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AlvinofDiaspar
Guest
From the Star:
Booze, smokes, parking, movies could be tax targets
Mar 16, 2007 10:56 AM
John Spears
City Hall Bureau
New taxing powers given to the City of Toronto could allow the city to rake in more than $400 million in extra revenue - if councillors have the political courage to whack residents with hefty new taxes.
A staff discussion paper, released today, lists a litany of new taxes the city could impose on residents. It provides a wide range of rates that could produce anywhere from $60 million to ore than $400 million in new revenue.
The new taxes aren't being recommended at this stage, and none will be included in this year's budget, but outline the options open to city council under Toronto's new powers.
Among the possible taxes, to be discussed by the city's executive committee later this month:
# An alcohol tax, charges at retail outlets like liquor and beer stores. A one per cent tax would raise $15 million a year; if councillors have the will to charge city residents an extra 10 per cent for their booze, it could scoop $121 million.
# A tobacco tax. It could raise from $6 million at a one per cent rate, to $43 million if a 110 per cent tax is imposed.
# A ticket tax on movies, theatre and sporting events: From $3 million from a one per cent tax, to $29 million for a 10 per cent tax.
# A land transfer tax, based on the value of the property sold. The city could grab up to $306 million if it wants to impose a 1.5 per cent tax. (That would amount to $4,500 on the sale of a $300,000 home or condo.) A more modest 0.1 per cent tax would produce $21 million in revenue.
# A parking tax, charged to the owner based on the area of a parking lot or the number of spaces, could produce $2 million to $18 million a year.
# A tax on motor vehicle registrations could produce from $11 million, from a $10 tax on each registration, to $81 million for an $80 tax.
# A billboard tax could produce $2.6 million a year.
AoD
Booze, smokes, parking, movies could be tax targets
Mar 16, 2007 10:56 AM
John Spears
City Hall Bureau
New taxing powers given to the City of Toronto could allow the city to rake in more than $400 million in extra revenue - if councillors have the political courage to whack residents with hefty new taxes.
A staff discussion paper, released today, lists a litany of new taxes the city could impose on residents. It provides a wide range of rates that could produce anywhere from $60 million to ore than $400 million in new revenue.
The new taxes aren't being recommended at this stage, and none will be included in this year's budget, but outline the options open to city council under Toronto's new powers.
Among the possible taxes, to be discussed by the city's executive committee later this month:
# An alcohol tax, charges at retail outlets like liquor and beer stores. A one per cent tax would raise $15 million a year; if councillors have the will to charge city residents an extra 10 per cent for their booze, it could scoop $121 million.
# A tobacco tax. It could raise from $6 million at a one per cent rate, to $43 million if a 110 per cent tax is imposed.
# A ticket tax on movies, theatre and sporting events: From $3 million from a one per cent tax, to $29 million for a 10 per cent tax.
# A land transfer tax, based on the value of the property sold. The city could grab up to $306 million if it wants to impose a 1.5 per cent tax. (That would amount to $4,500 on the sale of a $300,000 home or condo.) A more modest 0.1 per cent tax would produce $21 million in revenue.
# A parking tax, charged to the owner based on the area of a parking lot or the number of spaces, could produce $2 million to $18 million a year.
# A tax on motor vehicle registrations could produce from $11 million, from a $10 tax on each registration, to $81 million for an $80 tax.
# A billboard tax could produce $2.6 million a year.
AoD