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2019 Canadian Federal Election

If Wikipedia is your preferred source, here’s a Wikipedia link confirming Canada well behind the US and Australia using three different data sources. I focused on these countries because they are good comparators for what Canada might be expected to achieve. But doesn’t.

en.wikipedia.org

List of countries by GDP (nominal) per capita - Wikipedia

en.wikipedia.org en.wikipedia.org

As for socialist, the 7 point increase in the top marginal personal income tax rate to 53.5% at around CAD 220k taxable income in Ontario, courtesy of Wynne and Trudeau, is certainly confiscatory. If that’s not socialism, I’d hate to see the real thing. Meanwhile, the Australian government just introduced a budget that would cut income taxes for all brackets. And while the top marginal rate in high-tax US states can be around 50%, it kicks in at much higher levels of taxable income than ours does. I get that for anyone making 50k a year, taxing the “rich” until they squeal (or quietly leave the country as two of my adult kids have done and I’m considering) is immensely satisfying. Class war has certainly been rewarding electoral politics for the LPC. But the overall economic result is unlikely to be pretty in the lifetime of most of this site’s readers.
 
pman said:
If Wikipedia is your preferred source, here’s a Wikipedia link confirming Canada well behind the US and Australia using three different data sources. I focused on these countries because they are good comparators for what Canada might be expected to achieve. But doesn’t.

en.wikipedia.org

List of countries by GDP (nominal) per capita - Wikipedia

en.wikipedia.org en.wikipedia.org

As for socialist, the 7 point increase in the top marginal personal income tax rate to 53.5% at around CAD 220k taxable income in Ontario, courtesy of Wynne and Trudeau, is certainly confiscatory. If that’s not socialism, I’d hate to see the real thing. Meanwhile, the Australian government just introduced a budget that would cut income taxes for all brackets. And while the top marginal rate in high-tax US states can be around 50%, it kicks in at much higher levels of taxable income than ours does. I get that for anyone making 50k a year, taxing the “rich” until they squeal (or quietly leave the country as two of my adult kids have done and I’m considering) is immensely satisfying. Class war has certainly been rewarding electoral politics for the LPC. But the overall economic result is unlikely to be pretty in the lifetime of most of this site’s readers.
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With all due respect, as someone who is fairly comfortable..........I don't pay anything like the listed marginal rate.

I have TFSA's, RRSP's and capital gains have an inclusion rate of only 50%.

From Stats' Can......

The effective federal income tax rate for Canada's top 1% of tax filers rose from 18.4% in 2015 to 18.8% in 2016, as a result of their transition into the new top tax bracket.

Source: https://www150.statcan.gc.ca/n1/daily-quotidien/181025/dq181025b-eng.htm

That's the top federal rate on an as-paid basis.

I don't find 18.8% to be confiscatory.

Now, if you wanted to get behind eliminating many those credits and deductions I enjoy, and off-set that with a much higher basic personal exemption and/or lower marginal rates, I'd be fine w/that.

But lets tell it as it is and not misrepresent how people are taxed.

If you consult this table, you find that 'average income tax paid, as a percentage of income' is comparable in the US and Canada, with Canada being lower in several instances and the US slightly lower in others. Australia has higher income tax paid in almost every instance.

Table I.6. All-in average personal income tax rates at average wage by family type

OECD.Stat enables users to search for and extract data from across OECD’s many databases.
stats.oecd.org stats.oecd.org
 
pman said:
We get ripped off on a lot - food, booze, mobile phones, sales taxes, income taxes, the lack of opportunity created by our relatively sclerotic economy... US per capita GDP is over a third bigger than Canada’s, and given the way we mismanage our economy that’s only going to get worse. Even Australia is a significantly more prosperous country than Canada.
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I may complain about the gas prices, but in this year I've travelled to South Carolina, Virginia, West Virginia, California, Germany, Amsterdam, South Korea, Singapore, China, Hong Kong, Taiwan and Malaysia. And every time I've come back to Canada I want to kiss the ground. It's not perfect, but it works for me (except gas prices, I suppose).
 
Admiral Beez said:
I may complain about the gas prices, but in this year I've travelled to South Carolina, Virginia, West Virginia, California, Germany, Amsterdam, South Korea, Singapore, China, Hong Kong, Taiwan and Malaysia. And every time I've come back to Canada I want to kiss the ground. It's not perfect, but it works for me (except gas prices, I suppose).
Click to expand...

You wouldn't even make that exception if you are in Germany, Amsterdam or South Korea (nevermind Hong Kong or Singapore).

AoD
 
I get a little miffed at the constant calling of what goes on in this country as "socialism". It is a favourite saw in the US whenever anybody proposes that the government gets involved in just about anything. Reference any contemporary dictionary, website or, gasp, book, and you will see that 'socialism' is a system where the State owns the means for generating wealth (production, distribution, etc.) and, in some cases, eliminates private ownership of just about anything. We have socialized or social benefit programs which the government delivers and therefore needs revenue for but, other than the recent purchase of a pipeline, I would press for another example that fits the accepted definition. The only common ground is the root word.

It would be interesting to compare a breakdown of fuel prices here and any US state, including petroleum, distribution, etc. costs as well as local, state and federal taxes. I would suspect that taxation is the big difference. The price is one thing, the wild swings is another. I would be willing to consider regulated pricing as in NS and PEI. It doesn't necessarily make it cheaper, just more predictable.
 
I just mean that she has four choices ... the two Videodrome posted and then the other two I posted. If I were her, I think I'd just go hang out at the spa.
 
PinkLucy said:
I just mean that she has four choices ... the two Videodrome posted and then the other two I posted. If I were her, I think I'd just go hang out at the spa.
Click to expand...
Jane and Jody could form their own party - maybe call it the "Ethical Liberal Party (ELP)". About 1% of Liberals belonging to the ELP sounds about right.
 
My prediction is that these two are done with politics. They clearly do not understand political strategy and were only appointed due to the woman to men ratio that Trudeau arbitrarily mandated for his cabinet.
 
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