Well, would you rather have them raise taxes on people who are struggling to keep a roof over their heads?
Well, today is the Liberal/NDP Non-Coalition Coalition Budget Day!
- Thread starter Ron in Regina
- Start date
That’s most of us I’m assuming. If you’re going to do it, just do it, but don’t be disingenuous about it….the raising of taxes I mean.
They're increasing taxes on capital gains. You know who that affects most, right? People who derive income from investments.
I mean, I understand that you hate True Dope's very existence and every breath he draws, but given that you have substantial shortfalls in government revenues, and they ain't gonna reduce spending anytime soon, and the Magic of GROWTH! got the U.S. 30 trillion in debt, what would you suggest?
Or have a rental property, or a cabin, or are selling their business so they can retire, or a couple that meet and decide to cohabitate in the same household but don’t want to be anybody’s landlord, etc…but surely that’s only 0.13% of the population as described. That’s what I mean by being disingenuous.
In late 2025, there’ll be belt tightening and debt to pay down, services to cut along with at least 25% of the civil service if not more (& I live in a government town so that won’t be fun), programs that we can’t afford will go by the wayside or directly into the trash bin. Lived through it once already, & willing to do it again for our children & our children’s children.
Not for the next 18 months anyway, & the next four years after that aren’t going to be pretty. I’ve lived through the ‘80’s (as have we all) but as a teenager coming into adulthood and knowing a mortgage interest rate was similar to a department store credit card rate. That was a different Trudeau back then though that we were cleaning up after though.
Huge number, but thankfully American is 11 times our population and doing much better comparatively than Canada is. You’ve got some safeguards down there that we just don’t have up here at this point.
Don’t get me wrong, like in ‘08-‘09 with Fanny Mae & Freddy Mack….When America sneezed the whole world caught that cold…it sucked but we came out the other side & that won’t be repeated by America anytime soon I’m assuming.
I'm pretty sure there are two reasons, one good and one bad, that people keep lending us money we will never, ever be able to pay back.
1. The good one - they make long green on the interest, which we do pay.
2. The bad one - everybody's terrified of what could happen if the U.S. goes down financially.
1. The good one - they make long green on the interest, which we do pay.
2. The bad one - everybody's terrified of what could happen if the U.S. goes down financially.
When that doesn’t work they will start capital gains on private residences . You didn’t build that .Facing pushback from physicians and businesspeople over the coming increase to the capital gains inclusion rate, Prime Minister Justin Trudeau and his deputy Chrystia Freeland are standing by their plan to target Canada's highest earners.
You could almost say they were doubling down on this sales pitch.
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In respective press conferences on Tuesday, both Trudeau and his finance minister defended their proposal to rake in $19.3 billion over the next five years by increasing the capital gains inclusion rate — the portion of capital gains on which tax is paid – for individuals with more than $250,000 in capital gains in a year.
This new revenue stream comes as the federal government plans to spend billions of dollars. "At a time when young people have started to give up on the dream of eventually ever being able to own a home, it was really important to rebalance the situation," Trudeau said, speaking to reporters in Saskatchewan.
"I understand for some people this may cost more if they sell a cottage or a secondary residence. But, young people can't buy their primary residences yet." (?)
While not the direct wealth tax or excess profit taxes some had anticipated – given Freeland's dodging of questions about whether those were revenue routes the government was considering – since the budget was tabled, many Canadian business owners and entrepreneurs have raised concerns that the move could stunt innovation.
"At a time when our country is facing critically low productivity and business investment our political leaders are failing our country's entrepreneurs," wrote Shopify president Harley Finkelstein in a post on "X" last week.
On Tuesday, the Canadian Medical Association (CMA) also came out against the move, asking the Liberals to reconsider as the change will impact doctors' retirement savings as most incorporate and operate their practice as a small business.
"It is completely unfair, late in the game taxation for those physicians who did follow the rules of the day and save for their retirement inside of our professional corporations," CMA president Dr. Kathleen Ross said Tuesday.
PBO cautions 'collateral damage'
It's this kind of potential for "collateral damage" that Canada's Parliamentary Budget Officer Yves Giroux voiced caution about in an interview on CTV News Channel's Power Play on Friday, with host Mike Le Couteur.
