Ignatieff's Wife is Not Canadian Citizen

Bonam · April 11, 2011

Harper should quit throwing tax credits around and lower personal taxes for middle income earners. It would give Canadians more buying power.

The family income splitting proposal is a pretty big income tax cut for most middle income families.

ToadBrother · April 11, 2011

The family income splitting proposal is a pretty big income tax cut for most middle income families.

Except it's contingent on a majority government and somewhere around four years down the road.

In other words, it's like all the other promises everyone's making; pure unadulterated BS.

blueblood · April 11, 2011

I don't think anyone will touch income tax to be honest. Not sure why but they wont.

Nobody wants to cook the golden goose. I think that's where most of the tax revenue comes in. It would be like the walmart situation - a tiny rise in wages for employees would put walmart in a bad financial situation. With the feds, a tiny tax cut for personal income tax would "cost" a boatload of cash.

Smallc · April 11, 2011

The family income splitting proposal is a pretty big income tax cut for most middle income families.

Yeah, well, I don't want kids.

msj · April 11, 2011

Nobody wants to cook the golden goose. I think that's where most of the tax revenue comes in. It would be like the walmart situation - a tiny rise in wages for employees would put walmart in a bad financial situation. With the feds, a tiny tax cut for personal income tax would "cost" a boatload of cash.

:rolleyes:

Yeah, that's why Chretien/Martin cut the lowest rate from 17% to 16% and then to 15% years ago.

Oh, and then Harper raised it to 15.5% before coming to his senses and leaving it at 15% (2006/2007).

Then there was the introduction of the 22% rate which reduced many people from 26% to 22% (people making between $30,000 and $59,000 paid 26% in 1999 - by 2002 they were paying 22% on income between $32,000 and $63,000).

But those good old days are long gone thanks to Harper/Flaherty.

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edited to add - in 1999 the top federal rate of 29% applied to taxable income above $59,000.

In 2002?

Applied to taxable income above $103,000. So, a person making $103,000 in 2002 saw his/her tax rate decline from 29% to 26% on income above $63,000.

Ah, those were the days of glorious tax cuts....

Edited April 11, 2011 by msj

msj · April 11, 2011

Yeah, well, I don't want kids.

It also hurts single people.

I have done some returns for some seniors this year where the spouse had passed away in the previous year.

Their income is down, of course, because only one person is getting CPP and OAS now.

But the tax bill is higher.

The tax bill is higher in absolute dollars and as a percentage of the income (this is due to losing the other spouse's tax credits like the age amount, pension amount, etc).

Not a pleasant surprise for many people following the year their partner died but they can always find someone else to shack up with to start pension splitting again.... :lol:

blueblood · April 11, 2011

Yeah, that's why Chretien/Marin cut the lowest rate from 17% to 16% and then to 15% years ago.

Oh, and then Harper raised it to 15.5% before coming to his senses and leaving it at 15% (2006/2007).

Then there was the introduction of the 22% rate which reduced many people from 26% to 22% (people making between $30,000 and $59,000 paid 26% in 1999 - by 2002 they were paying 22% on income between $32,000 and $63,000).

But those good old days are long gone thanks to Harper/Flaherty.

Of course they were good, I think that those tax cuts did "cost" a lot of money, which is why tory brass doesn't want to touch them especially with spending at these levels.

I will say this, if the tories do get a long term mandate with a majority, and there are no personal income tax reductions down the world, there will be a lot of unhappy campers (me included). I don't see personal income tax reductions unless the deficit is slayed.

msj · April 11, 2011

Of course they were good, I think that those tax cuts did "cost" a lot of money, which is why tory brass doesn't want to touch them especially with spending at these levels.

I will say this, if the tories do get a long term mandate with a majority, and there are no personal income tax reductions down the world, there will be a lot of unhappy campers (me included). I don't see personal income tax reductions unless the deficit is slayed.

Ah yes, it's all the other parties fault etc..... :rolleyes:

Smallc · April 11, 2011

Ah yes, it's all the other parties fault etc.....

