Quote:
Originally Posted by albertGQ
I think people making $1000 a month should not have to pay taxes. That's why the personal exemption limit should be increased to at least $12,000
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Indeed.
The other thing I like about raising the personal exemption is that it affects everyone equally, unlike Bush's tax cuts in the US that really only benefitted the wealthy while making no difference to the poor or middle class. By increasing the exemption amount from $8000 to $12,000, every Canadian taxpayer earning at least $12,000 annually keeps an extra $620 in their pocket, regardless if their annual income is $12,000, $120,000, or $1,200,000.