Get ready for higher taxes and economic uncertainty, as the Trudeau debt bomb rolls our way.
Prime Minister Justin Trudeau’s new government is set to impose higher taxes on Canadians, which will help fund some campaign promises but are not broad enough to also start paying down the country’s record levels of debt, leaving Canada vulnerable to the next economic crisis, analysts say.
But it’s not all bad news!
This could be a risky strategy for the country, which piled on new debt at a faster pace than any of its Group of Seven peers during the pandemic. The high level of indebtedness could limit Canada’s ability to manage long-term challenges that require massive government funding, like transitioning from a fossil fuel-reliant economy to a green one.
tax the rich
Guess what? Junior’s going to redefine “rich”.
Hint: all of you reading this are.
PS: he’s not.
The only people left with reasonable disposable income in this country any more are Teachers, Nurses and Unionized employees The howling should begin soon.
The silver lining to this is that the expected return from the new taxes will not materialize.
That means someone will get shortchanged.
It’s how civil wars break out in all criminal enterprises.
Alliance’s get tested during those times.
silver lining to this is that the expected return from the new taxes will not materialize
Keeping one’s optimism is generally laudable, but…did you hear the one about the kulaks?
Kulak 1: “Stalin’s plan to collectivize agriculture by seizing all our privately owned farms will not reap the benefits he is expecting”.
Kulak 2: “That’s a real pity. By the way, I’m starving and freezing to death”.
And O’Toole is a co-sponsor ?
Say goodbye your RRSPs, you greedy selfish white bastards.
I am worried that the Trudeau Liberals will cap RRSP and TFSA contributions (far more than they do now) and eliminate senior’s pension splitting. The latter was introduced by the Harper government– and the CRA gives my wife and I a hard time every year over it, starting a four or five years ago.
They will absolutely eliminate pension splitting, bet on it.
Kate, Canada is almost finished.
Yup. Out of the Bolshevik-lite fying pan. Into the Bolshevik inferno.
Given this government has told you,the subject,that you have no rights as a citizen..Why would you pay any tax at all?
As I have noted,If Justine and company were actively promoting Western Separation,what would they have done differently?
Canada has committed suicide.
There is no reason for the Western Regions to follow along with our Eastern Comrades.
We have nothing in common with them and trade is far easier and better rewarded elsewhere.
If fact trade will only be possible if we break free of the strangling stupidity of our eastern Overlords.
The old man literally gave westerners the finger while on summer holidays visiting the colonies with Junior. He knew we would do nothing. And no one did.
The old man nearly destroyed the west’s economy and with it many people’s livelihoods with his Bolshevik central planning BS. He knew we would do nothing. And no one did.
Junior learned from sitting at the old man’s feet, we will do nothing. Different Trudeau, same playbook.
With the hordes of s-hole immigrants coming to replace you, and with so many others taking government dole/salaries of some form or other, no one’s ever going to do anything that will overthrow the Trudeau gulag.
There is no escape from Trudeauland.
If Alberta separates, I don’t think we have a moral obligation to assume much in federal debt. It was generated predominantly by eastern Canada. The Canadian dollar would collapse without 3 million barrels per day of oil propping it up. The National debt would give us leverage in separation negotiations. We could use a resource corridor to the Pacific with rail and pipelines.
You would have to assume the debt owed to the provinces seniors in the form of OAS and CCP .
Assuming the rich were stupid enough to let this @$$hole government take seventy-five percent of their worth.
It wouldn’t cover the debt or any social program.
So there’s that.
But we COULD take the pension of every chair-moistener in the House of Commons.
It’s a start.
Alberta should simply separate and renege on its portion of the federal debt.
And just think – we could of had O Toole making cutbacks and increasing taxes in a minority position. Would have worked great to put the Liebrals back in power forever. They know they have two pounds of poop in a one pound bag and now they own it. The question know is does the CPC buck up and get a leader , will it get bad enough to let a real conservative party come to the fore or are we seeing the end of the country?
Increase corporate taxes: the eternal idiotic leftist shibboleth that ignorant canadians have never connected the dots:
Companies don’t “pay” taxes, they pass them on to customers, reduce dividend payouts to shareholders (like pensioners) or reduce salary increases to their employees to make up the difference.
I use this example to try and explain to simpletons:
A contractor builds decks at $10K a pop (it’s a low price but makes the math easier). He MUST get $10K to pay for materials and eke out a small profit in order to stay in business. The government implements a new 20% luxury tax on deck building (a high number but it helps with the math). Now what happens? I’ll ignore fed/prov taxes and other deductions so things stay simple.
Now our contractor loses $2K to the govt on every deck: he can’t stay in business. So he just jacks up the deck cost $2K and new decks cost $12K, right?
Almost. Even at $12K he is short $400 of his “must have” $10K after the 20% new tax. So he must increase his price by 1/(1-0.2) = 125%, or to $12,500.
The new price needed to pass along the 20% luxury tax is a 25% hit to customers. How many more decks does he build with this added financial burden? Will he stay in business?
Of course the second question is a fictitious straw man, but the first one is valid: he will sell fewer decks with a new levied tax, and not more.
People screaming for higher corporate taxes are loading more rounds to an economic and personal financial revolver they’ll unwittingly use to play Russian roulette.
This analogy is sound, IMO, but falls on stupid canuck ears unable to listen. I’ve tried a $100K swimming pool example: FAILED because envious idiots reply “if you can lay out $100K for a pool you can easily afford another $12.5K”.
I tried a different approach and said he makes $100K playgrounds for the city’s poor and underprivileged kids: FAILED because “well, the city pays so they can make up the difference”. Appeal to emotion is ineffective on the economically clueless.
*sigh*
mhb23re