Federal Budget 2015

[ToadBrother]

I suspect that a large part of the government's immigration plans are to increase the size of the population so that the overall debt will be statistically lower and easier to pay off. Fifty million can pay off a given amount a lot easier than thirty million.

That pretty much sums up the plans of the governments of every industrialized country in the world.

[cybercoma]

The best part about this budget is that this government clearly thinks that the best way out of a stagnant economy is to give people more reasons to sit on their money than spend it. I mean, seriously, this has to be the stupidest approach possible. Harper is giving Bennett a run for his money as worst prime minister of all time.

[Hydraboss]

Harper is giving Bennett a run for his money as worst prime minister of all time.

Are you kidding?

That honor goes to a man whose name starts with "T" and ends with "rudeau".

[Scotty]

No, I think he means how the Liberals got in and made the left happy by creating

They made them happy by paying them off! The Liberals have paid off all the public service unions with huge increases to pay and benefits which are driving Ontario into bankruptcy. They get kickbacks from the unions in the form of political activism, volunteerism and paid political advertising on their behalf during elections.

The NDP built up the Ontario deficit from $35B to $90 BILLION in just one term in office. Over the ten years of the Harris government, that increased to $132B, though most of that was due to inflation. The Liberals have increased that to $288 billion dollars, with nothing to show for it. The Liberals have increased the debt by so much by DOUBLING spending during their term in office. Almost all that increased spending has all gone to increased salaries for public servants. Our roads are not in better shape, nor our hospitals, nor our social programs, nor our schools or universities. And our electricity grid is certainly not in better shape!

[Scotty]

Are you kidding?

That honor goes to a man whose name starts with "T" and ends with "rudeau".

As was pointed out in the paper this morning, Trudeau senior only had 1 out of 15 budgets not in deficit.

[GostHacked]

Are you kidding?

That honor goes to a man whose name starts with "T" and ends with "rudeau".

That one has not been elected .. yet.

[cybercoma]

As was pointed out in the paper this morning, Trudeau senior only had 1 out of 15 budgets not in deficit.

So what? It's not some universal truism that governments should never run deficits. They're sometimes necessary to shelter people from the effects of the natural economic cycles. But then you have people who are completely incompetent, like our current government, who actually do the stupidest things imaginable which exacerbate the problems.

[Icebound]

So, we should take it that you are against a government keeping a promise?

I know that I am against a government keeping a promise when it is a stupid promise.

[Icebound]

So we have 10 guys who have accumulated .... say 100,000 each in investments by age 40.

That's a million dollars. Lets say they make a paltry 2 percent on their investments. Thats 20,000 dollars of annual income (combined for the ten of them). The margin tax rate is approximately 40%, so the government takes in about 8,000. Over the next thirty-year lifespan of these guys... say to age 70. the government will have realized a more-or-less steady revenue stream amounting to a total of 240,000 dollars... which it uses to provide the services that you and the poor homeless schmuck are getting today.

Fast-forward to the new world with TFSAs. They can each hide 10,000 annually hidden in the TFSA. By year 10, all 100,000 each will have been hidden... the entire million (combined). So after year 10, the government has ZERO income for the final 20 years of this period.

You think it is not going to replace it with something else? How about an extra nickel of HST?

The TFSA is the worst kind of government financial planning there can possibly be.... the worst kind of back loading debt onto grand-children.

At least if I borrow (ie: run a deficit) today, especially at today's low rates... I have money now to invest in projects that will benefit the future. And the ongoing revenue stream might actually help me to pay down that debt in the future.

The TSFA guarantees that I will Never have money to pay down debt, because I am, in fact, cutting off my revenue stream.... and I am cutting more and more off the further along we go.

This is not a sustainable policy... it is a stupid policy... economists have told him so... and by pursuing it, Harper an Oliver are showing themselves to be not the stewards of the economy that they pretend to be.

They have already destroyed big gobs of this country's infrastructure, and reducing its revenue stream to zero will ensure its collapse.

But there is a silver lining. Consumption taxation makes more sense than income taxes anyway... something economists have also told them... so lets get on with this and implement another nickel on the HST right away.

[DFCaper]

The best part about this budget is that this government clearly thinks that the best way out of a stagnant economy is to give people more reasons to sit on their money than spend it.

I think it's always a good idea to promote savings. Lots of people should try to live within there means and save a little.

Do you think it would be better to allow people to write off interest on boats and houses like in the US? Promote people to take on more debt?

Not sure how many people that are not in the top 2-3% have enough to need the added space. Maybe the self employed? They usually get a lot of write offs that keep their tax brackets low enough to make RRSPs not that attractive.

[Derek 2.0]

Trudeau has promised to cancel that if elected, which I think, was a poor tactical decision. People might be grateful to the Tories for the increased TFSA limits, but that's not NEARLY as much motivation to support them as Trudeau promising to cancel it all if elected.

Right you are.......let's also remember that over 10 1/2 million Canadians have TFSAs, of them, ~50-60% earn less than 60K a year (80% earn less than 80k) and that over half of TFSA holders are seniors (that have enjoyed income splitting for some time)........seniors vote..........

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Trudeau's promise to reverse the TFSA limits just ensured another Tory majority this Fall......

[On Guard for Thee]

Right you are.......let's also remember that over 10 1/2 million Canadians have TFSAs, of them, ~50-60% earn less than 60K a year (80% earn less than 80k) and that over half of TFSA holders are seniors (that have enjoyed income splitting for some time)........seniors vote..........

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Trudeau's promise to reverse the TFSA limits just ensured another Tory majority this Fall......

Dont count on it. When people get the picture of how it is to be paid for, and how much its going to cost, it may just well be one other nail in Harpers coffin.

