And we can all agree that the elites are bad as the Trump voters have spoken!
The average Joe is our guy now and it's time to fight back against these wealthy worwwwwra--something with a Ws!
John Ivison: Canada's wealthy may have started a tax revolt, and Ontario is the first to notice
OTTAWA — Last week’s Ontario fiscal update may have yielded the tax equivalent of a butterfly moving its wings in one jurisdiction and causing a tornado in another.
The provincial update revealed that personal income tax revenues in the country’s largest province were downgraded to come in nearly $2 billion lower than forecast in the spring budget, despite an upgrade in projected economic growth.
No explanation was offered for this unusual set of circumstances — tax revenues should rise in a growing economy — but the suspicion is that high-earning Canadians are fed up seeing more than 50 cents on every dollar they earn over $200,000 taken by the taxman.
In short, they are behaving exactly as all the studies on the subject predicted they would — they are increasingly engaged in what is known euphemistically as “tax planning.”
Alexandre Laurin, research director at the C.D. Howe Institute, forecast just such a response two years ago when the Liberals enacted their tax plan. In their election platform, the Trudeau Liberals said they would pay for their planned middle-bracket tax cut by asking the wealthiest “to give a little more.”
A new tax bracket of 33 per cent was introduced for those earning more than $200,000. As a result, the federal government saw its personal income tax revenues dip by $1.2 billion for 2016-17, as the gains from the increased top bracket failed to cover the cost of lowering the middle band and people scuttled to avoid paying the new tax.
The problem is that the provinces have been raising their rates too. Ottawa’s increase pushed combined federal/provincial top rates in six provinces over 50 per cent.
John Ivison: Canada’s wealthy may have started a tax revolt, and Ontario is the first to notice | National Post
The average Joe is our guy now and it's time to fight back against these wealthy worwwwwra--something with a Ws!
John Ivison: Canada's wealthy may have started a tax revolt, and Ontario is the first to notice
OTTAWA — Last week’s Ontario fiscal update may have yielded the tax equivalent of a butterfly moving its wings in one jurisdiction and causing a tornado in another.
The provincial update revealed that personal income tax revenues in the country’s largest province were downgraded to come in nearly $2 billion lower than forecast in the spring budget, despite an upgrade in projected economic growth.
No explanation was offered for this unusual set of circumstances — tax revenues should rise in a growing economy — but the suspicion is that high-earning Canadians are fed up seeing more than 50 cents on every dollar they earn over $200,000 taken by the taxman.
In short, they are behaving exactly as all the studies on the subject predicted they would — they are increasingly engaged in what is known euphemistically as “tax planning.”
Alexandre Laurin, research director at the C.D. Howe Institute, forecast just such a response two years ago when the Liberals enacted their tax plan. In their election platform, the Trudeau Liberals said they would pay for their planned middle-bracket tax cut by asking the wealthiest “to give a little more.”
A new tax bracket of 33 per cent was introduced for those earning more than $200,000. As a result, the federal government saw its personal income tax revenues dip by $1.2 billion for 2016-17, as the gains from the increased top bracket failed to cover the cost of lowering the middle band and people scuttled to avoid paying the new tax.
The problem is that the provinces have been raising their rates too. Ottawa’s increase pushed combined federal/provincial top rates in six provinces over 50 per cent.
John Ivison: Canada’s wealthy may have started a tax revolt, and Ontario is the first to notice | National Post
