Liberal middle class tax cut misses the mark

[Hamloc]

Liberal finance minister admitted today that the new tax cut would not be revenue neutral but in fact will cost 1.2 billion per year. The other part I found interesting was that the tax cut is applied to the 45000 to 90000 dollar income bracket, what they didn't tell you was that this same cut applies all the way up to 220000. At that point the new upper class tax increase applies. Are people with between 100 and 200 thousand income considered middle class? Canadians with under 45000 income received no tax cut, gotta love those Liberals eh!

[farmaholic]

A friend of mine said Steven Harpers seat in Parliament was empty on the first day of the new government.

We should start a pool for when he steps down from his constituency....

[riders2010]

I think that would be awkward sitting there as an equal amongst all those people you told for years to shut up and just sit there until I tell you to raise your hand. Lol.

The only reason he would stay on is if in his lunatic world he might think he d lead again.

[sumdumguy]

It would be a humbling experience.

[Oliver88]

It is strange those under 45k didn't receive a discount in taxes.
They could of simply raised the exemption level to help everyone out equally.

Liberals also eliminating income splitting and reducing TFSA's back to $5500.

[farmaholic]

You mean every other leader who didn't win another mandate stayed home on opening day of Parliament? Come out of your bunker Harper the war is over.

Better get the "top up" in the TFSA...get it into the market while some stocks are still on sale.

[foragefarmer]

Harper, the true definition of a very self centered sore loser. It was never about Canada but only about him.

Harper will suffer the same faith as George W. Bush, who is stuck in Texas as no other state wants to see his face, except Harper will be stuck in Calgary, as the rest of Canada doesn't want to see his face.

Hamloc, you should try to get Sun News to start up again so you and Oliver 88 could get a jobs regurgitating the news other media outlets have already provide Canadians with.

[farmaholic]

Federally 45K is approximately the high end of the low tax bracket combined with an additional 10% tax(approx) in the Prairies they are looking at 25% less the personal exemption and any other credits... Without any other credits...$8250. Shouldn't everyone be expected to pay their way?

I hate paying both Corporate and personal tax but have to... Oh woe is me!!!

[Oliver88]

Everyone should pay their way.
I just suggested raising the personal exemption would be a simple way to decrease everybody's taxes.

[Hamloc]

I find it amusing that the same people who disliked Harper's tax cuts and resulting deficits would rather talk about whether he is in parliament than the obvious failure of Trudeau to come through on an election promise. His new tax is not revenue neutral and imo does more to help the wealthiest Canadians not the middle class.

[greybeard]

Just to regurgitate the CBC, they had a guy on this morning saying JT had promised to stay under 10 Billion deficit but you can calculate 15 billion so far on the back of a napkin.
He said they are going to switch to a % of GDP as a more acceptable calculation.
I'm more than a little afraid his advisers have suggested to the drama teacher that Harper had forgone many opportunity's to raise more taxes and there is lots of room there.
Don't worry, be happy happy happy!