' balanced budgets) and better provincial transfer arrangement in the future...

Why do you think Quebec (and the maritimes) feels it(they) got shafted because they didn't get their fair share of the Harper bribe and ultimatum?

Don't get me wrong, Harper didn't have much choice in "forcing" those provinces to take on the HST "proposal" after cutting 2% off the GST which federal revenue had to be replaced somehow...

"Taking out" two Liberal provinces (more if you count Quebec and the formerly Liberal Maritimes) was a rather nice bonus for Harper don't you think? I never said that Harper wasn't a "smart" (but terribly anti-Canadian Democracy) politician...

[Pliny]

I remember Harper's income tax plan when he was with the Reform party. It was total income minus 10%, no credits, no deductions.

I guess accountants didn't like it.

As to positioning Harper's 5 year plan with the communists of the old and failed USSR why couldn't we position him with the beloved Franklin Delano Roosevelt. Still too liberal?

[ToadBrother]

I remember Harper's income tax plan when he was with the Reform party. It was total income minus 10%, no credits, no deductions.

I guess accountants didn't like it.

Simple tax systems never stay simple. It has nothing to do with accountants, and everything to do with a realization that such systems in fact unfairly target low income earners, so suddenly you get credits for them, and once you start the ball rolling, before you know it you have a progressive tax system.