Grow Up Canada

[sumdumguy]

The new American new tax bill along with changes in depreciation deductions will wake the giant dragon south of us. The dragon will fry lil stinky socks and his merry men. Canada better get the "h"out of the Paris Accord, forget the carbon tax and all the crackpot science, quit giving away tax dollars and get a brain! We're done in la-la land if we don't make a tight-about turn.

[burnt]

The only turn we're taking is for the worse.

Several hospitals in Ontario are now generating their own electricity with NG fired power plants.

Stratford General was expecting to save $500-600,000/yr when their plant fires up shortly, with a very short pay-back period.

That was before the carbon tax was figured in...

London Health Sciences Center, London, ON, expects to have to pay about 1/2 million in carbon tax on the NG used for their self-generated electricity.

That's the effect that the Liberal tax is having on the health care system, what's it going to do to industry, which generates the revenue that actually provides the $ for the whole social program network?

The mindset of the Liberals is no longer just worthy of benign mockery. It's time to recognize it for what it is - a treacherous and suicidal drive that will end up destroying the way of life that we have known here for generations.

Trudeau is a complete moron leading a troupe of morons.

[chuckChuck]

The GOP Tax Bill Isn't for the Middle Class. And It Was Never Meant to Be
By Nash Jenkins 7:22 PM EST

As they pushed their sweeping tax bill through Congress, Republicans made two central promises. First, that the bill would simplify the U.S. tax code, allowing citizens to file their taxes “on the back of a postcard.” And second, that the overhaul would primarily benefit working Americans and the middle class.

The first claim proved false. And economic experts are skeptical about the second, arguing that the bill aids businesses at the expense of middle-class taxpayers.

“The slant towards upper-income earners and people who run corporations is great, and the losers here are average taxpayers,” says Steve Bell, who served as staff director of the Senate Budget Committee during the Reagan administration. “Don’t fool people by saying it’s tax reform. It’s not. It’s a tax cut for businesses with some contradictory stuff for individuals.”

The final bill — clocking in at 1,097 pages and set for a vote this week—was released on Friday evening after a week of deliberations between the House and Senate to reconcile their two versions. Its biggest change is cutting the corporate tax rate from 35% to 21%. Individual tax rates drop as well, with the highest bracket paying 37%, compared to 39.5% before. Unlike the corporate rate cuts, which will be permanent, the individual tax rate changes are scheduled to expire within eight years, in order to keep the bill’s impact on the deficit within budgetary guidelines. According to a report from the left-leaning Tax Policy Center, in 10 years half of all American taxpayers will be paying more under the Republican bill than they are now.

“You’ve got folks who will get a tax increase, and they all tend to be lower and lower-middle class folks,” Stan Collender, a budget expert and former staffer for both the House and Senate Budget Committees, tells TIME. “It’s a very complicated tax bill. When you put everything together and look at its various provisions, the average lower-income person is almost certainly going to see their federal taxes rise.”

There are elements of the bill that help middle-class Americans. It nearly doubles the standard deduction—the amount taxpayers can deduct from the annual income figure on which they’re taxed—to $24,000 for families and $12,000 for individuals. At the behest of Sen. Marco Rubio (R-FL), the final version of the bill hikes the child tax credit, allowing parents to subtract $2,000 per child from your tax bill. (Both changes are temporary, set to expire along with the individual tax cuts in 2025.)

But ultimately this is a bill for businesses and the people who own them. “The most important part of this tax reform is the corporate tax reform,” says Dr. Wayne Winegarden, an economist with the Pacific Research Institute, a free-market think tank. “How each individual is going to fare will depend on their unique circumstances.”

Many small businesses in the United States known as “pass-through” companies—after the way income “passes through” to their owners—are currently taxed as individuals. The tax bill will grant these businesses a 20% deduction. But the jury is out on whether the windfall for businesses will contribute to significant economic growth as Republicans claim, or whether corporations will pump their profits into hiring more employees.

In other words, the new bill will be a test of trickle-down economics, the Reagan-era economic policy that many experts now consider a flawed theory. Even some Reaganites are unimpressed by the legislation.

“I’m underwhelmed by this bill,” says Steve Hanke, a former senior economist on President Reagan’s Council of Economic Advisors who is now a professor of applied economics at Johns Hopkins University. “I go back to my days as one of the original supply-siders, and they have not followed the ‘five P’s’ that Jim Baker used to recite: prior preparation prevents poor performance. This is not thought out, and this is not well-sold. It’s not like the Reagan tax reforms, where public opinion was completely behind it and everyone understood what was in it.”

Indeed, Americans dislike the bill. According to one recent Quinnipiac University survey, only about one-third of respondents said it will contribute to economic growth or bring about jobs. Most economic forecasts predict the new tax laws will increase GDP only marginally—by just 1.7% in the long-term, according to the Tax Foundation, well below the aspirational 3% touted by Trump in recent months. Meanwhile, the federal deficit will climb by nearly $1.5 trillion over the next decade—a figure that bothered deficit hawk Republicans like Sens. Jeff Flake of Arizona and Bob Corker of Tennessee, though not enough to persuade them to vote against it. (Corker voted “no” on the Senate’s version of the bill, but came out late last week in support of the final version.)

