Is there any point in not putting you on ignore?
No point what so ever! Yur LIE-berals are SUNK! Here is the future they have planned for us- following the European example:
Back in mid- October/2015 I predicted that if elected-Justin Trudope would perform a magic trick and make all our jobs and money disappear and lo and behold-I was correct! We have here a nice report from Fraser Institute explaining how well Our Brainless Boy is doing with his trick. And I have added some comments of my own in brackets):
What middle class tax cut? In reality, people will be paying more under the federal Liberals’ tax changes.
(Yes-PAYING MORE-without taking the series of THIRTY BILLION DOLLAR DEFICITS OUR Boy is planning to run-that WILL have to be paid for eventually!)
By Charles Lammam, Ben Eisen and Milagros Palacios
First posted: Saturday, July 09, 2016 07:16 PM EDT. Prime Minister Justin Trudeau (Postmedia Network files)
On the campaign trail, the Liberals promised to cut taxes for middle-class Canadians to ensure that “middle-class Canadians have money in their pockets to save, invest and grow the economy.”
Once elected, the Liberals did reduce the income tax rate on the second-lowest federal tax bracket from 22% to 20.5%. On its own, this tax relief would be welcome, especially since the average Canadian family currently pays more than 40% of its annual income in taxes.
However, since assuming power, the Liberals have also implemented or announced a host of tax hikes that will more than wipe out the benefits of the income tax cut. Far from leaving more “money in their pockets,” the federal government will actually reduce the take-home pay of middle-income Canadians.
(Apparently LIE-berals think that ALL their supporters are on the Sunshine List and thus earning well ABOVE middle class pay? Or maybe LIE-berals are CORRECT and ALL their supporters are above middle class pay rates thanks to their endless ENTITLEMENTS?)
The latest tax increase announced is the payroll tax hike that will be used to finance the expansion of the Canada Pension Plan (CPP).
Once fully implemented in 2025, the total CPP contribution rate (which is split notionally in half between employees and employers) will increase from the current rate of 9.9% to 11.9% of eligible earnings up to a maximum of $72,500.
In addition, earnings between $72,500 and $82,700 will also be subject to the CPP tax, albeit at a lower total rate of 8%.
(Yeah-the more money you make, the more likely you are to be a Hog and a LIE-beral friend and LIE-berals go easier on their ENTITLED friends!)
These changes represent a substantial tax increase that will more than wipe out the benefits of the recent income tax rate reduction for middle-income Canadians.
Consider, for example, someone with taxable income of $54,900— the current maximum earnings threshold for CPP contributions. The income tax rate reduction will reduce this person’s income tax by $144.
However, if we assume the CPP changes are fully implemented this year, that person will pay an additional $514 in CPP taxes. And this doesn’t account for the additional CPP taxes paid by the employer on his or her behalf (another $514).
(I point out that the more money taken out of the pockets of your boss, the harder it will be to get any sort of RAISE in pay in future! And what of all those people who live on commissions-sales people at all manner of retail outlets will be hurt as less people come through their doors! Ours is a service economy and the less money people have, the less services they buy and the economy slows-it seems obvious to any body but a LIE-beral that endless taxes and the gravy train are killing our economy!)
Yes, the federal government has said that additional contributions to the CPP will be tax-deductible for income tax purposes, so this worker would get some of their increased CPP contributions back by claiming a tax deduction.
But it’s clear that the net effect of these tax changes is a tax hike— not a reduction.
(And of course, that which govt gives-it can also TAKE AWAY-how long before the tax deduction fades and then disappears? And we should regard the offer of a tax reduction as simply a stupid sop to lull us that things wont get too bad! Until LIE-berals decide to really gouge us!)
Things look even worse for a Canadian with taxable income of $45,282 — the lowest income level of the tax bracket where the Liberal tax cut applies.
This person will receive no benefit from the income tax reduction but will have to pay $418 in additional CPP contributions ($836 including employer contributions).
Even for Canadians earning more, the outlook for tax relief doesn’t look good.
An individual with taxable income of $90,563 — the income level at which he or she receives the maximum amount of personal income tax relief from the Liberal income tax rate cut— will save $679 in income taxes.
But this person will pay an extra $821 in employee contributions to the CPP.
(Of course IF LIE-berals were really concerned with justice and balanced books they would IMMEDIATELY END that cosy deal that lets ALL civil service Hogs off the hook for paying the health `levy`. One employed Cdn in three works for govt and NONE of them pay that health levy! It’s a great deal for them and goes a long way towards explaining why govt is having a hard time PAYING the health care bills!)
Tax deductibility on new CPP contributions will provide this individual with some savings.
But once you factor in the $821 in employer contributions (the cost of which will be passed on to the employee through slower wage growth and/or a reduction in other benefits), even this higher-income Canadian won’t receive a tax cut on balance.
Finally, the CPP tax increase is just one of many tax increases imposed by the new federal government on middle-income Canadians.
The elimination of income splitting for couples with children, the cancellation of several widely used tax credits, and the reduction in annual TFSA contribution limits will potentially increase the tax burden for middle-income Canadians.
With all these tax hikes in mind, the net effect of recent tax changes is less money in the pockets of Canadians.
The campaigning Liberals promised to reduce the tax burden on Canada’s middle class. In office, they have failed to deliver.
(Isnt it SAD? Those stupid civil service Hogs put LIE-berals in power in exchange for promises of more gravy-but apparently sometimes LESS IS MORE! Its just the cost of doing business with LIE-berals! Just how greedy does a person have to be to drink the LIE-beral cool aid and BELIEVE? After all the FAILED promises?)
Lammam, Eisen and Palacios are analysts with the Fraser Institute www. fraser institute (dot) org
