‘Who do we disappoint next?’
Could Bob Rae have won a second term as Ontario premier if he’d made tougher, smarter choices early on? It’s distant history — yet maybe still instructive, considering the rapidly narrowing set of fiscal options on offer for Prime Minister Justin Trudeau’s new government.
“Who do we disappoint next and how soon?” wasn’t how this was supposed to go. But it’s where the Liberals are, rather suddenly. The trick will be in whether they can identify which bad outcome is least harmful, not primarily to the party and its reputation, but to the country.
Here’s the bad news, in broad strokes: A promised year-one deficit of $10 billion, which was already looking porous due to a suddenly discovered $4.4 billion hole in the previous government’s fiscal projections, now looks set to grow by an additional $1.2 billion. That’s because — wait for it — the one-per-centers who’ve been asked to pay “a bit more,” via a new marginal tax rate of 33 per cent on annual income above $200,000, are now considered likely to take steps to avoid said bit — something that can be done entirely legally, and was entirely predictable.
mo
Michael Den Tandt: ‘Who do we disappoint next?’ wasn’t how this was supposed to go, but it’s where the Liberals are | National Post
Could Bob Rae have won a second term as Ontario premier if he’d made tougher, smarter choices early on? It’s distant history — yet maybe still instructive, considering the rapidly narrowing set of fiscal options on offer for Prime Minister Justin Trudeau’s new government.
“Who do we disappoint next and how soon?” wasn’t how this was supposed to go. But it’s where the Liberals are, rather suddenly. The trick will be in whether they can identify which bad outcome is least harmful, not primarily to the party and its reputation, but to the country.
Here’s the bad news, in broad strokes: A promised year-one deficit of $10 billion, which was already looking porous due to a suddenly discovered $4.4 billion hole in the previous government’s fiscal projections, now looks set to grow by an additional $1.2 billion. That’s because — wait for it — the one-per-centers who’ve been asked to pay “a bit more,” via a new marginal tax rate of 33 per cent on annual income above $200,000, are now considered likely to take steps to avoid said bit — something that can be done entirely legally, and was entirely predictable.
mo
Michael Den Tandt: ‘Who do we disappoint next?’ wasn’t how this was supposed to go, but it’s where the Liberals are | National Post