If economic growth is indeed tepid and the deficit continues to grow, the effects will harm less fortunate Americans, experts say. Speaker of the House Paul Ryan has already flirted with slashing funding for Medicare and Medicaid as the preferred method of addressing the debt and deficit. “Those spending cuts are going to be disproportionately borne by lower-income people,” says Jacob Leibenluft, a senior advisor with the Center on Budget and Policy Priorities.

There’s also the worry that the bill’s impact on the deficit will prompt the Federal Reserve to hike interest rates. “Everything from credit cards to student loans to car loans get more expensive,” Collender says. “It means that things that people buy that would give them a leg up in the world — homes, education — may not be available to them.”

All this is why Democrats plan to pummel Republicans for the measure in midterm-election campaigns next year. “I am very concerned that they’re spending their efforts trying to give tax breaks to billionaires rather than dealing with the pressing needs facing Americans,” Sen. Bernie Sanders told TIME last week.

And for the average citizen whom President Trump promised a “big, beautiful Christmas present” in the form of a tax cut? The impact of the Republican bill “will probably be barely noticeable,” Bell says. “Next year, when they file their taxes, they’re going to find that they’re paying as much if not more than they did this year.”

[chuckChuck]

A 1.5 trillion dollar addition to the deficit in 10 years! Middle and lower income americans will pay more in taxes by 2025! This is a tax cut for the corporations and wealthy Americans and will do little to spur economic activity in the US. Does anybody on agriville think this is good policy? This is not a model for Canada.

[Braveheart]

I thought I read that property tax deductions were capped at $10,000. If so, that would really hurt my neighbours a few miles south that own a lot of farmland.

Also, there were provisions that were going to be hard on co-ops, which most grain elevators south of here are.

[danny W1M]

"A 1.5 trillion dollar addition to the deficit in 10 years!"

WTF chuck, Obama added more than a trillion dollars to the each year he was in office !!!!

Obama doubled the U.S. debt, of all the previous Presidents before him, in just eight years !!!

Since when do liberals care about debt !!!

Turdeau campaigned on 10 billion dollars of debt for a couple years, instead will have close to 20 billion dollars of debt each year,,,,,with no foreseeable end to which it'll be paid back !!!

The kicker is that liberals/Liberals in Canada applaud Turdeau and Moroneau !!!

The biggest tax cuts will go to the biggest earners, because they pay the biggest amount of taxes !!!
If you don't pay much tax, why would you get much of a tax cut ???

If you don't pay any tax, why would you get any tax cut ???

[fjlip]

"A 1.5 trillion dollar addition to the deficit in 10 years!"

WTF chuck, Obama added more than a trillion dollars to the each year he was in office !!!!

Obama doubled the U.S. debt, of all the previous Presidents before him, in just eight years !!!

Since when do liberals care about debt !!!

Turdeau campaigned on 10 billion dollars of debt for a couple years, instead will have close to 20 billion dollars of debt each year,,,,,with no foreseeable end to which it'll be paid back !!!

The kicker is that liberals/Liberals in Canada applaud Turdeau and Moroneau !!!

The biggest tax cuts will go to the biggest earners, because they pay the biggest amount of taxes !!!
If you don't pay much tax, why would you get much of a tax cut ???

If you don't pay any tax, why would you get any tax cut ???

No kidding, those that DON"T pay tax, get cheques in the mail...
Who makes economy if not businesses? Welfare/civil servants? NOT

[Crestliner]

The mindset of the Liberals is no longer just worthy of benign mockery. It's time to recognize it for what it is - a treacherous and suicidal drive that will end up destroying the way of life that we have known here for generations.

Trudeau is a complete moron leading a troupe of morons.

Well said Burnt....Chuck.....please stop!

[Hamloc]

Chuck2, when you compare the US's corporate tax levels to many countries in the world, even countries like Norway and Sweden they were to high. Do I think this new tax policy will benefit the average American, not directly. I think it is intended to make American business more competitive and repatriate some of the money held offshore by American companies. These 2 things I think it will do. As for debt accumulation probably no worse than Obama.

[Guest]

"A 1.5 trillion dollar addition to the deficit in 10 years!"

WTF chuck, Obama added more than a trillion dollars to the each year he was in office !!!!

Obama doubled the U.S. debt, of all the previous Presidents before him, in just eight years !!!

Since when do liberals care about debt !!!

Turdeau campaigned on 10 billion dollars of debt for a couple years, instead will have close to 20 billion dollars of debt each year,,,,,with no foreseeable end to which it'll be paid back !!!

The kicker is that liberals/Liberals in Canada applaud Turdeau and Moroneau !!!

The biggest tax cuts will go to the biggest earners, because they pay the biggest amount of taxes !!!
If you don't pay much tax, why would you get much of a tax cut ???

If you don't pay any tax, why would you get any tax cut ???

libtards left leaning commies will never undestand the logic of that

[sumdumguy]

No kidding, those that DON"T pay tax, get cheques in the mail...
Who makes economy if not businesses? Welfare/civil servants? NOT

Trump's new tax bill doubles the child tax credot to $2000 per child per year. Pretty awesome for young parents.

[sawfly1]

for Obamas addition to the debt.
maybe it is still bad , I do not know

but he was elected in the crash, the bush crash.

how do all the bank and other bail outs figure into his additional debt?