Citing the sale of secondary residences such as cottages, or rental properties in the current housing market as examples of how Canadians could feel the impact of this tax change, Giroux said it's not unusual for capital gains to be realized "well in excess of $250,000."
"The moment you have a capital gain that's higher than a quarter million, then you're captured by that higher capital gains inclusion rate," he said.
The PBO also cautioned that it's difficult to determine based on the government's current numbers, whether they will actually be able to generate the amount of revenue expected, but his office plans to assess that over the next couple of weeks.
BUT…In defending the capital gains reforms, both Trudeau and Freeland said the way the tax system currently works means a nurse, student, or carpenter could be paying income tax at a higher marginal rate than a multimillionaire who can use accountants to pay a lower tax rate. (?)
So if one person pays 20% on $50,000 minus deductions…but a company pays 17% on $10,000,000 minus deductions, it’s unfair to the person paying 25% on a much much smaller amount in a marginal sort of way?
"That's not fair," Freeland said, speaking in Toronto on Tuesday. "It is fair to ask those who are doing really well to contribute a little bit more."
Amid concerns over 'collateral damage' Trudeau, Freeland defend capital gains tax change — CTV News
Facing pushback from physicians and businesspeople over the coming increase to the capital gains inclusion rate, Prime Minister Justin Trudeau and his deputy Chrystia Freeland are standing by their plan to target Canada's highest earners.apple.news
As the Liberals try to reverse their political fortunes with the latest federal budget, Prime Minister Justin Trudeau ratcheted up attacks against his Conservative opponent on Wednesday, tying him to a far-right American figure.
As long as Poilievre doesn’t start wearing black face regularly and eating kittens on television…he’s going to win, so this is just beyond bad theatre…
Polls suggest the Liberal budget released last week has yet to resonate — but Trudeau suggested it's still more of a plan than what Poilievre has on offer, other than trying to exploit public anxieties???
apple.news
It sounds like Justin is grasping at straws, except that he banned them… the plastic ones anyway.
Trudeau also pointed out that Poilievre has done nothing to reject the endorsement of notorious right-wing commentator Alex Jones?
"This is the kind of man who's saying Pierre Poilievre has the right ideas to bring the country toward the right, towards conspiracy theories, towards extremism, towards polarization," Trudeau said.
"The fact that he continues to encourage the kind of divisive approaches to Canada that I don't think Canadians want to see really shows that he will do anything to win, anything to torque up negativity and fear."
In response to Trudeau's remarks about Jones, Skamski said "we do not follow" him "or listen to what he has to say."
"Common sense Conservatives are listening to the priorities of the millions of Canadians that want to axe the tax, build the homes, fix the budget and stop the crime," he added.
As long as Poilievre doesn’t start wearing black face regularly and eating kittens on television…he’s going to win, so this is just beyond bad theatre…
Polls suggest the Liberal budget released last week has yet to resonate — but Trudeau suggested it's still more of a plan than what Poilievre has on offer, other than trying to exploit public anxieties???
Poilievre will do 'anything to win,' must condemn Alex Jones endorsement: Trudeau — The Canadian Press
OTTAWA - As the Liberals try to reverse their political fortunes with the latest federal budget, Prime Minister Justin Trudeau ratcheted up attacks against his Conservative opponent on Wednesday, tying him to a far-right American figure.
Trudeau also pointed out that Poilievre has done nothing to reject the endorsement of notorious right-wing commentator Alex Jones?
"This is the kind of man who's saying Pierre Poilievre has the right ideas to bring the country toward the right, towards conspiracy theories, towards extremism, towards polarization," Trudeau said.
"The fact that he continues to encourage the kind of divisive approaches to Canada that I don't think Canadians want to see really shows that he will do anything to win, anything to torque up negativity and fear."
In response to Trudeau's remarks about Jones, Skamski said "we do not follow" him "or listen to what he has to say."
"Common sense Conservatives are listening to the priorities of the millions of Canadians that want to axe the tax, build the homes, fix the budget and stop the crime," he added.
Or retiring farmers trying to pass on the family farm to their children. Capitalist bastards.
Is there anybody you won't throw under the bus to protect the right of hedge-fund managers to pay no tax?
The too big to fail theory. In reality, all it does is create a bigger disaster down the road.
Of course, the world is much more interconnected now than it was back then. Hell, it took some of the outlying provinces a couple of centuries to find out Rome had fallen.