Quote:
Originally Posted by darklord700
I don't see how you can have an underground finance, insurance or real estate industry.
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I assume underground finance includes Hell's Angels like lenders but mostly people claiming capital gains/losses when not appropriate. For example, you trade all year long, live off the income and try to pay capital gains instead of income tax. That's not going to fly.
Insurance I have no idea other than people reporting losses in income when it was actually covered by insurance...for example you rent a car for a week and write it off as a business expense when a portion of your insurance claim was suppsoed to cover car rentals.
Real estate is probably mostly landlords taking cash for rent and not reporting it. As well as all the common scams like replacing the shingles on your house and using the receipt as a write off against the rental income from another property. Also claiming capital improvements as maintenance on your rental property. Lots of scams out there.
If everyone actually paid their fair share we'd be flush.
PST? Most of those in favor of it (Jack Mintz et al) are also in favor of adjusting income tax and creating a revenue neutral change. When Prentice says he wants to hear everyone's thoughts on the matter, does he know that thoughts on the matter include the lowering income tax part of the equation? If not, we're all a bunch of suckers.