http://www.ctv.ca/servlet/ArticleNew...tories&s_name=
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Stephane Dion's "green shift" carbon tax plan would cut taxes by $15.5 billion, including $11 billion in personal income tax cuts, CTV News has learned.
The income tax reduction is to make up for the $15.5 billion levy on carbon, aimed at reducing greenhouse gases in Canada.
The proposed green tax will hit electricity and home heating fuel but exempt gasoline. The Liberals have acknowledged that oil companies may pass the cost of the tax on to consumers.
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May? How about WILL. Interesting that they're exempting gasoline. Does this include diesel too?
Quote:
Here's how the tax brackets that will be affected by the Liberal's plan:
* one per cent cut in the general tax rate, from 15 per cent to 14 per cent
* 1.5 per cent cut to the rate for the lowest tax bracket from 15 per cent to 13.5 per cent. This affects people earning $37,885 or less.
* one per cent reduction for the second-lowest tax bracket ($38,885 to $75,769), from 22 per cent to 21 per cent.
* one per cent cut in third-lowest income tax bracket ($75,769 to $123,184) from 26 per cent to 25 per cent.
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So, what does this mean?
- Making $ 37,885, current tax $ 5682.75, new tax $ 5114.475, save $568.275
- Making $ 50,000, current tax $ 8348.05, new tax $ 7658.625, save $689.425
- Making $ 65,000, current tax $11648.05, new tax $10808.63, save $839.425
- Making $ 75,000, current tax $13848.05, new tax $12908.63, save $939.425
- Making $100,000, current tax $20317.29, new tax $19127.87, save $1189.425
Now, assuming a monthly electric bill and natural gas bill of $130 each (yearly $3120), how much would they have to go up to be "revenue neutral"? Sure you've got companies paying into this 'green tax', but really... it'd have to be a big percentage increase, no?