The best part was that the Liberals cut both corporate and personal taxes at the same time...and they indexed the personal tax rates to inflation. Because the Conservatives have cut the GST and given so many boutique tax cuts, they can only afford to do one.

Bryan · April 11, 2011

Harper should quit throwing tax credits around and lower personal taxes for middle income earners. It would give Canadians more buying power.

I'll agree that the targeted tax incentives/credits/rebates/etc are getting too complex. Across the board reduction in the tax rates would be better and easier to implement.

However, the middle income earners definitely have seen significant tax relief under Harpers' leadership. I'm paying a lot less now than I was 6 years ago, even though I make more. More buying power for sure.

That's the primary reason why my support for the CPC is strong: they are the only governing party in my lifetime that has told me the truth when they said they'd reduce my taxes.

Smallc · April 11, 2011

However, the middle income earners definitely have seen significant tax relief under Harpers' leadership. I'm paying a lot less now than I was 6 years ago, even though I make more.

How? They've done very little outside of corporate taxes and tax credits.

RNG · April 11, 2011

I'll agree that the targeted tax incentives/credits/rebates/etc are getting too complex. Across the board reduction in the tax rates would be better and easier to implement.

However, the middle income earners definitely have seen significant tax relief under Harpers' leadership. I'm paying a lot less now than I was 6 years ago, even though I make more. More buying power for sure.

That's the primary reason why my support for the CPC is strong: they are the only governing party in my lifetime that has told me the truth when they said they'd reduce my taxes.

Time to pull out the soapbox again. FairTax O/E.

blueblood · April 11, 2011

Ah yes, it's all the other parties fault etc.....

Minority govts have a pain of being that way. Do nothing, spend lots

Bryan · April 11, 2011

How? They've done very little outside of corporate taxes and tax credits.

Those tax credits add up.

ToadBrother · April 11, 2011

Those tax credits add up.

They're idiotic complications. Frankly, the best tax credit they had was the home reno credit, and that was a one time deal.

punked · April 11, 2011

They're idiotic complications. Frankly, the best tax credit they had was the home reno credit, and that was a one time deal.

I thought that all parties plan on extending that one.

ToadBrother · April 11, 2011

I thought that all parties plan on extending that one.

The only one I've heard about is the energy efficiency reno credit advocated by the Liberals.

punked · April 11, 2011

The only one I've heard about is the energy efficiency reno credit advocated by the Liberals.

But the Conservative budget had that in it.

ToadBrother · April 11, 2011

But the Conservative budget had that in it.

I was talking about the one from 2009 that could give you up to a $1300 credit. We took advantage of it to build an addition. Very very nice, and the managers of the local lumberyards walked around for some time with big smiles on their faces.

Bryan · April 11, 2011

They're idiotic complications. Frankly, the best tax credit they had was the home reno credit, and that was a one time deal.

Ridiculously complicated yes, but I'm still left with more of my own money in my pocket. Everyone else want to take money OUT.

ToadBrother · April 11, 2011

Ridiculously complicated yes, but I'm still left with more of my own money in my pocket. Everyone else want to take money OUT.

I'd prefer just straight tax cuts.

Bryan · April 11, 2011

I'd prefer just straight tax cuts.

Me too. It'd be nice if anyone out there was actually proposing them.

Shakeyhands · April 11, 2011

But the Conservative budget had that in it.

Thanks to Layton.

cybercoma · April 11, 2011

Except it's contingent on a majority government and somewhere around four years down the road.

In other words, it's like all the other promises everyone's making; pure unadulterated BS.

And it doesn't actually help "most middle income families". The greatest benefit goes to the highest income families, who receive almost double that of the middle income earners.

cybercoma · April 11, 2011

a tiny rise in wages for employees would put walmart in a bad financial situation.

BS, pure and simple. When they raised the minimum wage in several provinces over the last couple of years, did it put Walmart "in a bad financial situation"? I'm tired of this constant theoretical bickering that these huge multinationals are going to be hurt by helping hard-working Canadians. They're not and unless you're Walmart, you shouldn't care.