[Smallc]

Dont count on it. When people get the picture of how it is to be paid for, and how much its going to cost, it may just well be one other nail in Harpers coffin.

You don't 'pay for' tax cuts. The government forgoes revenue. This budget, as far as I'm concerned, was very good. It lowered taxes, improved infrastructure, and made some much needed (re)investments into the CAF. They pretty solidly have my vote this time (I've never voted CPC in the past).

[Hydraboss]

Dont count on it. When people get the picture of how it is to be paid for, and how much its going to cost, it may just well be one other nail in Harpers coffin.

But the average Canadian WON'T get the picture because the average Canadian is financially retarded. This all comes down to classic socialism vs capitalism - you want everyone to kick more into the pot to support "have nots" and the rest of us want to keep more of what is ours. The two sides can discuss it to the bitter end, but will NEVER agree because the debate isn't actually about TFSAs per se, it's about social responsibility vs personal responsibility.

The cons will take this to another majority because the message will be "we gave you a tax break and the other guys just want to take it away". Plain and simple. Realities don't matter to the masses - whoever has the best sound bite wins.

And it will be Harper. And the rest of his clowns.

[On Guard for Thee]

You don't 'pay for' tax cuts. The government forgoes revenue. This budget, as far as I'm concerned, was very good. It lowered taxes, improved infrastructure, and made some much needed (re)investments into the CAF. They pretty solidly have my vote this time (I've never voted CPC in the past).

Yeah you usually do pay for tax cuts, unless their is a ever ending source of revenue from something like oil revenues...Oops. Either in increases elsewhere, or loss of services.

[Derek 2.0]

You don't 'pay for' tax cuts. The government forgoes revenue. This budget, as far as I'm concerned, was very good. It lowered taxes, improved infrastructure, and made some much needed (re)investments into the CAF. They pretty solidly have my vote this time (I've never voted CPC in the past).

In addition, this budget targets both seniors and middle class families with children........groups that elected this Government to a majority and will do so again this fall. Likewise, it backs both the NDP and Liberals into a corner, which historically campaigned on bribing Canadians with their own, more likely other people's, money on social programs.........There is no money left for such promises, unless an NDP or Liberal Government either raises taxes, cuts Government spending in other areas or claws back these recent tax cuts/credits.........

And even if they do, with the Liberals stating they will claw-back TFSA/income splitting and NDP raising corporate taxes, they still won't have enough revenue to implement National Daycare, Post Secondary education programs or vast transit and infrastructure programs.......

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With this budget, Government spending/revenue, as a percent of GDP, is at its lowest since the 1950s.........and with another Majority this fall, I expect it to go down even further (even with the eventual rise again in the price of oil), with such tools as lowering the EI premium (which currently takes in more then it sends out) and perhaps further changes to the tax code, building upon income splitting, granting the allowance to families to file a single tax return, like is done in the United States............and to "pay for it", I'd expect a further shrinking in Government, namely programs and departments that do little (politically) for the Government.......bye-bye CBC.

[Hydraboss]

......bye-bye CBC.

Oh my! The dream....

[WWWTT]

You mean before the Liberals got in and created a MASSIVE deficit, and a MONSTER debt through their corruption, ignorance, incompetence and stupidity?

Ya pretty much the same focus on developing our infrastructure.

That's why Canada ranks #15 in world economies!

WWWTT

[Derek 2.0]

Oh my! The dream....

~1 billion a year budget = low hanging fruit.........the CBC budget alone would pay for this budget's infrastructure funding to start in 2017......

[WWWTT]

You're exactly right. Somebody that keeps more of their own money, money that they earn through their labour, is somehow considered welfare. It's a statist mentality that originates from believing that anything and everything you have is deemed to you from the government, at their good heartedness.

One answer for ya buddy

#15 world economy!

WWWTT

[WWWTT]

The impoverished have never been treated so well in the history of this species. All of their needs are seen to by the sweat of someone elses brow. What you are complaining about, what you have the balls to suggest poorer Canadians might be justified in committing murder over, is that they don't have as much money as THEY WANT. They're not starving. They're not freezing in the dark. They're not going about unclothed and they're not homeless. They get free medical care, and free education for their children. What incredible hubris and GALL you have to suggest their position is even in the same GALAXY as the poor of prerevolutionary France! They just can't afford all the luxuries they want, all the luxuries they see the higher classes have. It's jealousy, pure and simple.

How about you start explaining why Canada has the #15 world economy?

Afraid of the real issues I see.

WWWTT

[WWWTT]

That pretty much sums up the plans of the governments of every industrialized country in the world.

Sorry brother.

Industrialized nations include China and India.

#1 and #3 world economy.

You're still thinking 1980 or some other time frame from the past.

WWWTT

[Hydraboss]

W, is Canada really the #15 economy in the world? Really? Hmm. I've never done so well as I am right now. Can't imagine what shape I'd be in if we were, say, #14 or <cough, cough> #13!!!!!!

If this is what it's like to be #15....awesome. I'll take it.

[On Guard for Thee]

~1 billion a year budget = low hanging fruit.........the CBC budget alone would pay for this budget's infrastructure funding to start in 2017......

They will have a revolt on their hands if they try to do away with the CBC. And why do all of the major parts of the budget kick in in 2017. Ill tell you why...Harper is desperate so his message is if you want a few bucks you have to vote for me in October. Its a pretty simple and transparent strategy. And many of his follower will fall for it no doubt.

[WWWTT]

As was pointed out in the paper this morning, Trudeau senior only had 1 out of 15 budgets not in deficit.

Crying about the past is what this country really needs in moving forward.

Full power to those living in the past crying about things that are irrelevant.

WWWTT