Quote:
Originally Posted by Scrambler
Here are my basics...
I hate Harper and believe he should go, along with most the Tories.
I do benefit from the Family Tax Cut with income splitting (I make ~$100k per year, my wife makes $0; we are raising a 11 month old baby).
No Income splitting means I will lose out on a $2000 break at tax time.
Personally I consider myself and my income middle class, so one would think I should benefit from the Liberals comment of a 'Middle Class tax break', however looking at the Liberal website:
"Canadians with taxable annual income between $44,700 and $89,401 will see their income tax rate fall."
So I am a little SOL voting Liberal, even though I don't necessarily want Harper to win again.
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You'd lose income splitting, but you'd gain from the tax cuts and the child care benefits. The income tax cut would apply to all income between $44,700 and $89,401 which means you'd pay a rate that's 1.5 percent lower on that $45K or so which equates to about $670 a year. Just because you earn over $89K doesn't mean you don't benefit. In fact people earning $89-$200K see the biggest cut in terms of dollars.
And you'd also get more for child benefits under the Liberal plan. Under the current UCCB you get $1920 a year of taxable money. Under the Liberal plan, with $100K in income and one child that age, you'd receive just under $3K in money ($245 a month) that's not subject to tax.