A Liberal joining in the call for broad-based tax cuts
I for one am in favour of broad-based moderate tax cuts.
That said, I am decidedly against Bush-style tax cuts which reward the richest taxpayers over those in the lowest brackets.
My prescription for Mr. Flaherty is for CRA to raise the personal exemption up by $2000, which translates into approximately $300 back into nearly every taxpayers' pocketbook. Further, I would propose to raise every bracket by $2000. To change the income levels at which each bracket begins.
We need it, we can afford it and it will help us remain competitive. BUT, it must not be done at the expense of funding healthcare.
A.L.
posted by A.L. @ 6:06 PM
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Different tax structures.
I'm not sure who you mean by richest.
Is 100k rich?
Different how?
Yes, they are different, but you'll have to be more specific. There are a number of options for tax deductions in the US for things like mortgage interest. For the most part the only big differences between the two structures is that the US brackets kick in at higher rates, and the US top rate is 39.6% compared to Canada's at 29%.
They are the same in many ways, they both have standard deductions and they both are "progressive" taxation systems.
Both systems cause the "rich" to pay a greater share of their income than the "less rich".
As for what is meant by richest, I mean those in the highest brackets. So in Canada that is those people earning $120,000+.
My comment about those in that category is that they should not be the only one's who get the tax breaks.
A.L.
Flat Tax for everyone! problem solved but people would still complain, we should all be taxed a straight percentage so that when you work hard to make more money you would I don't know, maybe make more money? instead of moving into a new tax bracket and if your at the bottom of it your making less then you were before! I regret my raise......which is just so sad
Bush style tax cuts???
Now today . . . the top 1%, the richest 1%, they now pay 39.4% of all the federal income taxes in the US . . . the top 5% pay 60% of the taxes . . . the bottom 50% pay only 3% of the taxes . . . . and the lefties say the wealthy aren't paying enough????
Tax revenues have also increased since the "Bush" tax cuts . . . of course the Dims want to change all that!!
Wasn't it John Kennedy who said "less taxes equal more revenue"??
If you want to go to school on taxes . . . . watch Ontario for the next few years as McSquinty taxes and regulates the province to have-not status!!!
Manuel,
What you state is flat-out impossible.
When someone gets a raise and that raise bumps them into the next tax bracket, the rate of tax for their whole income does not go up.
It is only the portion of the income that is above the threshold of the bracket that is taxed at the higher level.
So, even if you got a $1 raise and that $1 was taxed at the higher rate, you'd still be making more money.
You're playing with the facts, but this is a common misconception of tax policy. So, we forgive you.
A.L.
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