“I think this is likely to be the worst budget since the [then-finance minister Allan] MacEachen budget of 1982, in the sense of pointing us in the wrong direction as to how we go about raising the incomes of Canadians and actually making Canadians feel better over the medium term,” Dodge said in an interview on CTV News Channel’s Power Play with Vassy Kapelos.
In a time of high interest rates and inflation, the 1982-83 federal budget, under then-prime minister Pierre Elliott Trudeau, became the object of political fury over spending, taxation, and wage restraint measures within it.
Dodge, who was governor from 2001 to 2008, was referencing the strong indications that in order to help finance the nearly $40 billion in pre-announced new spending without raising the deficit, the federal government may impose some form of individual wealth tax or excess profit tax on wealthy corporations.
Freeland will present the budget in the House of Commons on Tuesday afternoon, vowing a plan centred on “generational fairness.”
Seen somewhere: Why do they tax cigarettes? “To disincentivize smoking.” So why do they tax income?
I saw that, I though the Turd’s fart catcher Kapelos was going to cry. Probably would have if she understood the economics.
Why would anyone invest in Canada? Get your funds to where they can’t be clawed back by the feds.
https://twitter.com/Martyupnorth_2/status/1779947335872917532
“I’m buying drugs to give away at elementary schools” …
I saw the photo of the finance minister trying on her new shoes, clearly at a closed off section of a retail outlet, set up with a large Canadian flag, like all shoe stores have Canadian flags in their back rooms…
There’s a few million Canadians who cannot cough up the funds for new shoes this month outside of Payless or Winners clearance aisle. Taxes are rising, value of your Canadian dollar is falling, no raise for you this year.
I think of income tax as a yearly subscription to a magazine that I never wanted and filled with articles telling me what a dick I am.
Burton, don’t forget you are also a Racist. I would also suggest you are a Misogynist and have the wrong political views of a small teeny tiny microscopic fringe minority ……btw I like your analogy.
FILTHY LIBERALS need to be destroyed.
So, seeing Vassy and David right there was like watching an episode on the bugs bunny show.
Really?
As for cigarettes, the aside posted by Kate, well, I reconciled with my bros and enjoy the tax savings.
Cough.
Wha…
I thought we taxed cigarettes to make me a billionaire..
How?
Anyone want to bet the “tax increases” will be retroactive?
One of the side effects of increased government taxation is revenue avoidance – limiting corporate income to minimize taxes. For example, instead of having employees, lease your equipment out to other companies. This allows you to avoid payroll, reduces insurance premiums (for me by $60,000), less need for infrastructure (e.g. home office, less trucks, less trailers etc.).
You’re not just deferring expenses to other companies because they’re doing the same thing. Eliminate full time employees and hire people under contract, for example. The net result is lower employment, lower payroll taxes, lower taxable income. A self-fulfilling “green” economy.
A big issue has been changes in the income tax act (since 2018) for the self-employed when they take business income as personal income. The loop-holes are largely gone. You can leave the money in your company or take it out and pay taxes through the nose. A compromise is to reduce your workload and take out some profit when business is slow at a lower tax rate (because you’re not working as hard).
I can see the government coming for after-tax business profits for the self employed (where they hold the money inside their corporation). This will further dissuade business owners from maximizing revenue as their profits will be more heavily taxed as their revenue grows (it’s non-linear). The end result will be companies that (after expenses) make no profit BY DESIGN. Brought to you by the Liberal Government.
All good points in a good summary. Governments need to small enough that they can be squashed like the ticks that they are.
So why are they taxing carbon?
Oh yeah…so that they can make poor stupid people think they’re getting free money and will vote for them.
“Excess” profits ? As determined by what progressive commie d*ckwipe ?
I propose 100% tax on trust funds registered in Quebec.
David Dodge nails it —this Liberal farce doesn’t realize there is only ONE tax-payer! Our national Debt is 4 times what it was and Free-Land is giving away another 40 billion!
Just a question how is the 30+ billion for Stellantis and Volkswagen going? WINK!
turdo and blubber douggie say its going, going, gone just fine.
“Have you got two tens for a five?”
Abbot and Costello explain the carbon tax rebate and Liberal voters:
https://youtu.be/f7pMYHn-1yA
I look forward to this new Ukrainian grift.
End Stage Kleptocracy.
Having destroyed the productive,the parasites now engage in robbing each other..
More and More Government,Rule and regulation over fewer and fewer participants.
Forward to our glorious future.
watch ‘Brazil’ Robert DeNiro et all for a glimpse of bureaucracy utterly amok.
https://www.imdb.com/title/tt0088846/?ref_=fn_al_tt_1
sigh.
life imitating art imitating life.