Comments on: Tax Cuts are Certain

By: bill consolidation

bill consolidation — Thu, 19 Jun 2008 15:30:07 +0000

A flat tax is a fair and equitable way for everybody to share the burden of government.

By: 2008 Canadian income tax calculator

2008 Canadian income tax calculator — Wed, 13 Feb 2008 10:37:51 +0000

I also agree with you Bill. Flat-tax is quite fare and moreover it is motivating. You want to earn more as you know that money you have to pay to government will not increase by growing income. As I can recomend you, there is 2008 Canadian income tax calculator where you can calculate your tax payable, according to your income. Moreover, you can compare tax rates and your after-tax income.

By: debt free

debt free — Tue, 12 Feb 2008 00:45:55 +0000

I agree with Bill. A person making 50k a year at a 15% tax rate pays $7500. A person making a million dollars a year at a 15% tax rate pays $150,000. He/she still pays more but the rate is the same. This is fare. Do all you populist who embrace class warfare get this point?

By: bill

bill — Wed, 27 Jun 2007 23:27:14 +0000

I’m all for people keeping more of the money they earn. Why can’t they just make it a simple flat-tax? That way everybody pays the same rate and fairness is ensured.

By: Canadian Capitalist

Canadian Capitalist — Thu, 19 Jan 2006 14:03:42 +0000

Rob Carrick, doesn't like the GST cut much either.

By: Kanwal

Kanwal — Wed, 18 Jan 2006 15:03:55 +0000

Just wondering why the KPMG site doesn’t list the Green Party tax policy? But it includes the Bloc which has no candidates running outside of Quebec. I find this very perplexing.

By: Canadian Capitalist

Canadian Capitalist — Wed, 18 Jan 2006 14:47:44 +0000

Stephan: No wonder they didn’t win the last election, if their own candidate cannot explain their platforms.

I am pretty sure that there was no plan to increase the 16% slab. For example, take someone earning $30K paying a 16% marginal tax. If a government comes along and says they are gonna increase their taxes because they are giving people earning more a tax cut, they will be pretty mad. That’s like robbing the poor and giving to the rich and no party can survive the fallout.

By: Stephan

Stephan — Wed, 18 Jan 2006 07:26:37 +0000

My understanding came from 2 different candidates as well as the explanations I got from their “people”. I’m not sure which is worse, a plan I’m not sure of or candidates that don’t know or understand their own platform enough to expain it to me. And they wonder why voter turnouts are low.

A fifth or sixth explanation (I can’t remember) I got was that the rate would go from 16% to

16% +((inflation * .16)+1)

using 2% inflation:
16 + (2% * .16)+1)

16 + ((.32)+1)= 17.32%

Still an increase. They pissed me off so much I voted my $1.75 to go to the Greens. LOL

By: Canadian Capitalist

Canadian Capitalist — Tue, 17 Jan 2006 13:46:38 +0000

Stephan: My understanding is the same as Dave. Actually, current bracket levels are indexed to inflation (if you look at the tax form they increase a bit every year). The Tories had a plan to increase bracket levels more aggressively. And yes, they planned one big 16% level and the next tax bracket would have jumped to 26% at $70K. It was a good plan and I don’t know why they are not running on it now. But then again, they lost the last election, so their platform is a moot point!

By: Dave

Dave — Tue, 17 Jan 2006 06:00:23 +0000

Stephan:

When they say “all other tax brackets will be raised at one percent above inflation,” then mean raising the bracket levels, not that taxation rates. So for example, 35k becomes 35k*(1+0.04). Inflation is an annualized rate. Imagine raising the tax rate by 3% annually as you did above. Eventually the tax rate would rise above 100%!

Also, I understand it as making one large bracket at 16% and the next highest bracket would be 26% starting at 70k*(1.04).